Cyprus has pledged €7.16 million to the International Development Association (IDA) during a meeting held in Seoul, South Korea, on December 5, 2024.
The commitment is part of a broader fundraising initiative for the 21st replenishment of the organisation’s resources.
According to a statement, a representative of Cyprus announced the country’s contribution in an online intervention.
The pledge was approved by the Council of Ministers on December 4 following a proposal by Finance Minister Makis Keravnos.
In total, 59 countries committed to participating as donor nations in this replenishment round, contributing to a financial package of $23.7 billion — the largest in the organisation’s history.
With IDA’s leverage model, these contributions are expected to generate a total funding package of $100 billion.
The World Bank noted that the funding will support low-income countries between 2025 and 2028, addressing critical issues such as poverty, food insecurity, conflict, fragility, high debt levels, and climate change.
IDA, a subsidiary of the World Bank, is the leading multilateral lending institution for the world’s poorest nations. It provides grants, loans, and guarantees on highly favourable terms.
The organisation’s resources are replenished every three years, primarily through contributions from its member countries.
Cyprus, which became an IDA donor in 2007 during the IDA15 cycle, channels a significant portion of its development assistance through the organisation.
This approach, along with contributions to other international bodies, enables the country to extend aid more effectively to a broader range of nations.
