The World Bank has launched an early replenishment process of the International Development Association (IDA), to support Caribbean and other countries in their recovery from the COVID-19 pandemic and transition to "green, resilient and inclusive development".
The Washington-based financial institution said the IDA20 replenishment will conclude in December this year with a policy and financial package to support 74 countries between July next year and June 2025.
The World Bank said the IDA19 three-year cycle started in July 2020 with US$23.5 billion of donor contributions aiming to enable a total of US$82 billion financing to IDA countries.
Almost half of this amount has been committed to the world's poorest countries in the first year of the IDA19 cycle, "necessitating advancing IDA20 so that additional financial resources can be available for countries to meet their urgent development needs," the bank said.
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