SINGAPORE: Singapore has announced a significant increase in its contribution to the International Development Association (IDA), committing US$87 million for the next three years, starting in July 2025.
This marks a 24% rise from its previous contribution and a 10% increase in its burden share, according to Second Minister for Finance Indranee Rajah.
The IDA, a branch of the World Bank, plays a crucial role in supporting low-income countries by providing grants and low-interest loans. These financial resources help nations invest in infrastructure, education, healthcare, and other essential sectors to improve the quality of life for their citizens.
Singapore’s latest pledge aligns with a broader international effort to strengthen the IDA’s resources.
In December, donors collectively agreed to expand the 21st replenishment of IDA (IDA21) to an unprecedented US$100 billion.
These funds will be directed towards pressing global challenges, with 45% of commitments dedicated to climate change mitigation and adaptation efforts.
Other key focus areas include healthcare and environmental sustainability, as IDA works to foster economic stability and reduce poverty worldwide.