The World Bank announced on Thursday that it has raised $23.7 billion from donor countries to replenish the International Development Association (IDA), its concessional lending arm for the world's poorest nations. This amount, slightly exceeding the $23.5 billion raised during the last replenishment round, will be leveraged to unlock a record $100 billion in total spending power.

The IDA provides grants and low-interest loans to 78 of the world's poorest countries, with a significant focus on addressing challenges such as the economic impacts of COVID-19 and climate change adaptation. About three-quarters of its funding is allocated to African nations.

This replenishment, referred to as IDA21, reflects growing international support for the World Bank's efforts to enhance its efficiency and impact. The Bank highlighted this achievement as a "vote of confidence" in its approach to addressing global development challenges.

Key contributions this year include a record $4 billion commitment from the United States, alongside increased funding from countries like Norway and Spain. Other major donors include Japan, the United Kingdom, Germany, and France.

Over the decades, the IDA has played a transformative role, helping 35 former recipients, including South Korea, China, and Turkey, graduate to developing economy status. Many of these countries are now contributors to the fund, exemplifying the IDA's long-termimpact.