New UK investment to unlock billions of dollars to tackle the root causes of irregular migration, climate change and the growth crisis

The UK's support of the World Bank marks a new partnership between the UK and the Global South and will mobilize billions of dollars in private finance. Boost will deliver growth and stability globally for our collective benefit, as the UK government announces its pledge and calls on other countries to take action. Grants and low-interest loans will tackle the root causes of the problems facing the UK, including the climate crisis and irregular migration.

The world's lowest-income countries will have access to billions of dollars worth of innovative grants and low-interest loans as a result of new UK investment announced today.

Development Secretary Anneliese Dodds today announced that the UK has committed £1.98 billion over three years to the International Development Association (IDA), the World Bank's fund for the world's lowest-income countries, for projects to boost economic growth, tackle poverty and address its impacts. announced that it would provide $10 million. of climate change.

Through a unique funding mechanism, the UK's contribution will help raise billions of dollars in funding through other financial sources, including private markets. For every dollar the country pledges, it can spend up to four dollars. This will be funded by official development in the UK. Aid (ODA) budget.

IDA is the largest source of grants and low-interest loans for low-income and vulnerable countries, and the UK's contribution will help the World Bank support more than 1.9 billion people around the world.

According to World Bank models, it has provided $93 billion in finance to 75 countries (39 in Africa) over the past three years. During that time, IDA has provided better education to more than 86.5 million children and provided new or improved electricity access to 75 million people, lifting individuals out of poverty and spurring economic growth in recipient countries.

Foreign Secretary David Lammy said:

Growth and stability in low-income countries are clearly in the UK's interests. We need to work with these countries to grow our economies, tackle the climate crisis, and reduce illegal migration.

IDA’s track record shows that this is one of the best ways to do this. I urge other donors to attend next week's meeting.

Development Minister Anneliese Dodds said:

Britain is back with a voice on the world stage. We meant it when we said we would take a new approach to development based on true partnership and respect.

Leaders in low-income countries around the world have called for stronger IDA contributions, and we have listened.

We listened because we understood that more growth in IDA countries means stronger global growth, which benefits us all. This funding will support critical economic growth and provide billions of dollars to transform and save lives.

Today’s announcement is the latest example of the UK’s updated and modern development approach, based on respect, partnership and shared interests.

The UK strongly supports IDA, based on its strong track record of working with recipient countries and achieving sustainable growth. Since 1960, 36 countries have graduated from IDA.

For example, South Korea, previously a low-income country supported by IDA loans, is today one of the richest countries in the world and will host an IDA donor conference next week.

Anneliese Dodds set out the government's new approach to development in a major speech at Chatham House in October. She outlined four key changes needed to modernize the UK's approach to development and restore its world-leading status: partnerships, multilateral reform, leveraging UK expertise and expanding opportunity for all.

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