Republic of Korea to host the World Bank’s International Development Association 21st Replenishment Final Meeting in December 2024

SEOUL —Donors are set to announce their pledges for the International Development Association (IDA) 21st replenishment cycle in Seoul, Korea in December 2024. The pledging meeting is a vital opportunity to step up commitments and get the world back on track to eradicate poverty on a livable planet. IDA is the world’s largest global solidarity fund for the poor. It helps countries chart their own future.

The Republic of Korea’s journey from poverty to prosperity is a great example of IDA’s impact. In just six decades, Korea has transformed from one of the world’s poorest countries to a global powerhouse—from a GDP per capita of just $158 in 1960 to $32,254 in 2022. Within a decade, Korea graduated from IDA and became an IDA contributor by 1977. The initial support from IDA played a catalytic role, propelling the country’s rapid transformation into a global innovation and technology giant.

As an IDA donor, Korea has supported development across East Asia and the Pacific Islands. Over the last 10 years, its Ministry of Economy and Finance has worked closely with the World Bank in implementing the Korea World Bank Partnership Facility (KWPF), the country’s flagship trust fund for official development assistance, and the Korea Green Growth Trust Fund (KGGTF), which supports sustainable growth strategies and investments.

Today, Korea works with IDA to support development by leveraging its funds, knowledge, and expertise to help developing countries learn from its experience. Until the end of 2023, Korea contributed almost $1 billion to the Trust Funds of World Bank Group and $ 3.2 billion to IDA.

Further details and the dates in December will be announced later.