MINISTER FOR FINANCE Paschal Donohoe has today announced the approval of his recommendation to contribute over €140m in financing for the World Bank’s International Development Association. 

Donohoe, who is also Ireland’s Governor for the World Bank, said he was “pleased to announce” the contribution. The amount to be provided to the institution of the World Bank is a 33.5% increase on Ireland’s previous commitment.

The bank’s International Development Association is one of five institutions within the World Bank. It provides grants and lends money on highly concessional terms – such as very low or zero interest, and often with long repayment periods – to the world’s poorest and least creditworthy countries. 

These loans are often aimed at supporting development in said countries.

The €141.4m contribution is part of a regular three-year funding cycle that will cover the period from mid-2025 to mid-2028.

Donohoe today said that the contribution will further Ireland’s international development goals, which focus on achieving the UN Sustainable Development Goals. 

“Ireland has always strived to play our part in assisting those who need it most,” Donohoe said.

“In light of the current international landscape, geo-political tensions, and decisions by others in respect of commitments to Official Development Assistance, it is now more important than ever that we step up and make a contribution where we can.”

He said that the increased contribution “demonstrates Ireland’s ongoing support for multilateral solutions to the world’s problems with a particular focus on those living in the poorest countries.”

Donohoe, who is the President of the Eurogroup, is currently attending the IMF and World Bank Spring Meetings in Washington D.C.  He is set to meet with the World Bank President Ajay Banga to discuss Ireland’s role in contributing to the bank’s work.