The country becomes 174e member of the World Bank’s Fund for the Poorest
SOFIA, November 3, 2021 – Bulgaria today signed the statutes of the World Bank’s International Development Association (IDA), joining a global coalition of development partners committed to accelerating the fight against extreme poverty and promoting shared prosperity in the poorest countries in the world. Bulgaria becomes 174e member of IDA.
âWe welcome Bulgaria to the IDA family. This is an international platform that will allow Bulgaria to share its development experience, knowledge and resources in the global quest to lift people out of extreme poverty, âsaid Akihiko Nishio, Vice President of Development Finance at the World Bank, who oversees IDA. The IDA family includes a range of countries, from high-income donors to low-income borrowing countries.
Bulgaria joins IDA as the Association is mobilizing resources for its Twentieth Replenishment (IDA20) which will run from July 2022 to June 2025. The richest IDA members are contributing funds to the Association through through its replenishments to help low-income members meet their development aspirations. IDA’s current focus areas include climate change, human capital and COVID-19 vaccines, employment and economic transformation, gender, and fragile and conflict situations.
âToday’s event is a good demonstration of our strong and solid partnership with the World Bank Group. We are happy that Bulgaria is now a member of all its institutions â, declared Valery Beltchev, Bulgarian Acting Minister of Finance, who signed the statutes on behalf of the country.
Bulgaria has undergone a significant transformation over the past three decades and is now classified as an upper middle income developing country. Bulgaria is already a member of the four other agencies of the World Bank Group, having joined the International Bank for Reconstruction and Development (IBRD) in 1990.
âThe World Bank – Bulgaria partnership spans the last 30 years in which Bulgaria has experienced its own transformation. We are delighted to see Bulgaria join IDA and strongly believe that the country’s development experience could be of benefit to the rest of our member states. ,” noted Anna Bjerde, World Bank Vice President for Europe and Central Asia.
IDA is the World Bank’s main instrument to help the world’s poorest countries. IDA was created in 1960 to promote economic development, increase productivity and thereby raise living standards in the less developed regions of the world. IDA helps by providing grants and loans at low or zero interest rates for projects and programs that stimulate economic growth, reduce poverty and improve people’s lives. Currently, 74 countries are eligible to receive funds from IDA. Since its inception, IDA has provided $ 458 billion to 114 countries to help bring about positive change.