Cyprus commits to contribute nearly €6 mln to the IDA Replenishment Package

Cyprus announced on Thursday its commitment to contribute €5.77 mln as a donor country, in the context of the remote meetings held on 14 and 15 December for the $93 billion replenishment package of the International Development Association (IDA), to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.

A Finance Ministry press release said the financing brings together $23.5 billion of contributions from 48 high- and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions.

The financing package, which was agreed over a two-day meeting hosted virtually by Japan, is the largest ever mobilized in IDA’s 61-year history.

IDA’s unique leveraging model enables it to achieve greater value from donor resources – every $1 that donors contribute to IDA is now leveraged into almost $4 of financial support for the poorest countries.

Cyprus, which has been a donor country of the IDA since 2007 (IDA15), channels a large part of its development aid through IDA as well as other international organisations, to enable development aid to a larger number of countries, in a more effective and efficient way.

Despite the economic constraints caused by the pandemic, with the highest contribution in its history, the Cyprus Government demonstrates in the most practical way its commitment to continue cooperating with IDA in an effort to alleviate poverty and sustainable development in the poorest countries of the world.