木瓜影院

Operations

Building a better Bank

Operational enhancements are transforming how we work, allowing us to scale and replicate high-impact projects that address global challenges—and to do it more quickly.

Without compromising quality, the World Bank is on a path to reduce the overall project preparation time to under 12 months by fiscal 2025. The Bank Group’s leadership are shaping the process with clear guardrails based on rigorous analysis and consideration, and further engagement on issues of strategic relevance. Through joint country representation, we are unifying country leadership for IBRD/IDA, IFC, and MIGA in 21 countries—giving clients a single point of entry to the entire Bank Group. We overhauled and simplified our guarantee business to create a one-stop World Bank Group Guarantee Platform.

Our Knowledge Bank initiative is refocusing the Bank not just as a funding mechanism, but also as a knowledge mechanism. The new structure with five themes (People, Prosperity, Planet, Infrastructure, and Digital) and three departments (focused on outcomes, innovation, and learning) is intended to dismantle barriers to the flow of knowledge both internally and externally.  details this approach, with a focus on four areas: new and updated knowledge products, strategic partnerships, enhanced learning, and cutting-edge systems. 

Our new Scorecard for fiscal 2024–30 was approved by the Board in December 2023. Putting the Bank’s focus squarely on impact, the slimmed-down, focused  will allow shareholders and citizens to clearly see the development outcomes the World Bank Group is supporting. And for the first time, all World Bank Group institutions—IBRD, IDA, IFC, MIGA—will use the same metrics.

Environmental and Social Framework

Our Environmental and Social Framework (ESF) promotes sustainable and inclusive development outcomes in our client countries. It strengthens protections for people and the environment by addressing a broad range of environmental and social issues in an integrated manner. It places a strong emphasis on stakeholder engagement and transparency. We apply it to all investment project financing (IPF) initiated on or after October 1, 2018.

The ESF seeks to strengthen clients' environmental and social capacity and systems, promotes a risk-based and proportionate approach to environmental and social management, and allows for adaptive risk management to respond to changes in project circumstances. As of end-June 2024, the framework applies to 58 percent of our active IPF portfolio. In fiscal 2024, we introduced measures to further strengthen the implementation of the ESF.

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Procurement Framework

In fiscal 2024, 28,436 contracts worth $14.7 billion^[1] were awarded across 1,468 Bank-financed operations. We continued to build on the foundation of our Procurement Framework by driving culture change and embedding procurement approaches that deliver value for money in the broadest sense, incorporating considerations such as quality, innovation, and sustainability. Effective September 1, 2023, we mandated the inclusion of 'rated criteria'—non-price factors to evaluate quality and sustainability—in most international procurements.

We developed a suite of Sustainable Procurement Guidance documents, offering practical advice to staff and borrowers to mitigate environmental and social risks in project procurement and promote sustainability benefits. We also issued a  with the Heads of Procurement at other multilateral development banks to promote sustainable procurement initiatives. Additionally, we established Mutual Reliance Agreements to harmonize procurement systems with the European Bank for Reconstruction and Development and the International Fund for Agricultural Development.

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Addressing risks of sexual exploitation, abuse, and harassment

Through the Environmental and Social Framework, we strive to identify and mitigate the risks associated with gender-based violence, including sexual exploitation and abuse and sexual harassment (SEA/SH), in World Bank-financed operations.

In fiscal 2024, SEA/SH risk identification, mitigation and response approaches were integrated in our operations with  and . We launched a pilot initiative to address child sexual exploitation and abuse within transportation projects in Nepal and Bolivia. The insights and learning from these pilots will inform the development of additional resources and tools for similar operations in the future.

To promote SEA/SH awareness internally, we continue to run training sessions on the Environmental and Social Framework and sector specialists and trained nearly 500 staff in fiscal 2024. We have also integrated SEA/SH sessions into the broader training on the Environmental and Social Framework, benefiting more than 300 specialists.

We train clients on SEA/SH risk management through regional capacity-building initiatives, and we work with other international financial institutions to combat SEA/SH in development operations. We continue to promote the advancing of the SEA/SH agenda, coordination and learning among Multilateral Financial Institutions by convening an SEA/SH working group. As part of it, we contributed to the UK Government’s  2022 to 2023.  

Trust funds and financial intermediary funds

Trust funds and financial intermediary funds (FIF), such as the Public-Private Infrastructure Advisory Facility and the Global Infrastructure Facility, are key catalyzers of private investment, a crucial component for addressing development challenges.

At the end of fiscal 2024, $57.5 billion was held in trust in the form of cash, investments, and promissory notes. Of this, $18 billion was for trust funds and $37.2 billion for FIFs. Trust funds finance about two-thirds of World Bank advisory services and analytics, and 86 percent ($37.1 billion) of total trust fund disbursements went to member countries during fiscal 2020-24. Of this amount, over $8.3 billion was disbursed to IDA and blend countries (i.e., countries eligible for both IDA and IBRD lending). Contributions to FIFs averaged $10.4 billion annually, while cash transfers to implementing entities remained steady, with an average annual transfer of $8.1 billion over the past six years.

In recent years, as the architecture has evolved, trust funds have become more efficient and purpose-driven, reducing duplication and improving alignment with IDA and IBRD. The Bank’s trust fund portfolio now consists primarily of 72 umbrella programs, and many legacy funds are being wound down.

Umbrella programs and FIFs are important arrangements for donors to support global challenges such as climate change, communicable diseases, and food and nutrition security. For example, the Climate Investment Funds, Global Environment Facility, and Green Climate Fund support the Bank’s work on climate mitigation, adaptation, and transfer of low-carbon technologies with significant potential for reducing long-term greenhouse gas emissions in low- and middle-income countries.

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Grievance Redress Service

Established in 2015, the Grievance Redress Service (GRS) provides individuals and communities with a robust channel to submit complaints directly to the World Bank if they believe a Bank-supported project has or is likely to have adverse effects on them, their community, or their environment. The GRS facilitates the response to such grievances by ensuring that the issues raised are promptly addressed through sound and sustainable solutions. In fiscal 2024, the GRS received 723 complaints from more than 100 countries, continuing a steady upward trend since its inception in 2015.

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^[1] Please note this figure represents contracts awarded in fiscal 2024 based on the data as of August 15, 2024.

Our Values, People, and Places

Our Values

木瓜影院 Group’s core values—impact, integrity, respect, teamwork, and innovation—embody what is most important to us as an institution and guide how we work with each other, our clients, and our partners. Our Code of Ethics, which articulates what our core values mean in practice and focuses on behaviors rather than compliance, complements these values. The Staff Directives define the regulations and policies that guard against and prohibit misconduct. We build staff understanding of ethical and compliance issues in the workplace through mandatory e-learning, in-person sessions, townhalls, and other outreach on our core values and Code of Ethics.

Our People

Our diverse and global talent is our most important asset. At the end of fiscal 2024, the World Bank Group employed 18,300 full-time staff in 140 locations representing 184 nationalities. Women accounted for 54 percent of our workforce, reflecting our commitment to accelerate gender equality. We continually evaluate and improve our employer value proposition to remain competitive.

Digital Transformation

In fiscal 2024, the Bank Group designed an ambitious digital transformation to help us build a better Bank. We developed a framework to use artificial intelligence (AI) to accelerate, deepen, and sustain development impact and developed an in-house generative AI capability, Mai, to help staff securely use these technologies to increase their productivity. We also thwarted more than 75 million cyberattacks.

Ethics and Internal Justice Services

The Ethics and Internal Justice Services Vice Presidency unit (EIJ) promotes the Bank’s core values and provides comprehensive and coordinated services to address staff workplace issues and concerns. In fiscal 2024, the Unit adopted a new strategy that focuses on: educating staff on available resources; speed in resolving their issues; building confidence that the internal justice system is fair and just; and combating the fear of retaliation from using EIJ’s services. By providing staff with advice, guidance, training, and conflict resolution, EIJ reinforces a speak-up culture and positive work environment.

In fiscal 2024, more than 2,800 staff turned to Ethics and Internal Justice Services for help. EIJ reviewed 191 allegations of misconduct; responded to 1,150 staff requests for ethics advice on potential conflicts of interest or other compliance issues; received 282 cases related to harassment, sexual harassment, or other inappropriate behaviors, and 29 cases related to racism or racial discrimination. EIJ has focused on the prevention of retaliation by strengthening the policies and processes to safeguard staff who report misconduct or engage in other protected activities. In addition, it reached 6,820 staff in fiscal 2024 through training and outreach.

Staff Association

木瓜影院 Group’s Staff Association represents the rights and interests of all staff, no matter what their contract type, to senior management and the Board. In fiscal 2024, the Staff Association Delegate Assembly entered the first year of its two-year term, with focus areas including compensation and health insurance (particularly in country offices), employment visas, and flexible work.

WORLD BANK (IBRD/IDA) STAFF DATA, FISCAL 2022–24

Our Places

We are making significant progress toward our goals of reducing greenhouse gas (GHG) emissions related to our facilities and food services. As of fiscal 2023, we are exceeding our target to cut GHG emissions from our global facilities by 28 percent by 2026, compared to 2016 levels. We are pushing to meet our emissions reduction target on food served at headquarters by 25 percent by 2030 from a 2019 baseline.   

We purchase Renewable Energy Credits equivalent to 100 percent of electricity use at headquarters and offset  based on rigorous . All carbon-offset projects come from IDA-eligible countries.

SELECTED WORLD BANK ENVIRONMENTAL IMPACTS, FISCAL 2019–23

Supply Chain

We leverage the World Bank Group’s purchasing power to minimize expenses and maximize value. We also keep operations running smoothly by identifying and addressing vulnerabilities from approximately 26,000 vendors globally.

In fiscal 2024, we surpassed our 2023 target to double our share of corporate procurement with spend from women-owned businesses to 7 percent, achieving 7.4 percent. We aim to reach 12 percent by 2030. Additionally, we intend to increase the number of women-owned businesses to 15 percent of our total vendors (from a 9 percent baseline in 2023). We continue to lead both private and governmental entities in this benchmark.

We have expanded our diverse-owned business initiative by focusing on countries with significant potential to support disadvantaged and underrepresented suppliers. We also advocate for other global organizations to join us in practicing inclusive procurement to empower diverse businesses.

Oversight and Accountability

Guiding the Institution

All the powers of the World Bank are vested in the Board of Governors, the Bank’s senior decision-making body, according to the Articles of Agreement for IBRD and IDA. Each member country of the Bank is represented by one governor and one alternate.

The Board of Governors delegates most powers to 25 resident Executive Directors who comprise the Board of Directors for IBRD and IDA. The Executive Directors represent the World Bank’s 189 member countries and are responsible for the conduct of the general operations of the Bank. The Executive Directors select a President, who serves as Chair of the Board. The current Board term is from November 2022 through October 2024.

The Executive Directors oversee the Bank’s strategic direction and represent member countries’ viewpoints on the Bank’s role. They are responsible for providing the Board of Governors with an audit of accounts, an administrative budget, and the Bank’s annual report on fiscal year results. 

The Executive Directors’ Steering Committee, on which all Executive Directors serve, meets bimonthly to discuss the Board’s strategic work program. Each Executive Director also serves on one or more of five standing committees, which help the Board discharge its oversight responsibilities through in-depth examinations of policies and other key documents. In addition, an Ethics Committee provides guidance on matters covered by the Code of Conduct for Board Officials. Through its committees, the Board regularly engages on the effectiveness of Bank Group activities with management and with the independent Accountability Mechanism and the Independent Evaluation Group, both of which report directly to the Board.

Independent Evaluation Group

The Independent Evaluation Group (IEG) strengthens the development effectiveness of the World Bank Group through program and project evaluations that help deliver better services and results to clients. IEG’s recommendations inform the Bank Group’s directions, policies, programs, and operations. IEG is independent of the Management of the World Bank Group and reports directly to the Executive Board.

In fiscal 2024, IEG evaluated the Bank Group’s progress against thematic priorities including financial inclusion, IDA’s support for job creation and labor participation, and reducing gender inequality in countries experiencing fragility, conflict, and violence. IEG also validated management’s self-assessments of their implementation of IEG recommendations from fiscal 2019 to fiscal 2022. 

IEG closely evaluated the Bank Group’s private sector engagement on climate action and IDA’s Private Sector Window, a blended finance facility. To support the Bank Group’s focus on country-level outcomes, IEG completed Country Program Evaluations on the Kyrgyz Republic and Papua New Guinea. IEG also provided input to major strategy documents, including the Evolution Roadmap and the Knowledge Compact.

Accountability Mechanism

木瓜影院 Accountability Mechanism (AM) is an independent body for those who feel harmed by Bank-funded projects. It includes the Inspection Panel (IPN) and the Dispute Resolution Service (DRS). The AM Secretary and the IPN each report to the Board and operate independently of Bank management. Affected communities can submit complaints to the IPN which, if authorized by the Board, conducts independent investigations. The AM Secretary offers a voluntary dispute resolution process, handled by the DRS. If this is declined or unresolved, the matter reverts to the IPN for investigation. 

In fiscal 2024, the IPN received six Requests for Inspection and concluded an investigation of a case from Bolivia which, after Board discussions, led to a Board-approved Management Action Plan that responded to the IPN’s findings. The Board sanctioned an IPN recommendation to investigate a case from Viet Nam, which is now in dispute resolution, pursuant to an offer extended by the AM Secretary. The IPN was conducting an investigation in Tanzania toward the end of the fiscal year, while a decision whether to register two new Requests from Serbia and Pakistan was pending. The IPN did not register cases from India and Pakistan. Concurrently, the DRS facilitated a signed dispute resolution agreement in Cameroon, which is now in post-agreement follow-up and monitoring. The DRS continues to monitor agreements previously reached in Nepal and Uganda.

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Sanctions System

木瓜影院 Group’s Sanctions System addresses allegations of fraud, corruption, collusion, coercion, and obstruction—collectively known as sanctionable practices—in our operations.   

Based on Integrity Vice Presidency unit (INT) investigations, in fiscal 2024, the Bank Group sanctioned 37 firms and individuals through uncontested determinations of the Bank’s Chief Suspension and Debarment Officer, decisions of the Bank Group Sanctions Board, and settlement agreements. Fourteen entities met their conditions for release and one entity met the conditions for the conversion of its debarment, with conditional release, to conditional non-debarment. The Bank Group recognized 20 cross-debarments from other multilateral development banks, and 29 Bank Group debarments were eligible for recognition by other multilateral development banks. INT investigated 66 cases of alleged fraud and corruption involving World Bank staff and corporate vendors, of which nine were substantiated.

For more information about the World Bank Group Sanctions System and its annual report, visit www.worldbank.org/integrity.

To report suspected fraud or corruption in World Bank Group–financed projects, visit .

Group Internal Audit

The Group Internal Audit (GIA) Vice Presidency unit is an independent function reporting to the President and overseen by the Board’s Audit Committee. Its assurance and advisory services help the Bank Group to more effectively serve clients.  

In fiscal 2024, GIA’s priority engagements included enterprise risk management; grievances, complaints and whistleblower channels; implementation of the Bank Group’s Climate Change Action Plan; external website governance and security; and management of real estate. GIA continued to advance its Country Assurance and Advisory Program and began developing its Ukraine Oversight Program. GIA partners with bilateral, multilateral, and development organizations to strengthen oversight in challenging contexts, including in countries affected by fragility, conflict, and violence.

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木瓜影院 Policy on Access to Information

木瓜影院's Access to Information Policy requires all our information to be accessible to the public, save for specific exceptions. The policy, in tandem with the Open Data Initiative, underpins our commitment to transparency.

In fiscal 2024, the Bank's official repositories saw close to 50 million document downloads, and over 379,000 pages of archival records were declassified. The policy allows and encourages public inquiries into the Bank's operations, research, financials, and Board proceedings. During fiscal 2024, the Bank processed 598 requests for information, with 80 percent of these requests being fulfilled within the 20-business-day standard.

For more information and to submit public access requests for information to the World Bank, visit www.worldbank.org/en/access-to-information.

Strategic Resource Deployment

In fiscal 2024, the World Bank identified  to prioritize in the next few years: Climate Change Adaptation and Mitigation, Fragility and Conflict, Pandemic Prevention and Preparedness, Energy Access, Food and Nutrition Security, Water Security and Access, Enabling Digitalization, and Protecting Biodiversity and Nature. Addressing these will be key to advancing our new vision and mission.

We delivered 12 Systematic Country Diagnostics, which identify challenges to and opportunities for development in a member country; 13 Country Partnership Frameworks (CPF), which guide our support to a member country; and 12 Performance and Learning Reviews, which summarize progress made toward CPFs. 

In April 2024, the Bank Group adopted a Framework for Financial Incentives to support projects addressing global challenges with positive cross-border impact. The framework gives shareholders the opportunity to make voluntary contributions to IBRD that are leveraged for maximum impact and used to address the most urgent global challenges of our time. 

Financing instruments and approaches for countries

IBRD and IDA offer a variety of financing instruments and approaches to help countries achieve their development goals. These include:

• Investment Project Financing, which helps build physical and social infrastructure and develop institutional capacity;
• Development Policy Financing, which supports policy and institutional reforms, including through policy-based guarantees; and
• Program-for-Results Financing, which links the disbursement of funds to the achievement of predefined results.

In fiscal 2024, the Bank approved various operations across these financing mechanisms, with a significant focus on climate co-benefits.

We approved 59 Development Policy Financing operations, totaling $22 billion; 43 Program-for-Results operations, of which three were additional financing totaling $10.6 billion; and 251 Investment Project Financing operations, of which 65 were additional financing, totaling $36.1 billion. Climate co-benefits reached 45 percent of total commitments, including 30 percent for Development Policy Financing, 13 percent for Program-for-Results, and 58 percent for Investment Project Financing.

Our Multiphase Programmatic Approach enables countries to structure long, large, or complex engagements into a set of smaller complementary Investment Project Financing and Program-for-Results operations under one program.

This approach facilitates both vertical programs, which involve in-depth, sustained engagement within a single country, and horizontal programs, which encompass multiple countries, states within a country, or subnational entities. In fiscal 2024, the Bank approved 10 vertical and seven horizontal Multiphase Programmatic Approach (MPA) programs, with up to $6.8 billion and $13.2 billion, respectively. The total amount of new Program financing approved, including Additional Financing, was $20.1 billion.

In February 2024, the Bank Group expanded the tools it offers countries for crisis response with the Board approval of a new Crisis Preparedness and Response Toolkit. This toolkit includes an expanded and innovative suite of tools to help developing countries better respond to crises and prepare for future shocks.

The expanded toolkit includes a new Rapid Response Option to provide quick access to cash for emergency response by repurposing a portion of their unused Bank financing across their portfolio. This allows countries to swiftly address needs when a crisis occurs. The toolkit includes expanded access to catastrophe insurance and Climate Resilient Debt Clauses that allow eligible small-state borrowers to defer principal, interest, and fee payments for severe earthquakes and hurricanes.

The Bank is now rolling out these tools to countries—with new contingent financing operations approved and Rapid Response Options in place—with the ambition to have new crisis preparedness and response mechanisms in place for up to 50 countries by the end of the year.

Advisory services and analytics

In March 2024, we published the  which aims to transform ideas into tangible impact by employing data analytics, research, and best practices to offer clients innovative solutions to complex development challenges. We also reorganized our practice groups into five Vice Presidency units—People, Prosperity, Planet, Infrastructure, and Digital—to operationalize this goal.

In fiscal 2024, the Bank produced 982 advisory services and analytics products spanning more than 130 countries and addressing critical global topics such as climate change, economic growth and planning, public sector data development and capacity building, public administration, pandemic response, and jobs.

In fiscal 2024, 64 Reimbursable Advisory Services agreements were signed for a total amount of $173 million in 24 countries. These services are requested and paid for by country clients; all member states, including non-borrowing countries, can request them. Our services provided countries with technical assistance, capacity building, and implementation support on topics such as climate change, digital transformation, social safety nets, energy transition, private sector-led growth, public investment management, and agriculture and judicial sector reform.

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Support to small states

Small states—countries with populations of no more than 1.5 million—are particularly susceptible to economic shocks, natural disasters, and the impacts of climate change.

Disaster-related losses in these countries average roughly 5 percent of GDP a year due to capacity constraints, the small size of their economies, and, in many cases, their remote locations. 

In 2023, several small states experienced double-digit inflation, leading to financial tightening and higher international borrowing costs. This has further exacerbated their debt vulnerabilities, with over 40 percent of small states already in debt distress or at high risk of reaching that point.

To help small states address their challenges, we are expanding IDA and IBRD resources. In fiscal 2024, this financing reached $1.1 billion, almost double last fiscal year.  

We also are intensifying our management focus on small states as they grapple with economic shocks and climate change. The Crisis Preparedness and Response Toolkit and the Climate Resilient Debt Clauses will enable small states, UN Small Island Developing States, and Small States Forum countries to better prepare for and respond to shocks.  In fiscal 2024, we published a Country Climate and Development Report for the Maldives. We started work on reports for Comoros and the Eastern Caribbean. The Small States Secretariat, housed within the Bank, hosts the annual high-level Small States Forum on the margins of the World Bank Group–IMF Annual Meetings. The October 2023 Forum focused on the World Bank's efforts to assist small states in adapting to climate change.

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Budget management and reforms

In fiscal 2024, the World Bank delivered heightened support to countries facing a multitude of global challenges. This includes, in addition to financing, the advancement of knowledge and analytics at the country, regional, and global levels and bolsters the Bank's staff presence in the countries we serve. We continuously improve our efficiency and redirect resources to frontline services by applying a rigorous budget discipline and implementing a savings program.

Across the Bank Group, we are boosting our effectiveness by streamlining business-planning and budgeting processes. For example, we cut the corporate-budget-preparation process from nine to three months. In the current economic landscape, where financial resources are constrained, the Bank will prioritize efficiency gains and reallocations before expanding additional resources to strategic operational priorities.

IBRD financial commitments and services

Financial commitments and services

IBRD is a global development cooperative owned by its 189 member countries. As the largest multilateral development bank in the world, it provides loans, guarantees, risk-management products, and advisory services to middle-income and creditworthy low-income countries, and coordinates responses to regional and global challenges. In fiscal 2024, new IBRD lending commitments amounted to $37.6 billion for 126 operations, of which eight were IBRD and IDA blended operations.

IBRD Commitments by Regions, Fiscal 2020–24 (milions of dollars)

IBRD Disbursements by Regions, Fiscal  2020–24 (millions of dollars)

For monitoring, reporting, and better decision-making about its commitments, the Bank applies a taxonomy of codes to all lending operations to reflect the sectors and themes to which it directs resources. Sector codes reflect high-level groupings of economic activities based on the types of goods and services produced and are used to indicate which part of the economy is supported by the Bank’s intervention. Theme codes reflect the goals and objectives of Bank-supported activities and are used to capture the Bank’s support to the Sustainable Development Goals. 

IBRD Commitments by Sector, Fiscal 2020–24 (millions of dollars)

IBRD Commitments by Theme, Fiscal  2020–24 (millions of dollars)

IBRD Top Country Borrowers, Fiscal 2024 (millions of dollars)

Fiscal year data >

IBRD financial resources and financial model

IBRD finances its loans from its own equity and from money borrowed in the capital markets through the issuance of IBRD bonds to fund development projects in member countries. IBRD is rated Aaa by Moody’s and AAA by Standard & Poor’s, and investors view its bonds as high-quality securities. IBRD’s funding approach continues to be aimed at achieving the best long-term value on a sustainable basis for borrowing members. IBRD’s ability to intermediate the funds it raises in international capital markets to developing member countries is important in helping achieve its goals.

IBRD’s approach has enabled it to borrow at favorable market terms and pass the savings on to its borrowing members. Funds not immediately deployed for lending are held in IBRD’s investment portfolio to provide liquidity for its operations. In fiscal 2024, IBRD raised about $53 billion by issuing bonds in a variety of currencies.

As a cooperative institution, IBRD does not seek to maximize profit but to earn enough income to ensure the long-term financial capacity necessary to sustain its development activities. Of fiscal 2024 allocable net income, the Executive Directors approved the allocation of $834 million to the General Reserve and recommended to the Board of Governors the transfer of $515 million to IDA and $500 million to Surplus. From the Surplus (including $100 million currently in Surplus), $300 million is expected to be transferred to the Trust Fund for Gaza and the West Bank and $200 million is expected to be transferred to the IBRD Surplus-Funded Livable Planet Fund, to provide a speedy and strong start to the new Framework for Financial Incentives. As part of its lending, borrowing, and investment activities, IBRD is exposed to market, counterparty, country credit, and operational risks.

The Bank Group’s Chief Risk Officer leads the risk oversight function and supports the institutional decision-making process via dedicated risk committees covering financial and operational risks. In addition, IBRD has put in place a strong risk management framework, which supports management in its oversight functions. The framework is designed to enable and support IBRD in achieving its goals in a financially sustainable manner. One summary measure of IBRD’s risk profile is the ratio of equity to loans, which is closely managed in line with its financial and risk outlook. As of June 30, 2024, this ratio was 21.5 percent, and the cumulative subscribed capital of IBRD totaled $323.1 billion, including $22.5 billion in paid-in capital.

IBRD Key Financial Indicators, Fiscal 2020–24 (millions of dollars, except ration, which are in percentages)

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IDA financial commitments and services

IDA is the world’s largest multilateral source of concessional financing for the most vulnerable countries. It provides financing in the form of development credits, grants, guarantees, and loans to help these countries increase economic growth, reduce poverty, and improve living conditions for those most in need.

Fiscal 2024 marked the second year of the IDA20 cycle. In light of surge financing and additional volumes provided to IDA countries to address overlapping crises in fiscal 2023, as well as the compounding effect of a stronger U.S. dollar, IDA shareholders approved additional resources amounting to $7.8 billion to bridge the financing gap in IDA20. In addition, the Board of Executive Directors approved a moratorium on hardening of terms for all IDA countries in good standing with the Sustainable Development Finance policy to apply in fiscal 2024 and 2025, until IDA’s Grant Allocation Framework is reviewed during the IDA21 replenishment discussions.

In fiscal 2024, 75 countries were eligible for IDA assistance.^[1] New IDA lending commitments for fiscal 2024 amounted to $31.2 billion for 235 operations, of which eight were IBRD and IDA blended operations. These commitments included $23.1 billion in credits and $8.1 billion in grants. In addition, three projects for $550 million and three subprojects for $19.4 million were approved for support from the IDA20 IDA-IFC-MIGA Private Sector Window (PSW) during the fiscal year.

IDA Commitments by Region, Fiscal 2020–24 (millions of dollars)

IDA Disbursements by Region, Fiscal 2020–24 (millions of dollars)

IDA Commitments by Sector, Fiscal 2020-24 (millions of dollars)

IDA Commitments by Theme, Fiscal 2020–24 (millions of dollars)

IDA Top Country Borrowers, Fiscal 2024 (millions of dollars)

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IDA financial resources and financial model

IDA is primarily funded by contributions from high- and middle-income partner countries, transfers from other Bank Group institutions, borrowers’ repayments of earlier IDA credits, and funding raised in the capital markets. In 2016, IDA received its first-ever public credit rating—triple-A—which has been reaffirmed by rating agencies annually since then. IDA’s financial strength is based on its robust capital position and shareholder support, as well as prudent financial policies and practices, including a capital adequacy framework. IDA shares the same risk-management governance as IBRD. IDA uses this funding to support an ambitious policy package with special areas of focus and cross-cutting issues for each replenishment cycle.

For IDA20, a global coalition of development partners agreed to a financing envelope of $93 billion (equivalent to SDR 65.1 billion)^[2] to provide credits, grants, and guarantees to IDA’s client countries. Of this, $84.2 billion is expected to be used on concessional terms, $6.3 billion on IBRD terms for the Scale-Up Window, and $2.5 billion for the Private Sector Window. To help countries address the impacts of the COVID-19 crisis, the Bank front-loaded IDA19 resources to enable IDA to sustain the scale of financing at $35 billion for both fiscal 2021 and fiscal 2022, excluding the Private Sector Window; the remaining amount of about $11 billion was carried over into IDA20. IDA has continued to lean forward on deploying resources in fiscal 2024 to help countries deal with multiple crises. As of December 31, 2023, $44.2 billion was committed on concessional terms, $3.6 billion on nonconcessional terms (through the Scale-Up Window), and $1.8 billion through the Private Sector Window. Administrative expenses for IDA are recovered primarily through net charges and interest paid by recipient countries.

To support IDA20, partners are providing $23.5 billion (equivalent to SDR 16.4 billion) in grants, $0.1 billion of which is the grant element from concessional partner loan contributions. Partners are also providing $0.2 billion in concessional partner loans, excluding the grant element, and $1.8 billion in compensation for debt relief under the Multilateral Debt Relief Initiative during IDA20. As of June 30, 2024, 57 partners had submitted IDA20 Instruments of Commitment. Total Instruments of Commitment deposited to date amount to $23.5 billion, representing 99 percent of the total pledge amount. IDA’s borrowing program enables it to significantly scale up support for the Sustainable Development Goals while offering investors an efficient way to contribute to global development. Under IDA20, this hybrid financial model—which blends donor contributions with market debt—enables IDA to mobilize nearly $4 in IDA commitment authority for every $1 contributed by development partners.

Since its inaugural bond in international capital markets on April 17, 2018, IDA has issued bonds in five currencies: euros, British pounds, Swedish krona, Norwegian krone, and U.S. dollars. In the first half of fiscal 2024, IDA issued approximately $6.2 billion in bonds. IDA continues to broaden its investor base and raise liquidity in various currencies from a diverse set of investors. We will continue to seek opportunities to further diversify IDA’s currency composition and develop its capital markets presence.

In July 2023, IDA's Board of Governors adopted a Resolution to establish a Crisis Facility to scale up support for the countries most in need to address worsening development challenges due to the overlapping global crises, particularly food insecurity and extreme climate events. The Crisis Facility has two objectives: i) to provide additional resources to IDA countries affected by Russia’s invasion of Ukraine at a time of compounding, overlapping global crises; and ii) to provide a mechanism for pooling and leveraging contributions to support Ukraine, and to neighboring Moldova. This facility will be supported by member contributions and will enhance IDA's financing capacity in addition to IDA20.

IDA Key Financial Indicators, Fiscal 2020–24 (millions of dollars, except ratios, which are in percentages)

IDA20

In December 2021, IDA members agreed on the IDA20 operational and financing framework with a financing envelope of $93 billion, covering fiscal 2023–25. It is supported by $23.5 billion in contributions from 52 member countries, as well as contributions to the Multilateral Debt Relief Initiative, financing raised in capital markets, carryover from IDA19, internal resources (such as loan repayments), and transfers from IBRD. IDA20 introduced new lending terms for eligible countries: shorter-maturity loans and 50-year credits. 

IDA20’s?policy framework?maintains the?four?IDA19 special themes:?climate change; fragility, conflict, and violence;?gender and development; and?jobs and economic transformation. It introduces?human capital?as?the fifth?special?theme.?IDA20 will also help deepen recovery efforts by focusing on four?cross-cutting?issues:?crisis?preparedness, which was newly introduced for IDA20;?debt;?governance?and institutions;?and?technology. 

The IDA20 period began on July 1, 2022, and was reviewed at mid-term (MTR) in December 2023. The IDA20 MTR showed that IDA20 is fulfilling Policy Commitments (PCs) and is on track to meet or exceed cycle targets for 38 of 41 PCs, with the remaining three advancing more slowly. IDA-supported operations continued to deliver positive outcomes for people in client countries. According to the Independent Evaluation Group ratings reported in the , the World Bank achieved satisfactory outcomes in 87 percent of IDA-financed operations.

At the IDA20 MTR point, the number of IDA client countries had increased to 75 with Sri-Lanka’s reverse-graduation.?At the MTR, IDA also launched the replenishment process for IDA21, the next round of financing to cover July 2025 to June 2028. 

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^[1]  In February 2024, the Board of Executive Directors approved broadening the scope of the Small Island Economies Exception to eligible IDA and IBRD non-Island Small States, which will likely see the entry of a couple of Small States into IDA in fiscal 2025.

^[2] The Financing Framework for the IDA20 Replenishment is managed predominantly in Special Drawing Rights (SDRs). U.S. dollar equivalent figures given here are calculated using IDA20 reference exchange cycle.