The World Bank comprises two institutions: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). IBRD provides financial products and policy advice to help countries reduce poverty and extend the benefits of sustainable growth to all their people. IDA provides concessional grants and loans to low-income countries.
IBRD has mobilized finance for middle-income countries for more than 75 years, raising over $1 trillion from capital markets since issuing its first bond in 1947. In fiscal 2025, IBRD, which is rated triple-A by the major credit rating agencies, raised approximately $64 billion through Sustainable Development Bonds issued in a variety of structures and maturities. IBRD is the largest issuer of sustainable bonds and uses the funds raised from capital markets to support development activities in member countries. Please see the World Bank’s annual Impact Report for more information about how funds raised in the capital markets support IBRD-financed projects. IDA also issues Sustainable Development Bonds to scale up its development impact, and in fiscal 2025, issued approximately $19 billion in bonds.
IBRD has continued to structure outcome bonds that mobilize financing for specific projects, in addition to raising financing for IBRD’s sustainable development activities through the bond proceeds. For example, in August 2024, IBRD issued a $225 million principal-protected bond, the Amazon Reforestation-Linked Outcome Bond, that mobilized private capital to support reforestation of degraded land in Brazil. This outcome bond provides investors with a coupon that includes a fixed guaranteed component, and a variable component linked to the generation of carbon removal units from reforestation projects in the Amazon rainforest regions of Brazil. It is the first bond that links investors’ financial return to the removal of carbon from the atmosphere, differing from past transactions linked to the sale of carbon credits from avoided emissions.
The World Bank Treasury’s Sustainable Finance Advisory Program provides technical assistance to emerging markets to develop more sustainable capital markets and financial systems, facilitate market-based financial solutions, and mobilize private sector capital toward environmental and social priorities. In fiscal 2025, we provided technical assistance to Viet Nam’s BIDV, a state-owned financial institution and Viet Nam’s oldest bank—which became the first Vietnamese issuer of a sustainability bond in the domestic market with its inaugural Vietnamese dong 3,000 billion ($115 million) issuance. The program promoted the development of the private sector through technical assistance provided to the Government of Pakistan in developing their national taxonomy. The taxonomy will provide clear definitions of green projects and activities, ensuring clarity to financial markets, increasing transparency in green investments and financial products, mitigating climate-related financial risks, and helping the financial sector direct capital flows to projects or activities that will meet Pakistan’s sustainable development objectives. And in coordination with the Inter-American Development Bank, we led the development of Amazonia Bond Issuance Guidelines for labeled bonds. These guidelines provide direction for individual issuers when creating their own Amazonia bond issuance programs and will help drive investments that create jobs, protect the forest, and uplift local communities.
The World Bank acts as the Treasury Manager for the Climate Investment Funds’ (CIF) Capital Markets Mechanism (CCMM), in addition to its existing role as Trustee of the Clean Technology Fund and host of the CIF Secretariat. As Treasury Manager, the World Bank is responsible for implementing the relevant financial policies and performing other Treasury Manager-related activities, including managing CCMM bond issuances, liquidity management, financial risk management, credit rating management, and financial reporting. In January 2025, the World Bank helped CCMM successfully issue its inaugural $500 million bond.
Aligned with the World Bank Group Evolution Roadmap and its commitment to implementing an Originate-to-Distribute model, the World Bank Treasury designed an innovative new product, the “Step-Up Loan.” In fiscal 2025, we applied this instrument for the first time through a $600 million financing program with PLN, a state-owned enterprise in Indonesia.
We introduced key enhancements to IBRD’s Flexible Loan pricing to strengthen its value proposition and position the institution for long-term resilience including the launch of Short Maturity Loans, removal of the prepayment premium, and a four-year grace period on commitment fees for investment project financing and program-for-results financing. Some of these changes foster faster recycling of World Bank financing, allowing us to leverage our resources.
Furthermore, we supported 40 countries in understanding and managing financial risks to increase their resilience to financial shocks. We executed $4.7 billion in risk management transactions on their behalf. For instance, in Mexico, we mitigated interest-rate volatility by fixing interest rates in five loans denominated in U.S. dollars, amounting to $3.9 billion. In 2024, IBRD also adjusted its Japanese Yen (JPY) pricing to better reflect changing market conditions, creating a separate funding pool for JPY. IBRD provided approximately $2.4 billion equivalent in JPY financing to clients, an eightfold increase from previous years.
We received significant endorsement for our new financial instruments to boost lending capacity and enable us to take on more risk for shared global challenges with cross-border externality benefits. Our World Bank Group Guarantee Platform, launched in July 2024, aims to boost our guarantee issuance to $20 billion by 2030 by bringing together experts and products from across the World Bank Group. Our Livable Planet Fund, launched in April 2024, offers governments, philanthropies, and other partners an opportunity to contribute to our concessional resources for middle-income countries.
In April 2024, a set of 11 countries announced commitments for the Portfolio Guarantee Platform, hybrid capital mechanism, and Livable Planet Fund totaling $11 billion. IBRD’s unique leveraging capability enables the resources contributed through the Portfolio Guarantee Platform and hybrid capital to be multiplied six to eight times over 10 years—potentially providing up to $70 billion in urgently needed funds. In fiscal 2025, three more countries committed to investing in hybrid capital, bringing the total of hybrid capital investment to $1.1 billion. Additionally, loan agreements for the hybrid capital mechanism materialized with eight shareholders, totaling around $745 million.
The Bank helps countries increase fiscal resilience against disasters by facilitating access to reinsurance and capital markets. Our Treasury works with governments to prepare and execute risk-transfer transactions before a catastrophic event occurs. As of June 2024, Treasury has helped countries transfer $6.5 billion of disaster risk to international markets. Of this amount, $1.4 billion addressing earthquake and hurricane risks in Chile, Jamaica, and Mexico is outstanding.
The World Bank Treasury’s Reserve Advisory and Management Partnership supports 87 public asset management institutions worldwide through advisory services, executive training, and asset management services—all through a global network of practitioners. The World Bank Treasury also provides financial services for trust funds and other official sector institutions that have entrusted around $100 billion to it. For the $66 billion trust fund portfolio, the Bank developed a sustainable fixed income investment strategy, focused on allocating development partners’ capital to securities that are intended to make a verifiable, positive developmental impact.
For more information, visit treasury.worldbank.org.
The Development Economics Vice Presidency (DEC) is the premier research and data arm of the World Bank, providing intellectual leadership and analytical services to the Bank and global development community.
In fiscal 2025, DEC continued to produce actionable research and data on poverty reduction, including the Business Ready 2024 report, which assesses regulatory frameworks and public services needed to support international private sector development. The World Development Report 2024 examined what developing economies can do to avoid the “Middle-Income Trap.” The Global Economic Prospects, International Debt Report and Commodity Markets Outlook continued to provide some of the most closely watched analysis of worldwide economic conditions. The mounting challenges facing the world’s low-income countries were highlighted in The Great Reversal: Prospects, Risks, and Policies in International Development Association Countries and Fiscal Vulnerabilities in Low-Income Countries.
A new report, Radical Debt Transparency, showed how more developing economies are turning to off-budget and more complex borrowing arrangements in response to a tighter financing environment, making it harder to fully assess public debt exposures. The report is being turned into a course for the World Bank Group Academy, a new initiative offering programs for government officials, civil society, private sector participants, and development professionals.
The new DATA360 portal offers search and analytics functions to make as many as 300 million data points more accessible, user-friendly, and actionable. It consolidates and curates AI-ready data from across the World Bank Group to inform World Bank operations and global decision-makers alike, and has attracted over 100 million views.
The 35th anniversary of the ABCDE Conference focused on “The Great Incoherence: Growth and Human Development in An Era of Stagnation.” The Institute for Economic Development was launched in Rome to fuel global collaboration in tackling key development challenges. The Africa Learn, Adapt and Scale (LEADS) initiative was launched to leverage better design and implementation programs to potentially double the impact of development finance in Africa.
In fiscal 2025, we enhanced Bank-financed operational procurement to align with recommendations made by the Independent Evaluation Group in 2024. The new measures are designed to improve development outcomes by attracting more highly qualified bidders and innovative solutions in Bank-financed investment projects.
We built on the September 2023 requirement to include “rated criteria”—or non-price factors to evaluate quality—by mandating a 50 percent minimum quality weighting for most international procurement. We also now require early market engagement for contracts with an estimated value of over $10 million to help attract high-caliber bidders and optimize procurement strategies. These changes took effect on March 1, 2025. Looking ahead, we will strengthen our procurement requirements to help address the jobs challenge in developing countries by requiring companies working on World Bank-funded projects to include local labor participation in international civil works contracts.
We continue our close collaboration with multilateral development banks to harmonize our procurement systems and, to date, we have signed Procurement Mutual Reliance Frameworks with six multilateral development banks.
For more information, visit www.worldbank.org/procurement.
Through the Environmental and Social Framework (ESF), 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 2025, we continued to advance our practice, both in projects with civil works and in Human Development Operations, through the provision of technical assistance to clients. In partnership with the Transport Global Practice, we took stock of seven years of efforts to manage risks of SEA/SH within the transport portfolio, aiming to share experience and provide recommendations for future operations and strategic improvements alike. To promote SEA/SH knowledge and awareness internally, we continue to hold dedicated training sessions for ESF staff and sector specialists. Externally, we continue convening regular technical and leadership meetings of the Multilateral Financial Institutions Working Group on SEA/SH and participate in global multi-stakeholder coordination mechanisms.
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 2025, the GRS received 1,140 complaints from more than 104 countries, continuing a steady upward trend since its inception in 2015.
For more information, visit www.worldbank.org/grs.
Country Engagement
We are working as one World Bank Group to reduce poverty and enable job creation in client countries. The Country Partnership Framework (CPF) guides our operations in any given country. Our new approach to country engagement is more targeted by prioritizing three to four selected outcomes with an eye toward job creation.
In fiscal 2025, we delivered 19 CPFs and eight Performance and Learning Reviews, which summarize progress made toward CPFs.
The CPFs are complemented by our Country Growth and Jobs reports, which provide a comprehensive analysis of a country's economic developments, prospects, and policy agenda. The reports aim to guide policy decisions and support the country's economic development efforts.
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 2025, we approved 69 Development Policy Financing operations, totaling $23.6 billion; 49 Program-for-Results operations, of which 10 were additional financing totaling $12.4 billion; and 314 Investment Project Financing operations, of which 108 were additional financing, totaling $44.8 billion. Climate co-benefits reached 49 percent of total IBRD/IDA commitments, including 42 percent for Development Policy Financing, 45 percent for Program-for-Results, and 53 percent for Investment Project Financing.
Our Multiphase Programmatic Approach (MPA) 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 2025, the Bank approved 14 vertical and 11 horizontal MPA programs, with up to $7.8 billion and $12.8 billion, respectively. The total amount of new Program financing approved, including additional financing, was $20.5 billion.
As of July 2025, a total of 66 countries have put in place at least one instrument of the Crisis Preparedness and Response Toolkit approved in 2024. With those instruments, countries have pre-arranged contingent resources and Cat Bonds/Insurance, thereby allowing them to focus on disaster recovery.
In fiscal 2025, the Bank produced 872 advisory services and analytics products that addressed critical global topics such as capacity building, climate change, economic growth, energy, governance, jobs, poverty, public administration, and public sector data development.
In fiscal 2025, 49 Reimbursable Advisory Services agreements were signed for a total amount of $124.3 million in 18 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.
Small States—the World Bank Group term for countries with populations of no more than 1.5 million—are particularly susceptible to economic shocks and extreme weather events.
To help Small States address their challenges, we are expanding World Bank Group resources. In fiscal 2025, IBRD/IDA portfolio net commitments to Small States reached $6.1 billion, IFC exposure reached $119 million, and MIGA exposure reached $419 million.
We are also intensifying our focus on climate adaptation for Small States. Twenty-four Small States have already signed on to at least one Crisis Preparedness and Response Toolkit arrangement. In fiscal 2025, we published Country Climate and Development Reports for Cabo Verde, Comoros, Djibouti, Montenegro, the Organization of Eastern Caribbean States, and the Pacific Atolls. Work is in progress for reports on Fiji, Mauritius, São Tomé and Príncipe, Seychelles, Solomon Islands, and Timor-Leste.
The annual Small States Forum, held alongside the World Bank Group’s Annual Meetings in October 2024, highlighted the World Bank Group’s innovative financing solutions for Small States. Building on this momentum, we are also developing a dedicated Small States strategy to guide how the World Bank Group supports inclusive and resilient growth in these countries.
For more information, visit https://www.worldbank.org/en/country/smallstates.
In fiscal 2025, building on a strong record of delivering results, including record levels of IBRD and IDA disbursements and the rollout of new financing instruments, the Bank took decisive steps to correct internal imbalances and strengthen institutional foundations. Management strengthened its focus on operational effectiveness and efficiency, while addressing structural challenges to better support the evolution agenda.
A key milestone was the Board’s approval of a substantial fiscal 2025 budget increase to reinforce frontline operations, including strengthening knowledge and partnerships, and to modernize systems. Complementing this, the Bank has reformed its business planning and budgeting processes—streamlining workflows, reducing preparation time, and embedding a 5 percent annual productivity savings mechanism—ensuring that resources are better aligned with strategic priorities.
As part of our better Bank agenda, we have merged more than 40 country offices to unify leadership across IFC, MIGA, and the World Bank under a single Country Manager. We plan to continue consolidating country offices to give clients a single point of entry to the World Bank Group and make it easier for them to work with us. We are also decentralizing to better serve clients: Over the next three years, two-thirds of operations staff will be based in the regions they serve. This will enable them to better respond to local needs, accelerate decision-making, and strengthen collaboration across the World Bank Group.
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 2025, new IBRD lending commitments amounted to $40.9 billion for 139 operations, of which 10 were IBRD and IDA blended operations.
IBRD COMMITMENTS BY REGION, FISCAL 2021–25
MILLIONS OF DOLLARS
REGION | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
Eastern and Southern Africa | 2,920 | 2,914 | 2,364 | 2,907 | 1,525 |
Western and Central Africa | 912 | 1,725 | 564 | 386 | 500 |
East Asia and Pacific | 6,430 | 6,788 | 6,636 | 5,482 | 6,753 |
Europe and Central Asia | 10,478 | 9,302 | 10,162 | 5,974 | 4,559 |
Latin America and the Caribbean | 12,389 | 9,463 | 9,828 | 9,407 | 9,464 |
Middle East and North Africa | 5,166 | 4,233 | 4,697 | 4,135 | 3,976 |
South Asia | 2,590 | 3,143 | 4,321 | 4,781 | 3,746 |
Total | 40,885 | 37,568 | 38,572 | 33,072 | 30,523 |
| Note: Amounts are net of full terminations and cancellations relating to commitments approved in the same fiscal year. | |||||
IBRD DISBURSEMENTS BY REGION, FISCAL 2021-25
MILLIONS OF DOLLARS
REGION | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
Eastern and Southern Africa | 1,228 | 3,126 | 1,690 | 2,441 | 325 |
Western and Central Africa | 1,263 | 240 | 161 | 261 | 132 |
East Asia and Pacific | 4,064 | 5,492 | 4,350 | 5,439 | 4,439 |
Europe and Central Asia | 8,056 | 10,574 | 4,833 | 4,580 | 3,625 |
Latin America and the Caribbean | 7,828 | 6,305 | 8,216 | 8,911 | 8,741 |
Middle East and North Africa | 4,376 | 3,332 | 2,964 | 3,407 | 2,764 |
South Asia | 3,964 | 4,381 | 3,290 | 3,129 | 3,665 |
Total | 30,779 | 33,450 | 25,504 | 28,168 | 23,691 |
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 2025
MILLIONS OF DOLLARS
SECTOR | FY25 |
|---|---|
Agriculture, Fishing, and Forestry | 2,905 |
Digital Development | 782 |
Education | 1,284 |
Energy and Mineral Resources | 6,642 |
Financial Sector | 3,588 |
Health | 1,873 |
Industry, Trade, and Services | 1,880 |
Public Administration | 8,707 |
Social Protection | 4,598 |
Social Sustainability and Inclusion | 238 |
Transportation | 6,718 |
Water, Sanitation, and Waste Management | 1,669 |
Total | 40,885 |
Note: Amounts are net of full terminations and cancellations relating to commitments approved in the same fiscal year. Numbers may not add to totals because of rounding. Visit projects.worldbank.org/sector for more information.
IBRD COMMITMENTS BY THEME, FISCAL 2025
MILLIONS OF DOLLARS
THEME | FY25 |
|---|---|
Data Ecosystem | 3,091 |
Digital Transformation | 3,166 |
Disaster Risk Management | 3,637 |
Economic Policy | 4,078 |
Environment, Infrastructure, and Natural Resource Management | 24,494 |
Finance | 6,536 |
Fragility, Conflict, and Violence | 386 |
Gender | 10,396 |
Governance and Public Sector Management | 4,080 |
Human Development | 9,079 |
Jobs | 3,065 |
Poverty and Equity | 2,178 |
Private Sector Development | 5,974 |
Rural Development | 4,596 |
Social Risk Management Systems | 30 |
Social Sustainability | 1,741 |
Urban Development and Land Administration / Management | 9,585 |
| Note: Amounts are net of full terminations and cancellations relating to commitments approved in the same fiscal year. Because lending commitments for individual operations can be applied to multiple theme categories, figures organized by theme do not add up to fiscal year commitment totals and therefore should not be summed. Visit projects.worldbank.org/theme for more information. | |
IBRD TOP COUNTRY BORROWERS, FISCAL 2025
MILLIONS OF DOLLARS
COUNTRY | COMMITMENTS | COUNTRY | COMMITMENTS |
|---|---|---|---|
Brazil | 3,856 | Indonesia | 2,753 |
Türkiye | 3,791 | India | 2,350 |
Argentina | 3,730 | Morocco | 1,770 |
Ukraine | 3,142 | South Africa | 1,500 |
Philippines | 2,855 | Peru | 1,205 |
| Note: Amounts are net of full terminations and cancellations relating to commitments approved in the same fiscal year. | |||
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 2025, IBRD raised about $64.5 billion by issuing medium- and long-term bonds in a variety of currencies.
As a cooperative institution, IBRD does not seek to maximize profit but rather to earn enough income to ensure the long-term financial capacity necessary to sustain its development activities. Of fiscal 2025 allocable net income, the Executive Directors approved the allocation of $1,182 million to the General Reserve and recommended to the Board of Governors the transfer of $782 million to IDA and $420 million to Surplus. Out of the $420 million recommended transfer to Surplus, $300 million is expected to be transferred to the Trust Fund for Gaza and the West Bank, $100 million to the Grant Facility for Project Preparation, and $20 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 World 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, 2025, this ratio was 21.6 percent, and the cumulative subscribed capital of IBRD totaled $326.8 billion, including $22.9 billion in paid-in capital.
IBRD KEY FINANCIAL INDICATORS, FISCAL 2021–25
MILLIONS OF DOLLARS, EXCEPT RATIOS, WHICH ARE IN PERCENTAGES
| FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
Lending Highlights |
|
|
|
|
|
Net commitmentsa | 40,885 | 37,568 | 38,572 | 33,072 | 30,523 |
Gross disbursements | 30,779 | 33,450 | 25,504 | 28,168 | 23,691 |
Net disbursements | 14,794 | 20,115 | 12,736 | 14,876 | 13,590 |
Reported Basis |
|
|
|
|
|
Income statements |
|
|
|
|
|
Board of Governors–approved and other transfers | (815) | (371) | (221) | (354) | (411) |
Net (loss) income | 2,100 | 2,142 | 1,144 | 3,990 | 2,039 |
Balance sheet |
|
|
|
|
|
Total assets | 399,511 | 356,612 | 332,641 | 317,542 | 317,301 |
Investments-Tradingb | 102,674 | 82,728 | 79,199 | 81,783 | 87,566 |
Net loans outstanding | 280,043 | 260,236 | 241,041 | 227,092 | 218,799 |
Borrowingsb | 306,161 | 261,790 | 237,265 | 235,173 | 260,076 |
Total equity | 72,012 | 63,484 | 60,382 | 55,320 | 48,078 |
Allocable Incomec |
|
|
|
|
|
Allocable income | 2,384 | 1,849 | 1,312 | 806 | 1,248 |
Allocated as follows: |
|
|
|
|
|
General Reserve | 1,182 | 834 | 921 | 589 | 874 |
International Development Association | 782 | 515 | 291 | 117 | 274 |
Surplus | 420 | 500 | 100 | 100 | 100 |
Usable Equity d,e | 57,878 | 54,655 | 53,105 | 50,481 | 49,997 |
Capital Adequacy |
|
|
|
|
|
Equity-to-loans ratiof (%) | 21.6 | 21.5 | 22.0 | 22.0 | 22.6 |
Note: For a complete presentation of fiscal year data, see the full financial statements: www.worldbank.org/financialresults. a. Commitments that have been approved by the Executive Directors (referred to as “the Board” in this document) and are net of full terminations and cancellations relating to commitments approved in the same fiscal year. b. See Notes to the Financial Statements: Note C - Investments, Note E - Borrowings. c. Refer to the IBRD Management’s Discussion and Analysis: June 30, 2025, Table 9: Allocable Income, for a reconciliation to net income as per reported basis. d. Excludes amounts associated with unrealized mark-to-market gains/losses on non-trading portfolios, net and related cumulative translation adjustments. e. Usable Equity includes the transfer to the General Reserve from FY25 net income, which was approved by the Board on August 7, 2025. See the IBRD Management’s Discussion and Analysis: June 30, 2025, Usable Equity components in Table 33: Equity-to-Loans Ratio, and reconciliation of IBRD's Total Equity to Usable Equity in Table 34: Usable Equity. f. See components in the IBRD Management’s Discussion and Analysis: June 30, 2025, Table 33: Equity-to-Loans Ratio. | |||||
For more information, visit www.worldbank.org/ibrd.
IDA is the world’s largest source of concessional financing for low-income countries. It provides financing in the form of development credits, grants, guarantees, and loans to help these countries boost economic growth, create jobs, reduce poverty, and improve living conditions for those most in need. Fiscal 2025 marked both the final year of the IDA20 cycle, and the year of the replenishment of the next cycle, IDA21, which took effect on July 1, 2025.
In fiscal 2025, 78 countries were eligible for IDA support.6 New IDA lending commitments for fiscal 2025 totaled $39.9 billion for 303 operations, of which 10 were IBRD/IDA blended operations. These commitments included $31.1 billion in credits, $0.6 billion in guarantees, and $8.2 billion in grants. In addition, 36 projects totaling $1,080 million were approved for support from the IDA20 IDA-IFC-MIGA Private Sector Window (PSW) during the fiscal year.
IDA COMMITMENTS BY REGION, FISCAL 2021–25
MILLIONS OF DOLLARS
REGION | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
Eastern and Southern Africa | 11,838 | 12,735 | 14,368 | 15,266 | 14,089 |
Western and Central Africa | 10,551 | 9,274 | 11,390 | 12,213 | 10,955 |
East Asia and Pacific | 1,288 | 1,238 | 877 | 1,673 | 1,115 |
Europe and Central Asia | 8,083 | 1,100 | 1,098 | 2,511 | 1,315 |
Latin America and the Caribbean | 1,080 | 269 | 181 | 1,030 | 769 |
Middle East and North Africa | 465 | 340 | 561 | 817 | 658 |
South Asia | 6,561 | 6,239 | 5,770 | 4,217 | 7,127 |
Total a | 39,866 | 31,195 | 34,245 | 37,727 | 36,028 |
Note: Amounts are net of full terminations and cancellations relating to commitments approved in the same fiscal year. a. Excludes IDA-IFC-MIGA PSW activities. | |||||
IDA DISBURSEMENTS BY REGION, FISCAL 2021–25
MILLIONS OF DOLLARS
REGION | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
Eastern and Southern Africa | 11,974 | 10,696 | 10,417 | 7,133 | 8,081 |
Western and Central Africa | 8,143 | 9,007 | 7,948 | 6,544 | 6,045 |
East Asia and Pacific | 1,232 | 1,015 | 1,448 | 1,502 | 1,297 |
Europe and Central Asia | 6,165 | 1,187 | 2,385 | 764 | 880 |
Latin America and the Caribbean | 616 | 602 | 322 | 510 | 495 |
Middle East and North Africa | 466 | 587 | 552 | 559 | 379 |
South Asia | 4,527 | 5,153 | 4,646 | 4,202 | 5,744 |
Totala | 33,123 | 28,247 | 27,718 | 21,214 | 22,921 |
| a. Excludes IDA-IFC-MIGA PSW activities. | |||||
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.
IDA COMMITMENTS BY SECTOR, FISCAL 2025
MILLIONS OF DOLLARS
SECTOR | FY25 |
|---|---|
Agriculture, Fishing, and Forestry | 2,656 |
Digital Development | 477 |
Education | 3,156 |
Energy and Mineral Resources | 4,962 |
Financial Sector | 2,819 |
Health | 4,463 |
Industry, Trade, and Services | 1,895 |
Public Administration | 7,872 |
Social Protection | 3,309 |
Social Sustainability and Inclusion | 960 |
Transportation | 5,355 |
Water, Sanitation and Waste Management | 1,941 |
Totala | 39,866 |
Note: Amounts are net of full terminations and cancellations relating to commitments approved in the same fiscal year. Numbers may not add to totals, because of rounding. Visit projects.worldbank.org/sector for more information. a. Excludes IDA-IFC-MIGA PSW activities. | |
IDA COMMITMENTS BY THEME, FISCAL 2025
MILLIONS OF DOLLARS
THEME | FY25 |
|---|---|
Data Ecosystem | 1,090 |
Digital Transformation | 2,332 |
Disaster Risk Management | 5,338 |
Economic Policy | 2,624 |
Environment, Infrastructure, and Natural Resource Management | 21,095 |
Finance | 5,565 |
Fragility, Conflict, and Violence | 2,035 |
Gender | 8,624 |
Governance and Public Sector Management | 5,922 |
Human Development | 10,662 |
Jobs | 1,844 |
Poverty and Equity | 1,433 |
Private Sector Development | 4,522 |
Rural Development | 5,155 |
Social Risk Management Systems | 598 |
Social Sustainability | 3,122 |
Urban Development and Land Administration / Management | 8,535 |
| Note: Amounts are net of full terminations and cancellations relating to commitments approved in the same fiscal year. Excludes IDA-IFC-MIGA PSW activities. Because lending commitments for individual operations can be applied to multiple theme categories, figures organized by theme do not add up to fiscal year commitment totals and therefore should not be summed. Visit projects.worldbank.org/theme for more information. | |
IDA TOP COUNTRY BORROWERS, FISCAL 2025a
MILLIONS OF DOLLARS
COUNTRY | COMMITMENTS |
| COUNTRY | COMMITMENTS |
|---|---|---|---|---|
Nigeria | 3,145 |
| Tanzania | 1,197 |
Bangladesh | 3,049 |
| Uzbekistan | 1,025 |
Ethiopia | 2,444 |
| Mozambique | 886 |
Pakistan | 1,494 |
| Nepal | 857 |
Democratic Republic of the Congo | 1,490 |
| Benin | 827 |
Note: Amounts are net of full terminations and cancellations relating to commitments approved in the same fiscal year. Excludes IDA-IFC-MIGA PSW activities. a. FY25 IDA commitments exclude $6.1 billion of commitments to Ukraine and Moldova as part of the IDA Crisis Facility. | ||||
IDA’s Hybrid Financial Model
IDA is funded by contributions from a broad coalition of donor countries, as well as transfers from other World Bank Group institutions, borrowers’ repayments of earlier IDA credits, and funding raised in the capital markets. With its AAA credit rating, robust capital position and shareholder support, as well as prudent financial policies and practices, including a capital adequacy framework, IDA leverages every $1 of donor contributions to generate around $4 in programming for countries in need.
Since 2018, IDA has issued bonds denominated in six currencies: British pounds, Euros, Norwegian krone, Swedish krona, Swiss francs, and U.S. dollars. In fiscal 2025, IDA issued $19.1 billion equivalent across four currencies, including an inaugural Swiss franc transaction. Our goal is to continue broadening and deepening IDA’s investor base, as we grow both IDA’s currency composition and capital markets presence.
IDA KEY FINANCIAL INDICATORS, FISCAL 2021–25
MILLIONS OF DOLLARS, EXCEPT RATIOS, WHICH ARE IN PERCENTAGES
| FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
Loans, Grants, and Guarantees |
|
|
|
|
|
Net commitmentsa | 39,866 | 31,195 | 34,245 | 37,727 | 36,028 |
Gross disbursementsa | 33,123 | 28,247 | 27,718 | 21,214 | 22,921 |
Net disbursementsa | 24,257 | 20,062 | 19,968 | 14,477 | 16,465 |
Balance Sheet |
|
|
|
|
|
Total assets | 280,869 | 241,350 | 227,482 | 220,014 | 219,324 |
Investmentsb | 47,272 | 34,377 | 31,822 | 39,827 | 37,376 |
Net loans outstanding | 223,232 | 198,457 | 187,669 | 174,490 | 177,779 |
Borrowingsb | 70,832 | 44,923 | 32,567 | 32,899 | 28,314 |
Total equity | 204,171 | 190,301 | 185,782 | 178,668 | 180,876 |
Income Statement |
|
|
|
|
|
Interest revenue, net of borrowing expenses | 2,366 | 2,398 | 2,367 | 1,901 | 1,996 |
Transfers from affiliated organizations and others | 515 | 291 | 117 | 274 | 544 |
Development grants | (7,200) | (5,291) | (3,946) | (2,372) | (2,830) |
| Net income (loss) | (5,524) | (3,573) | (3,262) | 12 | (433) |
Non-GAAP Measures |
|
|
|
|
|
Adjusted Net Income (Loss)c | 427 | 780 | 193 | 260 | 394 |
Capital Adequacy |
|
|
|
|
|
Deployable Strategic Capital Ratio |
|
|
|
|
|
Current Approachd | 30.8% | 34.8% | N/A | N/A | N/A |
Previous Approach | N/A | 21.1% | 24.1% | 26.4% | 30.4% |
Note: For a complete presentation of fiscal year data, see the full financial statements: https://financesone.worldbank.org/. a. Commitments that have been approved by the Executive Directors (referred to as “the Board” in this document) and are net of full cancellations and terminations relating to commitments approved in the same fiscal year. Commitments and disbursements exclude IDA- IFC-MIGA Private Sector Window activities. b. See Notes to Financial Statements, Note C - Investments, Note E - Borrowings. c. For adjustments relating to adjusted net income, see IDA Management’s Discussion and Analysis: June 30, 2025, Table 9 in Section IV: Financial Results. d. Since June 30, 2024, the ratio has been calculated using an enhanced Board-approved methodology. See IDA Management’s Discussion and Analysis: June 30, 2025, Section IX: Risk Management. | |||||
IDA21 Replenishment
In December 2024, management and donors jointly concluded the negotiation of IDA21, securing up to $23.7 billion in donor contributions from more than 60 donors—the broadest coalition yet—for a total replenishment volume of up to $100 billion through 2028 to support development priorities across 78 countries.
Low-income countries have high external financing needs, and multiple crises have set back their development, putting lives and livelihoods at risk. IDA21 responds to these challenges with an ambitious agenda that will seize opportunities for change. As it supports IDA countries to chart their own paths toward sustainable development, IDA21 will benefit more than 1.9 billion people around the globe and sustain IDA’s strong track record of innovation and results.
For more information, visit ida.worldbank.org.
[6] 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 led to the entry of Belize, Eswatini, and Suriname in IDA in fiscal 2025. FY25 IDA commitments include $6.1 billion of commitments to Ukraine and Moldova as part of the IDA Crisis Facility.
The World Bank Group Annual Report 2025 is available to download via the link below.
