Development Finance (DFi)

The World Bank’s Development Finance (DFi) Vice Presidency is responsible for managing and monitoring policies and procedures for World Bank development financing vehicles. DFi engages in strategic resource mobilization, playing an intermediation role to help align the needs of recipients, World Bank Group institutional priorities, and priorities of funding partners through a variety of funding instruments. These include the International Development Association (IDA) and trust funds, including financial intermediary funds (FIFs). DFi also monitors IBRD’s financial sustainability and ensures effective utilization and prudent management of its financial resources.

Influenced by the ambitious Financing for Development agenda, DFi has moved from an exclusive focus on concessional finance to a broader focus on development finance. Our approach leverages the financial resources and instruments of the entire World Bank Group to increase the pool and types of funding available to clients, particularly for transformative projects. DFi is also at the vanguard of pursuing innovative approaches to tap private resources, including through the issuance of bonds on the capital markets to scale up IDA financing.

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Media Inquiries

Patricia da Camara
Washington, DC 20433
Tel: + 1 202-473-4019

IDA/IFC/MIGA Private Sector Window (PSW)


Samuel Munzele Maimbo

Director of IDA Mobilization and IBRD Corporate Finance

Dirk Reinermann

Director of Trust Funds And Partner Relations

Mahmut Rustem Sen

Manager, Corporate IDA & IBRD

Enrique Blanco Armas

Manager, Corporate IDA & IBRD


DFi is responsible for the replenishment and stewardship of the International Development Association (IDA), the Bank’s principal facility for providing highly concessional resources to the world’s poorest countries. IDA replenishments take place every three years. The most recent replenishment of IDA’s resources, the twentieth (IDA20), was finalized in December 2021, resulting in a historic $93 billion financing package for IDA countries for fiscal years 2022-2025. The financing package is the largest ever mobilized in IDA’s 61-year history. 

IDA resources are highly concessional and are provided in the form of grants and zero to low-interest credits (loans). DFi manages the allocation of IDA resources to eligible countries and monitors the implementation of IDA policy mandates within the Bank.

DFi is also responsible for managing IDA’s financial operations which include: developing financial projections for each replenishment; managing the fund’s liquid assets; implementing IDA’s hedging strategy; setting various financial parameters of IDA; managing payments and encashments from IDA’s members, including donor commitments as well as IDA capital transactions related to all IDA members; and administering the financing of IDA’s Multilateral Debt Relief Initiative.

On IBRD, DFi is charged with managing capital and earnings in line with the institution's financial policies and development objectives. The unit supports senior managers and the World Bank Group Board in IBRD’s financial management by recommending policies and strategies related to medium-term capital planning, overall balance sheet management, and annual decisions on loan terms and income allocation. This includes:

  • Monitoring the Bank's income and balance sheet variables and key sensitivities over the near term and the medium term;
  • Managing the Bank’s strategic capital adequacy and developing strategies for optimal use of capital;
  • Determining balance sheet management approaches that support the development mission and the institution’s financial strength; and
  • Assuring capacity to understand and resolve issues of income allocation, financial product pricing, and capital structure and adequacy.


Trust funds and partnership programs are important tools to help the World Bank Group adapt to a fast-changing development finance landscape. Partnership programs are increasingly used to engage nongovernmental and private sector partners and link their knowledge and financing to the Bank Group’s capacity to deliver solutions in client countries. Trust funds and partnership programs serve as a complement to IDA and IBRD financing.

DFi is responsible for creating and disseminating the policies and business processes of trust funds and partnership programs, as well as serving as trustee of large global funds, known as financial intermediary funds (FIF).  In addition, DFI is responsible for the development of investment strategies for funds held in trust and reporting and analysis of the concessional portfolio (See 2021 Investment Management of Trust Funds and Financial Intermediary Funds).    

The unit helps develop and manage the Bank’s partnership and trust fund business operations by serving as a liaison between external and internal clients on strategy, policy, program management, and best practices. DFi also facilitates the establishment of trust funds.

The unit is also responsible for cross-sectoral programmatic trust funds, including the Policy and Human Resource Development (PHRD), the Japan Social Development Funds (JSDF), the Korea-WBG Partnership Facility (KWPF), and the China World Bank Group Partnership Facility.

DFi manages the World Bank’s role as trustee of FIFs. This entails providing financial services, including receiving, holding and investing contributed funds, and transferring them when instructed by the FIF governing body. Under some FIFs, the Bank also provides customized treasury management or other agreed financial services. FIF trusteeship does not involve overseeing or supervising the use of funds.

DFi serves as trustee for close to 30 FIFs, including the Global Environment Facility (GEF), the Climate Investment Funds, the Consultative Group on International Agricultural Research, the International Finance Facility for Immunisation, the Global Fund to Fight Aids, Tuberculosis and Malaria (GFATM), the Pandemic Emergency Financing Facility (PEF), and the Women Entrepreneurs Finance Initiative (We-Fi)

In the area of partner relations, DFi helps maximize resources mobilized from traditional and new development partners. The unit leads high-level strategic consultations between the World Bank Group and its development partners. Through these consultations, DFi supports identification of shared development priorities and understanding of the opportunities presented by various World Bank Group funding channels. DFi also facilitates coordination among World Bank business units by providing early and regular reporting on fundraising activities.