World Bank’s support is complemented by an important partnership with Australia
SYDNEY, February 15, 2023 – The World Bank has rapidly increased its assistance to the Pacific Islands countries with a significant increase in financing through its International Development Association (IDA). Working in partnership with 12 countries across the region, the World Bank is currently supporting 95 projects through a combination of IBRD (International Bank for Reconstruction and Development) and IDA financing, trust funds, and co-financing.
This is a six-fold increase in World Bank projects throughout the Pacific over the past decade and a significant scale-up of staff and offices throughout the region. World Bank assistance covers sectors such as agriculture, digital development, education, fisheries, health, renewable energy, and transport, as well as jobs, training and employment across the Pacific Islands and Papua New Guinea, totaling US$3 billion.
The World Bank’s Vice-President for East Asia and the Pacific, Manuela V. Ferro wrapped up her recent visit to Australia where she met with Australian officials, and members of civil society including academia, think-tanks, and others. These included Minister for International Development & the Pacific, the Hon. Pat Conroy, together with representatives from the Department of Foreign Affairs & Trade, to discuss priorities, including support for building climate resilience, labour mobility, East Asia Pacific region’s recovery from the pandemic and other recent shocks. She also interacted with academics and students at the Australian National University and representatives of the Sydney-based international affairs thinktank, the Lowy Institute.
“The World Bank has significantly increased its footprint across the Pacific in recent years; our financing has tripled over the past three years – and multiplied six times over the past 10 years – mostly through expanded concessional credits from the International Development Association (IDA) to which Australia contributes,” explained Manuela V. Ferro, World Bank Vice-President for East Asia and the Pacific.
IDA leverages the financing it receives. For each dollar Australia contributes to this fund, nearly four dollars of World Bank support is reaching Pacific countries through effective development support built on global knowledge and local expertise.