IDA: A Business Case for Investing in the Future of People & Planet

As I’m writing these lines, I’m on my way back from an important week spent in Nepal and Singapore. You may not know it, but what was discussed in Kathmandu at the third Replenishment Meeting of IDA – the International Development Association?– is critical for the future of the world.

IDA is proof that, at a time of unprecedented?turmoil, global solidarity matters more than ever. And the most effective way to finish an unfinished agenda.

But, as United Nations Secretary-General António Guterres reminded us in his video address at the event, the world’s commitment to leaving no one behind is facing its most difficult test. Given the challenges of our times, now is not the time to scale down.

Nepal, our host for this meeting on the road to IDA’s 21st replenishment in December, is a testament to the power of solidarity. Despite its own share of challenges, Nepal has achieved a significant economic transformation. Throughout, IDA – the most powerful development tool – has been a steadfast partner in the country’s journey.?

IDA offers a path to prosperity. And history offers many examples of former IDA countries like India, China or South?Korea, that overcame complex challenges thanks to IDA support. They know from experience that IDA is the best investment a donor can make, and that development success is everyone’s priority.?

IDA is about keeping people’s dreams alive. In the Godavari Forest of Nepal, a few miles away from the capital city of Kathmandu, I met Prem Kumari Pun, a local craftsman and a powerful advocate for IDA.?

“At first, we were worried that our dreams would never be realized, but now we are hopeful that support from the Forests for Prosperity project will help us fulfill our aspirations and complete the journey we’ve started.”?

For Prem and millions around the world, we need partners to step up. These meetings may be over, but our efforts to make the case for greater solidarity are not. IDA’s results speak for themselves: IDA is cost-effective for borrowers and donors – and their taxpayers.??Global solidarity has a cost, but the cost of inaction is much higher.?

But don’t get me wrong, IDA is about much more than money. It’s about sharing knowledge and identifying solutions together. And that’s precisely why I took a side trip to Singapore to launch a Water Center like no other. ?

A Water Center for the World ?

Around the world, three out of ten people lack access to safely managed drinking water. We also know that?extreme water-related events are becoming more frequent , with devasting effects on both people and economies.??

Water should be a source of prosperity for all – regardless of where you live.?

Singapore’s experience in managing water is fascinating, which is why water experts convened to attend Singapore International Water Week. I was reminded that in the 1960s, Singapore had to ration water. But through a remarkable transformation, and despite a whopping seven-fold increase in demand, the “Lion City” has provided universal access to clean water since 1979.?

The water ecosystem developed by Singapore, where the public, private, and academic communities jointly incubate, innovate, and scale up solutions to improve water security, is a source of inspiration for the world.?

At the invitation of Minister Grace Fu , Singapore’s Minister for Sustainability and the Environment, I had the great pleasure of inaugurating the World Bank Group Singapore Water Center , a global center of excellence to help secure safe water for all.?

Another strong display of global solidarity at a time when the world needs it most.?