Ireland will contribute about €141.4 million to the World Bank's latest replenishment of its fund for the poorest countries, a 33.5% increase over the country's previous contribution, Minister for Finance Paschal Donohoe has said.
The money will go to the International Development Association, which provides a lifeline for the poorest nations' struggles against debt, climate disasters, inflation and conflict, as part of its latest replenishing round.
"Ireland has been a long-time supporter of the work of the World Bank," Mr Donohoe said in a statement during the International Monetary Fund and World Bank Spring Meetings in Washington DC.
"This contribution will further Ireland's international development goals which focus on achieving the UN Sustainable Development Goals," he added.
Mr Donohoe is representing both Ireland and the euro area in his capacity as President of the Eurogroup at the meetings that began on Monday and will continue until Saturday.
The replenishment of IDA, which happens every three years, has come into focus at this week's meetings as US President Donald Trump's administration seeks to reset its relationship with the Bretton Woods institutions such as the IMF and the World Bank.
In December, the World Bank had announced donor pledges to IDA had hit a record $100 billion (€87bn) - including a $4bn contribution made last year by former US president Joe Biden's administration.
However, it is unclear whether the Trump administration will follow through on this pledge.
Speaking on the sidelines of the meetings, US Treasury Secretary Scott Bessent said no decision has been made and that it will depend on US budget negotiations and the World Bank's progress in improving its focus on development outcomes.
Some European countries have also trimmed their pledges amid a global trend that has seen governments focus spending on defence and domestic projects, and away from development aid.
World Bank President Ajay Banga said last week that if the US were to not follow through and some European countries cutback, the latest funding round could be reduced to between $80bn and $85bn.
"In light of the current international landscape, geopolitical tensions and decisions by others in respect of commitments to Official Development Assistance, it is now more important than ever that we step up and make a contribution where we can," Mr Donohoe said.
