International financial institutions
Ireland works with international financial institutions to help improve lives around the world.
Our partners include the World Bank, International Monetary Fund, Asian Development Bank and African Development Bank. This work is guided by our Multilateral Operational Framework.
These international financial institutions provide significant financial and technical support to developing countries. They are major contributors to efforts to achieve the Sustainable Development Goals (SDGs).
Ireland’s membership
Ireland is a long-standing member of the World Bank and the International Monetary Fund. More recently we have become members of the Asian Development Bank and African Development Bank.
This engagement helps Ireland to influence policies that benefit the most vulnerable people across the globe.
Ireland and the World Bank Group
The World Bank Group (WBG) is one of the world’s largest sources of funding and knowledge for developing countries. Its activities focus on two goals: ending extreme poverty and promoting shared prosperity.
The Department of Finance leads Ireland's relations with the World Bank. Core funding to the World Bank is provided by the Department of Finance. Ireland's Minister for Finance sits on the Board of Governors. This is the highest decision-making body within the World Bank.
Irish Aid engages with the World Bank on policy and programme issues.
Ireland’s support
Our engagement with the World Bank centres on:
Targeting the poorest and most vulnerable, especially in sub-Saharan Africa
Ireland has a focus on countries in sub-Saharan Africa supported by the bank. We promote polices to take account of the needs of poor people in these countries.
Working with the bank at country level, we provide funds to a variety of trust funds managed by the bank.
We do this by using a variety of World Bank instruments. These include the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD). We support the development and implementation of countries’ national development plans.
Creating opportunities for growth in fragile and conflict-affected states
Ireland works to improve the business environment for investment. We do this by working with the Bank’s International Finance Corporation (IFC). We support the IFC’s Africa Fragility Initiative.
This innovative programme addresses obstacles faced by fragile and conflict-affected countries trying to secure inward investment. The programme aims to strengthen and simplify regulatory frameworks. It helps to build supply chains involving local communities in 32 African countries.
Promoting global collective action on food security, education and health
Through World Bank-managed trust funds, we support specific global initiatives. These include the Food Systems 2030 Trust Fund, the Global Education Fund and the Global Fund for HIV and AIDS.
Promoting gender equality
Ireland supports programmes that aim to advance women’s economic empowerment and inclusion. We fund the Umbrella Facility for Gender Equality. This is the World Bank Group instrument focused on closing gender gaps.
Ireland and the International Monetary Fund (IMF)
The International Monetary Fund (IMF) works to achieve sustainable growth for member countries. It supports economic policies that promote financial stability and monetary cooperation. These are essential to increase productivity, job creation, and economic wellbeing.
Ireland has both contributed to and used IMF resources, as well as participating in IMF decision-making. The Department of Finance leads our relations with the IMF.
Ireland and the Asian Development Bank
The Asian Development Bank (ADB) is a regional development bank. It helps developing member countries reduce poverty and improve the quality of life. ADB provides loans, technical help, grants, advice, and knowledge. Focusing on inclusive and sustainable growth and regional integration.
Ireland as a shareholder
Ireland joined the Asian Development Bank in 2006. We are the ninth largest shareholder among its non-regional members.
The Department of Finance is the lead department in Ireland’s relations with the ADB. Irish Aid provides policy input. This is especially in relation to Small Island Developing States (SIDS) and Vietnam.
In 2019, Ireland and the Asian Development Bank (ADB) agreed to establish the Ireland Trust Fund for Building Climate Change and Disaster Resilience in Small Island Developing States.
This fund aims to help increase SIDS’ resilience to the impacts of climate change. By, increasing investments the fund focuses on climate change mitigation and adaptation.
Ireland and the African Development Bank
The African Development Bank (AfDB) is a multilateral development finance institution. Based in the Ivory Coast, the bank provides finance to governments and private companies investing in the region.
The AfDB Group aims to spur sustainable economic development and social progress. It achieves this by allocating resources for investment in member countries. By providing policy advice and technical help AfDB supports development.
Ireland has been a member of the AfDB Group since April 2020. The Department of Finance leads Ireland’s relationship with the AfDB. The Minister of Finance is the Irish Governor of the Bank.
Climate action is a priority for Ireland. Ireland contributes to the Africa Climate Change Fund (ACCF).
This is an AfDB multi-donor trust fund. ACCF supports African countries to build resilience to the negative impacts of climate change. It helps in transitioning to sustainable low-carbon growth.