The increase was announced by finance minister Pierre Gramegna on the sidelines of a working visit to Washington from 19-21 April. The IBRD is the largest development bank in the world, supporting the World Bank Group’s missions by providing loans, guarantees, risk management products and advisory services.

Speaking with World Bank Group executive director Frans Godts, the minister said Luxembourg would increase its share from 0.12% to 0.13%. This, he said, was in-line with Luxembourg’s development aid policy.

During the same trip, Gramegna also signed a partnership agreement in the area of technical assistance with the International Finance Corporation of the World Bank Group. The current agreement was renewed for four years until 2022, equivalent to €7 million in investment. The IFC invests in economically beneficial projects that respect environmental and social principles in developing countries.