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The International Development Association (IDA), the concessional lending arm of the World Bank Group, has revealed that its global loan portfolio has grown to approximately $230.8 billion as of March 2026, with Ghana and Nigeria ranking among its top 10 borrowing countries worldwide.
According to IDA’s condensed financial statements for the period ending March 31, 2026, the institution continues to play a major role in supporting low-income and developing economies through loans, grants, and guarantees aimed at reducing poverty and driving economic growth.
The report highlights increasing demand for development financing, particularly across Sub-Saharan Africa and South Asia, where many countries continue to face infrastructure deficits, debt pressures, climate vulnerability, and rising social spending demands.
IDA disclosed that its top 10 borrowers account for nearly 60 percent of its total global exposure, demonstrating the growing reliance of several developing economies on concessional financing.
Among African countries, Nigeria ranked third globally with exposure amounting to $18.5 billion, while Ghana ranked ninth with exposure estimated at $7.4 billion.
The institution explained that its financing model is largely based on sovereign lending, meaning loans are issued directly to governments or backed by sovereign guarantees. Countries facing higher risks of debt distress often receive more grant-based support rather than traditional loans.
According to the report, the organisation applies a strict internal risk assessment framework when evaluating borrowers. Some of the major factors considered include political stability, fiscal sustainability, debt levels, economic growth prospects, exchange rate policies, liquidity conditions, and environmental, social, and governance risks.
Despite lending heavily to economies considered vulnerable, IDA reported relatively strong repayment performance across its portfolio. As of March 2026, only 0.4 percent of total loans were classified as nonaccrual, indicating that most countries continue to meet their repayment obligations on schedule.
The institution also revealed that its Deployable Strategic Capital ratio stood at 32.3 percent as of March 31, 2026, reflecting strong financial buffers to support future lending operations.
Nigeria’s position among the top borrowers reflects the country’s significant financing needs in areas such as infrastructure, energy, transportation, and public services. Ghana’s inclusion comes amid ongoing macroeconomic challenges and increasing dependence on concessional financing to support economic recovery programmes and development initiatives.
The report further underscores the growing importance of international development finance institutions in helping African economies manage fiscal pressures and fund critical development projects.
Below are the World Bank IDA’s top 10 borrowing countries by exposure:
- Bangladesh – $22.7 billion
- Pakistan – $19.2 billion
- Nigeria – $18.5 billion
- Ethiopia – $14.4 billion
- Tanzania – $14.3 billion
- Kenya – $13.2 billion
- India – $12.4 billion
- Viet Nam – $10.8 billion
- Ghana – $7.4 billion
- Ukraine – $6.7 billion
The findings are expected to further fuel discussions around debt sustainability, development financing, and the growing role of multilateral institutions in supporting emerging economies.
