Economics & Development

On September 9, 2026, the International Bank for Reconstruction and Development (IBRD) Board of Governors adopted resolution number seven hundred and twenty-three. It was resolved that IBRD transfer from surplus, by way of grant, US 157.1 million dollars as of the effective date of this resolution, to the Development Assistance and Remaining Engaged Fund (the "DARE Fund") administered by IDA, such transfer proceeds to be drawn down as needed for the purposes of the DARE Fund.

On September 9, 2026, the International Bank for Reconstruction and Development (IBRD) Board of Governors adopted resolution number seven hundred and twenty-two. It was resolved that the Report of the Executive Directors dated August 6, 2026 on Allocation of FY26 Net Income is hereby noted with approval; that the addition to the General Reserve of the IBRD of 1,064 million dollars, plus or minus any rounding amount less than 1 million dollars, is hereby noted with approval; that the IBRD allocates 157.1 million dollars of the formula-based 750 million dollar transfer to the International Development Association to Surplus on an interim basis for subsequent transfer to the Development Assistance and Remaining Engaged (DARE) Fund to provide direct financing to a broader set of third-party implementation partners for operations in member countries that do not have current authority to be represented to the IDA Board of Governors; that the IBRD transfers to the International Development Association, by way of a grant, the remaining 593 million dollars of the formula-based 750 million dollar transfer, which amount may be used by the Association to provide financing in the form of grants in addition to loans; such transfer is to be drawn down by the Association immediately upon approval by the Board of Governors of the IBRD; and that the IBRD allocates 500 million dollars to surplus.

The Board of Directors authorized an investment in India for the project titled Cholamandalam Investment and Finance Company Limited for the Chola Sec PTC Project, comprising International Finance Corporation (IFC) subscription to pass through certificates (PTCs) backed by securitized assets of Cholamandalam Investment and Finance Company Limited, with approval including the option for IFC management to dispose of all or part of the PTCs at a time and price determined by management.

On September 9, 2026, the Board of Directors approved, on an absence-of-objection basis, an International Finance Corporation investment in Romania for the Dama Solar PV Project with West Power Investments SRL, comprising an A-Loan and a Debt Service Reserve Facility for IFC own account; Lailee Jane Moghtader and Tatiana Delizonas wished to be recorded as abstaining. This document corresponds to Project ID 52751.