International Development Association (IDA)
Part of: Prelims and GS-III – Economy
Context International Development Association (IDA) has recently provided $93 billion cash to help the world’s poorest nations which would help scale up aid for pandemic recovery and other programs.
- It was the biggest replenishment ever for the International Development Association (IDA), which provides grants for 74 countries, most of which are in Africa.
- The package includes $23.5 billion of contributions from high- and middle-income countries as well as financing raised in the capital markets and the World Bank’s own contributions.
- The funds will help countries prepare better for future crises.
What is The International Development Association (IDA)?
- It is an international financial institution which offers concessional loans and grants to the world’s poorest developing countries.
- The IDA is a member of the World Bank Group
- Headquartered: Washington, D.C.
- It was established in 1960 to complement the existing International Bank for Reconstruction and Development