This is record aid which shows the extent of the needs in the face of the health crisis which particularly affects the most disadvantaged. The World Bank announced on Wednesday that the International Development Association (IDA) has been endowed with $ 93 billion in funding to help low-income countries cope with the Covid-19 crisis and boost Economic Growth.
This is, according to a statement from the financial institution, the largest “replenishment” ever granted to IDA, which provides loans to 74 countries, most of which are in Africa.
Grants and loans
IDA is an institution of the World Bank Group that helps the world’s poorest countries by providing grants and loans at low or no interest rates for projects and programs that stimulate economic growth, reduce poverty and improve the lives of poor people. IDA has always been primarily funded by contributions from member states. Donors meet every three years to replenish its resources.
The replenishment announced Wednesday is allocated for the period until July 2022. The 19th round of IDA funding began in July 2020 with a year in advance given the crisis.