The International Development Association (IDA) 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.
It was established in 1960 to complement the existing International Bank for Reconstruction and Development by lending to developing countries that suffer from the lowest gross national income, from troubled creditworthiness, or from the lowest per capita income. Jointly, the International Development Association and International Bank for Reconstruction and Development are collectively known as the World Bank, as they follow the same executive leadership and operate with the same staff.
International Development Association
|Member States||The IDA has 173 member countries|
|Headquartered||Washington, D.C. (United States)|
The IDA is administered by the World Bank's Board of Governors which meets annually and consists of one governor per member country (most often the country's finance minister or treasury secretary). The Board of Directors consists of 25 executive directors and is chaired by the President of the World Bank Group. The executive directors collectively represent all 187 member states of the World Bank, although decisions regarding IDA matters concern only the IDA's 172 member states. The president oversees the IDA's overall direction and daily operations.
- The IDA's stated aim is to help the poorest nations in growing quickly, equitably, and sustainably to diminish poverty.
- The association shares the World Bank's mission of reducing poverty and aims to provide affordable development financing to countries whose credit risk is prohibitive that they cannot afford to borrow commercially or from the Bank's other programs.
- The IDA is the single largest provider of funds for economic and human development projects in the world's poorest nations.