(Washington) The World Bank announced on Wednesday that the International Development Association (IDA) had been given record funding of $ 93 billion to help low-income countries cope with the COVID crisis -19 and stimulate 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.
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 historically been primarily funded by contributions from member states. Donors meet every three years to replenish its resources.
The replenishment announced on Wednesday is allocated for the period until July 2022.
The 19e IDA’s funding cycle began in July 2020 a year early given the crisis.
“The generous commitment of our partners today is a crucial step in supporting poor countries in their efforts to recover from the COVID-19 crisis,” World Bank President David Malpass said in the report. communicated.