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) had received funding of 93 billion dollars to help low-income countries cope with the Covid crisis – and stimulate economic growth .
This is, according to a press release from the financial institution, the largest “replenishment” ever granted to the ‘IDA, which provides loans to 20 countries most of which are in Africa .
Grants and loans
IDA is an institution of the World Bank group which helps the poorest countries on the planet by providing grants and loans at low or no interest rates for projects and programs that stimulate economic growth, reduce the 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 on Wednesday is allocated for the period up to July 2022. The 19 IDA’s funding cycle started in July 2020 with one year in advance given the crisis.