America will give 4 billion dollars to help IDA, branch of World Bank- Joe Biden
New Delhi| US President Joe Biden has announced USD 4 billion over the next 3 years to help the World Bank’s International Development Association (IDA).
In a post on X, Biden said, “This week I joined World Bank President Banga in announcing that the United States will pledge US$4 billion over 3 years to meet IDA needs again”. IDA is the branch of the World Bank that helps weak countries. We request others to join us in carrying forward our pledges”.
The International Development Association (IDA) is part of the World Bank that helps low-income countries. Founded in 1960, IDA complements the World Bank’s parent lending arm, the international Bank for Reconstruction and Development (IBRD). According to information shared on the IDA’s website, its grants and low-interest loans help countries invest in their future and improve lives leading to a more prosperous society.
IDA is one of the largest sources of assistance for the 78 low-income countries in the world and the largest source of funds for basic social services in these countries. The IDA lends money to needy countries on concessional terms.
