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Which sister organization of the World Bank provides long term loans at zero interest to the poorest developing countries?
- a)Asian Development Bank
- b)IMF
- c)International Developmental Association
- d)International Finance Corporation
Correct answer is option 'C'. Can you explain this answer?
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Which sister organization of the World Bank provides long term loans a...
C is correct.The international development association is an international financial institution which offers concessional loans and grants to the world's poorest developing countries.
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Which sister organization of the World Bank provides long term loans a...
The International Development Association (IDA), is the part of the World Bank that helps the world’s poorest countries. It complements the World Bank's other lending arm — the International Bank for Reconstruction and Development (IBRD) — which serves middle-income countries with capital investment and advisory services. IDA was created on September 24, 1960 and is responsible for providing long-term, interest-free loans to the world's 78 poorest countries, 39 of which are in Africa. IDA provides grants and credits (subject to general conditions), with repayment periods of 35 to 40 years. Since its inception, IDA credits and grants have totaled $161 billion, averaging $7–$9 billion a year in recent years and directing the largest share, about 50%, to Africa. While the IBRD raises most of its funds on the world's financial markets, IDA is funded largely by contributions from the governments of the richer member countries. Additional funds come from IBRD income and repayment of IDA credits. IDA loans address primary education, basic health services, clean water supply and sanitation, environmental safeguards, business-climate improvements, infrastructure and institutional reforms. These projects are intended to pave the way toward economic growth, job creation, higher incomes and better living conditions.
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Which sister organization of the World Bank provides long term loans at zero interest to the poorest developing countries?a)Asian Development Bankb)IMFc)International Developmental Associationd)International Finance CorporationCorrect answer is option 'C'. Can you explain this answer?
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