49.3 billion dollars for IDA
21 December 2010
The International Development Association (IDA) announced last Wednesday that it was reckoning on collecting some 49.3 billion dollars from 51 donor countries for its new 2011-2014 aid campaign.
This 2011-2014 campaign will allow them to contribute to attaining the Millennium Development Goals, which include reducing poverty by half by 2015.
"The financing of the development should not be seen as aid, but rather as an investment in the future, because we need growth in developing countries in order to stimulate world growth" said Ngozi Okonjo-Iweala, managing director of the World Bank, in a quote by Agence France Presse.
Created in 1960, the IDA is a member of the World Bank group. It gives grants and zero interest loans to 79 of some of the poorest countries on the planet, mainly in Africa.
The IDA funds are mainly used to finance hydraulic and road infrastructures.