What is the expansion of IDA?
VerifiedAnswer: International Development Association
Explanation:
The International Development Association (IDA) is a crucial financial institution that plays a vital role in global poverty reduction and economic development. It serves as one of the key arms of the World Bank Group, specifically designed to provide financial assistance to the world's poorest countries.
Established in 1960, IDA was created to address the financial needs of developing nations that couldn't access commercial loans due to their economic circumstances. Unlike traditional banks that charge market interest rates, IDA provides concessional loans and grants with extremely favorable terms, including very low or zero interest rates and extended repayment periods that can stretch up to 40 years.
The primary mission of IDA focuses on supporting countries with per capita incomes below a certain threshold, currently around
