1945

International Development Association (IDA)

During the fiscal year 1994 (1 July 1993 to 30 June 1994), the International Development Association (IDA), an affiliate of the International Bank for Reconstruction and Development (World Bank), continued to provide concessional assistance to low-income countries in keeping with the World Bank’s goals of poverty reduction and economic development. The funds used by IDA—called credits to distinguish them from World Bank loans—were derived from subscriptions in convertible currencies from members, general replenishments from its more developed members and transfers from the Bank’s net earnings. Credits had 35-to 40-year maturities, including a 10-year grace period, and were interest-free.

Related Subject(s): United Nations
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