The IDA, a member of the World Bank Group was formed in 1960, headquarter is in Washington, D.C. The association shares the World Bank's mission of reducing poverty and aims to provide affordable development financing to countries.
The IDA's
stated aim is to assist the poorest nations in growing more quickly, equitably, and sustainably to reduce
poverty. The IDA is the single largest provider of funds to economic and human development
projects in the world's poorest
nations. The IDA has issued a total $238 billion USD in loans and grants since
its launch in 1960.
The IDA has 172 member countries which pay contributions
every three years as
replenishments of
its
capital.