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The IDA agreement or International Development Association Agreement is an agreement signed by the members of the International Development Association (IDA), which is a part of the World Bank Group, in order to provide low-interest loans and grants to countries that are in need of financial assistance.
The IDA was established in 1960 and has since been providing financial assistance to developing countries. It provides financial assistance to these countries for a period of 3 to 10 years, depending on the requirements of the country. The loans provided by the IDA have a 0.75% interest rate, which is considerably lower than the commercial market rate.
The IDA agreement is signed by all the members of the IDA, which is currently made up of 173 member countries. The agreement outlines the terms and conditions under which the IDA will provide financial assistance to member countries. The agreement also outlines the terms and conditions under which member countries can access the funds.
The IDA agreement is reviewed periodically to ensure that it is able to meet the changing needs of the member countries. The most recent review of the IDA agreement took place in 2019, and it resulted in an increase in funding for the IDA, which now stands at $82 billion.
The IDA agreement has played a key role in promoting economic growth and reducing poverty in developing countries. It has helped to finance infrastructure projects such as roads, bridges, and airports, as well as projects in health, education, and social protection.
In conclusion, the IDA agreement is an important international agreement that provides low-interest loans and grants to developing countries. It plays a crucial role in promoting economic growth and reducing poverty in these countries. The agreement is periodically reviewed to ensure that it continues to meet the changing needs of member countries.