International Development Association (IDA) was set up in 1960 as an affiliate of the World Bank. IDA was established primarily to provide finance to the less developed member countries on a soft loan basis.
Major objectives of IDA include:
- To provide development finance on easy terms to the less developed member countries.
- To provide assistance for poverty alleviation in the poorest countries.
- To provide finance at concessional interest rates in order to promote economic development, raise productivity and living standards in less developed nations.
- To extend macroeconomic management services such as those relating to health, education, nutrition, human resource development and population control.
