• Infrastructure development is being actively accelerated by governments in many different regions across the continent
• The International Development Association (IDA), the lending arm of the World Bank, contributed more than US$287 billion in total.
• The financing, with an emphasis on reaching isolated parts of the continent, is intended to aid development in the world’s poorest countries.

Legit.ng journalist Zainab Iwayemi’s Economy, Technology and Capital market.

The World Bank’s lending arm, the International Development Association (IDA), which emphasizes reaching isolated and underserved parts of the continent, was founded in 1960 and has since provided over US$287 billion in financing to help develop the world’s poorest countries.

African countries received just over $210 billion in aid IDA payments throughout the program’s existence, or almost 73% of the total.

East, which received $41.8 billion or 14.5% of the loan. Asia It is the second largest region to receive funding from IDA.

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After 2001, the frequency and volume of loans generally decreased until 2009, when the Global Financial Crisis resulted in countries needing additional financing to absorb external shocks.

The latest peak in IDA loans, COVID-19 crisis, It was recorded 273 times in 2021, reaching a new high.

Eight of IDA’s top ten recipients are African countries; The two non-African countries are China and Vietnam.

Top 10 countries that benefit the most IDA funds Between 1961 and 2024 they are listed below;

Ethiopia – $23.4 billion

Ethiopia tops the list of countries benefiting from IDA. The report showed that from 1961 to 2024, the country received a total of $23.4 billion in World Bank financing.

Nigeria – $18.8 billion

Nigeria It is ranked second after Ethiopia. The country received $18.8 billion from the World Bank over a period of more than 60 years.

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Vietnam – $18.5 billion

Vietnam ranks third on the list after Nigeria. According to the report, a total of 18.5 billion dollars has been obtained from the World Bank from 1961 to 2024.

Tanzania – $16.7 billion

Tanzania ranks fourth on the list. Over 60 years, the country has received $16.7 billion in World Bank financing.

Kenya – $14.8 billion

Kenya It ranks fifth on the list, following Tanzania. The report showed that Kenya has received $14.8 billion in funding from the World Bank since 1960.

DR Congo – $11.4 billion

The Democratic Republic of the Congo is on the list of top IDA recipients. The country has received $11.4 billion from the World Bank over more than 60 years.

Ghana – $11.2 billion

According to the report, Ghana ranks seventh, benefiting a total of $11.2 billion from IDA.

China – $10.2 billion

China ranked eighth on the list of IDA recipient countries, receiving $10.2 billion from the World Bank in 63 years.

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Uganda – $9.8 billion

Uganda ranks ninth with a total loan of 9.8 billion dollars received from the World Bank over a period of more than 60 years.

Mozambique – $9.3 billion

Mozambique ranks last among the top 10 countries that benefited from IDA from 1961 to 2024. The country has benefited $9.3 billion from the World Bank so far.

FG China Repays IMF and World Bank Loans

legit.ng He reported that the Nigerian government spent $3.58 billion to pay off foreign debt in the first three quarters of 2024. Represents an increase of 39.77% compared to $2.56 paid during the same period in 2023.

Central Bank of Nigeria (CBN) data shows the amount spent on international payments during that period.

The increase in external debt service payments indicates the pressure on Nigeria’s fiscal balance amid economic difficulties.

Source: Legit.ng