Consider the following statements with respect to the World Bank Group:
1. The International Bank for Reconstruction and Development (IBRD), an arm of the World Bank, primarily lends to the middle-income countries.
2. The International Development Association (IDA), an arm of the World Bank, lends to the governments of the poorest countries only.
Which of the statements given above is/are correct?
1 only
2 only
Both 1 and 2
Neither 1 nor 2
The International Development Association (IDA) is a part of the World Bank that helps the world’s poorest countries. Overseen by 173 shareholder nations, the IDA aims to reduce poverty by providing loans (called “credits”) and grants for programmes that boost economic growth, reduce inequalities and improve people’s living conditions.
The IDA complements the World Bank’s original lending arm—the International Bank for Reconstruction and Development (IBRD). The IBRD was established to function as a self-sustaining business, and provides loans and advice to middle-income and credit-worthy poor countries.
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