How to resolve AdBlock issue? Ghana Among Top Recipients of IDA Funding, Totals $11.2 Billion Since 1961
Tuesday, 26 November 2024 | Ghana
Ghana has received a cumulative total of $11.2 billion in funding from the International Development Association (IDA) since 1961. This places the country among the significant beneficiaries of the World Bank’s concessional financing program aimed at supporting development in the world’s poorest nations.
Globally, Ethiopia leads as the top recipient of IDA funding, receiving $23.4 billion, followed by Nigeria with $18.8 billion and Vietnam with $18.5 billion. China, a notable recipient, ranks eighth with $10.2 billion. Notably, eight of the top ten IDA beneficiary countries are located in Sub-Saharan Africa, reflecting the region's substantial reliance on external financial support to drive development efforts.
Since its establishment in 1960, the IDA has disbursed a total of $287 billion across the globe, with Sub-Saharan Africa receiving the lion’s share. African countries account for approximately 73% of the IDA's total funding, which equates to over $210 billion. This underscores the association’s significant focus on addressing developmental challenges across the continent, particularly in underserved and remote areas.
East Asia is the second-largest recipient region, with a total of $41.8 billion in funding, accounting for 14.5% of the IDA’s global disbursements. Meanwhile, Europe and Central Asia have received $17.5 billion (6.1%), followed by Latin America and the Caribbean with $11.2 billion (3.9%). The Middle East has received the least amount of funding, totaling $7.1 billion, which represents only 2.5% of the IDA’s global lending.
The IDA was created to provide financial assistance to the world’s poorest nations on concessional terms, offering loans and grants with little to no interest and long repayment periods. Its funding priorities often include investments in infrastructure, education, healthcare, and other critical sectors aimed at reducing poverty and fostering sustainable development.
For Sub-Saharan Africa, the substantial share of IDA funding has been vital in addressing widespread poverty and underdevelopment. The region continues to grapple with pressing challenges such as inadequate infrastructure, healthcare deficits, and education gaps, which require substantial financial investments to overcome.
Ghana’s $11.2 billion allocation reflects the country’s developmental needs and the IDA’s commitment to supporting its progress. As Ghana continues to work toward improving its infrastructure, education, and healthcare systems, the funding serves as a crucial resource in achieving these objectives.
The IDA’s impact is particularly evident in projects that target the continent’s most remote and underserved populations. Its investments in areas such as rural development, access to clean water, and education have significantly improved living conditions for millions of people.
As the global economic landscape evolves, the role of the IDA remains essential in ensuring that vulnerable regions like Sub-Saharan Africa continue to receive the support needed to build resilient and inclusive economies.
Globally, Ethiopia leads as the top recipient of IDA funding, receiving $23.4 billion, followed by Nigeria with $18.8 billion and Vietnam with $18.5 billion. China, a notable recipient, ranks eighth with $10.2 billion. Notably, eight of the top ten IDA beneficiary countries are located in Sub-Saharan Africa, reflecting the region's substantial reliance on external financial support to drive development efforts.
Since its establishment in 1960, the IDA has disbursed a total of $287 billion across the globe, with Sub-Saharan Africa receiving the lion’s share. African countries account for approximately 73% of the IDA's total funding, which equates to over $210 billion. This underscores the association’s significant focus on addressing developmental challenges across the continent, particularly in underserved and remote areas.
East Asia is the second-largest recipient region, with a total of $41.8 billion in funding, accounting for 14.5% of the IDA’s global disbursements. Meanwhile, Europe and Central Asia have received $17.5 billion (6.1%), followed by Latin America and the Caribbean with $11.2 billion (3.9%). The Middle East has received the least amount of funding, totaling $7.1 billion, which represents only 2.5% of the IDA’s global lending.
The IDA was created to provide financial assistance to the world’s poorest nations on concessional terms, offering loans and grants with little to no interest and long repayment periods. Its funding priorities often include investments in infrastructure, education, healthcare, and other critical sectors aimed at reducing poverty and fostering sustainable development.
For Sub-Saharan Africa, the substantial share of IDA funding has been vital in addressing widespread poverty and underdevelopment. The region continues to grapple with pressing challenges such as inadequate infrastructure, healthcare deficits, and education gaps, which require substantial financial investments to overcome.
Ghana’s $11.2 billion allocation reflects the country’s developmental needs and the IDA’s commitment to supporting its progress. As Ghana continues to work toward improving its infrastructure, education, and healthcare systems, the funding serves as a crucial resource in achieving these objectives.
The IDA’s impact is particularly evident in projects that target the continent’s most remote and underserved populations. Its investments in areas such as rural development, access to clean water, and education have significantly improved living conditions for millions of people.
As the global economic landscape evolves, the role of the IDA remains essential in ensuring that vulnerable regions like Sub-Saharan Africa continue to receive the support needed to build resilient and inclusive economies.