The International Development Association (IDA), is the part of the World Bank that helps the world’s poorest countries.

Overseen by 173 shareholder nations, IDA aims to reduce poverty by providing loans called “credits” and grants for programs that boost economic growth, reduce inequalities, and improve people’s living conditions.

According to Permanent Secretary in the Ministry of Economic Development, Philip Dalsou, Saint Lucia received approximately $67 million, $20 million of which has been allocated to the Health System Strengthening Project.

The IDA lends money on concessional terms. This means that IDA credits have a zero or very low interest charges and repayments are stretched over 30 to 38 years, with a 5 to 10-year grace period included. The IDA also provides grants to countries at risk of debt distress.

According to Mr. Dalsou, Saint Lucia has been benefiting from IDA funding for years. The IDA is one of the largest sources of assistance for the world’s 75 poorest countries, 39 of which are in Africa, and is the single largest source of donor funds for basic social services in these countries.