The International Development Association (IDA), a unit of the World Bank, recently approved a loan of USD 30 million to Bhutan in an effort to strengthen the government’s financial management, create jobs and “improve the investment climate” in the country by increasing: (1) domestic revenue; (2) access to financial services; (3) the number of small firms using existing incubation centers; (4) the number of highly qualified teachers; and (5) the efficiency of oil usage. The loan has a term of 40 years and bears no interest.
IDA provides grants and low-interest loans totaling approximately USD 18 billion per year to the 75 poorest countries in the world.
The World Bank Group is a multilateral organization whose goal is “to end extreme poverty and promote shared prosperity in a sustainable way.” As of 2018, it has 189 member nations. The group encompasses (1) the International Bank for Reconstruction and Development and IDA, which make up the World Bank; (2) the International Finance Corporation; (3) the Multilateral Investment Guarantee Agency; and (4) the International Centre for Settlement of Investment Disputes. During 2017, the World Bank Group disbursed funds totaling USD 44 billion.
Sources and additional resources
World Bank press release
http://www.worldbank.org/en/news/press-release/2018/03/30/supporting-bhutan-strengthen-fiscal-management-job-reation
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