World Bank Group Raises $1.5bn In Maiden IDA Bond For Poorest Nations
The International Development Association (IDA), on Tuesday launched its first bond in its nearly 60-year history, raking in $1.5bn from investors around the globe. The triple A-rated asset and support life-changing instruments for investments in some of the most pressing development issues among the world’s poorest countries. IDA provides technical expertise and low-cost financing for projects and programmes that boost economic growth and reduce poverty in the world’s poorest countries— from tackling conflict, fragility and violence; forced displacement; climate change; and gender inequality to promoting governance, institution building, creating jobs and supporting a strong private sector for economic transformation. A statement by the World Bank Group noted that until now, IDA has been virtually unleveraged, building up an unparalleled equity base of US$158 billion. In 2016, IDA shareholders agreed to transform IDA’s financing model, leveraging its strong capital base to p...