African countries with the highest debt to the World Bank

African countries with the highest debt to the World Bank's IDA

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The International Development Association (IDA) is a World Bank institution that provides concessional loans and grants to low-income countries. Its goal is to reduce poverty, promote economic development, and support infrastructure, healthcare, education, and governance initiatives. IDA is supported by 173 shareholder nations.

As of June 30, 2024, the IDA’s total outstanding loans increased by $10.8 billion, reaching $198.5 billion, up from $187.7 billion the previous year. Development grant expenses also rose to $5.3 billion in FY24, compared to $3.9 billion in FY23.

Also Read : African Countries with the Highest Debt to China

Below are the top African countries with the highest debt to the World Bank's IDA:

Top IDA Debtors in Africa (2024)

1. Nigeria – $16.5 billion

2. Ethiopia – $12.2 billion

3. Kenya – $12.0 billion

4. Tanzania – $11.7 billion

5. Ghana – $6.7 billion

6. Uganda – $4.8 billion

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Frequently Asked Questions (FAQs)

What is the IDA?
A branch of the World Bank offering concessional loans and grants to the world’s poorest countries.

Why do countries borrow from the IDA?
To finance development projects such as infrastructure, healthcare, education, and public services.

Which African country owes the most to the IDA?
Nigeria, with $16.5 billion in outstanding debt.

Are IDA loans interest-free?
Most IDA loans come with low or zero interest and long repayment terms.

Is IDA debt sustainable for African nations?
It depends on how well countries manage their borrowing and economic growth.