The International Development Association (IDA) is a financial institution that provides low-interest loans and grants to the world's poorest countries. Established in 1960, it aims to reduce poverty and promote sustainable economic growth by funding projects in areas such as education, health, and infrastructure. IDA is part of the World Bank Group and focuses on countries with limited access to financial markets. Its funding helps these nations improve living conditions and build capacity for long-term development, ultimately contributing to global economic stability and prosperity.