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The EDI also promotes international cooperation with other agencies such as the FAO.
In 1960, as a result of heavy pressure from developing countries for a lending agency that was more accessible, the international Development Association was formed. This agency basically provides loans to the poorer countries for long periods. Usually they are given 30 -40 year repayment periods with a 10 year grace period, no interest and a mere service charge. Its purpose is "to market human vision, experience, capital and energy to build the wealth of nations. Since its inception the IDA has spent billions to promote development in some 90 countries, with most of it going to Africa...
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