Consider the following statements with reference to the International Development Association (IDA).
(a) It was established in 1945 to complement the existing International Bank for Reconstruction and Development.
(b) It is an international financial institution which offers concessional loans and grants to the world’s poorest developing countries.
Select the correct answer using the code given below.
1
Only statements (a) is correct.
2
Only statements (b) is correct.
3
Both statements (a) and (b) are correct.
4
Both statements (a) and (b) are incorrect.