IDA was created on September 24, 1960 and is responsible for providing long-term, interest-free loans to the world's 80 poorest countries, 39 of which are in Africa. IDA provides grants and credits (subject to general conditions (pdf)), with repayment periods of 35 to 40 years. Since its inception, IDA credits and grants have totaled $161 billion, averaging $7-$9 billion a year in recent years and directing the largest share, about 50%, to Africa. While the IBRD raises most of its funds on the world's financial markets, IDA is funded largely by contributions from the governments of the richer member countries. Additional funds come from IBRD income and repayment of IDA credits.