I thank Deputies for their comments and the profound questions raised. As the committee will be aware, the International Development Association, IDA, originated from the World Bank, of which it is the concessionary lending window. When the World Bank was formed in 1944, the initial purpose was to deal and invest in war torn Europe. Europe has since moved on and the main focus of the IDA's investment is now on Africa where AIDS and HIV present the two major problems. Apart from the great agreements reached between the United States and the European Union on further investment, the World Bank and the IDA are the largest institutional investors in AIDS projects. The figures are frightening. The HIV-AIDS pandemic has killed 23 million people of the 63 million infected. It has left 14 million orphans worldwide and countries in Africa without a population of working age. It has also killed care workers and teachers.
Deputy Bruton asked about the benefit of investment. It is of tremendous benefit. The only downside is that there is not more money available. Ireland's contribution of €50 million over the next six years is the result of international agreement based on our size and wealth.
I was asked if we were likely to reach our target for ODA. The provisional figures for 2003 show spending at 0.41% of GNP. By comparison, Ireland is the seventh biggest spender well in advance of the EU average. We are committed to reaching our target. I hope increased allocations in coming years, the scale and timing of which will be considered on an ongoing basis, will make it possible for us to reach the target of 0.7% by the end of the Government's term of office. It is a challenging target. We are two years into the current term of office of the Government and I hope that with this investment of €50 million over the next six years, together with other ODA investments, we will reach our target.
Deputy Burton referred to Professor Steiglitz whose books have been critical of all IMF policies during the years. No doubt organisations such as the World Bank, the IDA and the IMF need continued monitoring.
Ireland supports debt cancellation which the Taoiseach supported recently at the G8 meeting in the USA. This is a positive move which will be of major benefit to the countries concerned.
On control and monitoring, Ireland produces an annual report on its participation in the IMF and the World Bank. We have a 0.39% share of the IMF's capital.
I have addressed most of the issues raised. The issue of trade is not one for us. The Bill is about Ireland, as one of the wealthier states, making its rightful contribution to the poorest of the poor. As Deputy Finneran stated, IDA expenditure covers the poorest of the poor, both in terms of capital and the challenges presented such as poverty, HIV-AIDS and political conflict.
I commend the Bill to the committee. That is not to say, however, that we should not be conscious of the need for continuous control over how even a modest contribution of €50 million is spent but it is important that we expedite our expenditure. We are coming close to the end of the session and the Government is anxious that the Bill progresses and that we make this investment which will help us in achieving our challenging commitment to provide 0.7% of GNP in overseas development aid by 2007.