Nineteen African Heads of State recently gathered at a summit to concentrate development efforts across the continent. This initiative aims to enhance living standards significantly and create fresh prospects, with the International Development Association (IDA) of the World Bank playing a crucial role.
The summit marked the formation of a partnership among civil society, foundations, the private sector, and youth, advocating for substantial replenishment of IDA’s resources to drive Africa’s development.
A joint statement following the summit reaffirmed leaders’ commitment to improving governance, stimulating private sector growth for job creation, mobilizing domestic resources, and addressing climate change. Priority areas include expanding energy and digital access and bolstering resilience to climate change and conflicts.
The summit, co-hosted by the Government of Kenya and the World Bank Group, highlighted the pivotal role of IDA in supporting Africa’s aspirations.
Dr. William Ruto, President of Kenya, emphasized Africa’s urgent need for transformation and urged increased donor contributions to IDA21 to facilitate impactful change.
World Bank Group President Ajay Banga echoed the call for sustained global support, particularly from IDA, to advance Africa’s prosperous future.
IDA has long been instrumental in driving economic growth in Africa through grants and concessional loans. Presently, it supports 39 African nations out of 75 globally, with over 70% of its resources directed to the continent.
Despite existing challenges such as pandemics and climate change, Africa’s potential, including abundant natural resources and a youthful population, remains promising.
Supporting Africa’s vision and leveraging the coalition’s strength can pave the way for a brighter future on the continent.
Leaders representing global youth, the private sector, and civil society emphasized the necessity of a robust IDA21 replenishment and pledged collaborative efforts.
Ndidi Nwuneli, President and CEO of the ONE Campaign, stressed the importance of transformative and transparent IDA21 initiatives.
Sellah Bogonko, CEO of Jacob’s Ladder, highlighted the role of youth in co-creating solutions alongside elected leaders and IDA support.
James Mwangi, CEO of Equity Group Holdings, underscored the commitment to sustainable development and financial inclusion in shaping a prosperous future.
Nir Bar Dea, CEO of Bridgewater Associates, emphasized the significance of IDA21 in securing vital resources for African economic growth and its impact on global markets.
Hugh Evans, Co-Founder and CEO of Global Citizen emphasized the opportunity for Africa’s young population with adequate financing and a fully operational IDA.
