A call has been made by the Economic Development Assembly for G20 members to back the World Bank’s IDA21 to assist low-income countries in addressing development challenges.
This appeal will be emphasized at the upcoming Economic Development Assembly on October 9-10 in Abidjan, Côte d’Ivoire.
The event, themed ‘Advancing Africa’s Future’, will be hosted by Global Citizen and Bridgewater Associates, in collaboration with the Government of Côte d’Ivoire and Harith General Partners, and with support from Global Citizen’s global partner Citi.
The assembly aims to rally significant financial support from G20 nations for the World Bank’s IDA21 replenishment to tackle development challenges in Africa and foster sustainable, equitable growth.
It was highlighted that IDA has a successful track record of uplifting low-income countries out of poverty through targeted grants and loans that bolster economic development.
The statement pointed out the lack of access to electricity for over 600 million people in Africa, affecting various aspects of their lives including healthcare, education, and economic opportunities.
With increased funding and ambition, IDA aims to lift 250 million people out of energy poverty by 2030 and address malnutrition for more than 40 million women and children annually, while promoting domestic resource mobilization.
Despite the crucial role of nutrition financing in long-term health and development, it has historically been underfunded.
The Economic Development Assembly is set to present a compelling case to the G20 to enhance their contributions to IDA, targeting a replenishment goal of $120 billion by December 2024.
Hugh Evans, the co-founder and CEO of Global Citizen, emphasized the importance of fully funding IDA to improve living conditions for over 1.5 billion people in vulnerable countries.
Nir Dea, CEO of Bridgewater Associates, highlighted the demographic boom in Africa and the need to focus on strategic investments to unlock the potential of the continent’s young population for the benefit of future generations.