The Economic Development Assembly is urging G20 nations to support the World Bank’s IDA21 to address development challenges in low-income countries.
This call will be highlighted at the inaugural Economic Development Assembly, that will hold on October 9-10 in Abidjan, Côte d’Ivoire.
The event, themed ‘Advancing Africa’s Future,’ is organized by Global Citizen and Bridgewater Associates, with partnerships from the Government of Côte d’Ivoire, Harith General Partners, and Citi.
The assembly aims to secure significant financial support from G20 countries for IDA21, which has a strong track record of reducing poverty and fostering economic development in low-income nations through grants and loans.
“Currently, more than 600 million people lack access to electricity across the African continent, severely impacting their quality of life and access to necessities, including healthcare, food and nutrition, education, and economic opportunity.
“With increased ambition and financial support from donors, IDA stands ready to lift 250 million people out of energy poverty by 2030 while also addressing malnutrition for more than 40 million women and children per year and promoting domestic resource mobilization,” It stated.
It noted that despite being a critical factor in long-term health and development, nutrition financing continued to be historically underfunded.
“This year, the World Bank needs to secure over $120bn for its IDA21 replenishment to drive progress toward these objectives,” it stated.
“This year, the World Bank needs to secure over $120bn for its IDA21 replenishment to drive progress toward these objectives,” it stated.
It stressed that the Economic Development Assembly will advocate strongly for G20 nations to boost their contributions to the IDA, aiming to achieve a replenishment goal of $120 billion by December 2024.
The co-founder and CEO of Global Citizen, Hugh Evans
emphasized that IDA is the most significant and effective fund for combating extreme poverty in vulnerable countries, particularly in Sub-Saharan Africa.
With full funding, IDA has the potential to improve living conditions for over 1.5 billion people.
“As a public fund, IDA needs G20 governments to massively accelerate urgent and strategic investments in its replenishment this December, so the potential of Africa’s booming young demographic can be unlocked to become an asset for the continent and the world,” it stated.
Also, the Chief Executive Officer of Bridgewater Associates, Nir Dea, remarked, “Africa is at a crossroads with a demographic boom on the horizon. That boom will have significant implications and opportunities for the trajectory of the continent and the globe.
