IDA Summit : African leaders mobilize to increase funding
African leaders are mobilizing to increase funding for economic and social development at the IDA summit. Madagascar, represented by President Andry Rajoelina, calls for massive investments to support growth and reduce inequalities.
By the editorial staff
Gathered at the 21st IDA Summit on April 29, 2024, at the Kenyatta International Convention Centre, aimed at mobilizing resources to support economic growth and reduce inequalities, 19 African heads of state committed to ambitious economic reforms, with the World Bank’s IDA at the heart of the strategy.
This ambitious program, aiming to significantly improve living conditions and create new opportunities, positions the International Development Association (IDA) of the World Bank as a key element of success.
IDA has been and must remain a reliable development partner for Africa
The government of Kenya and the World Bank Group, jointly organizing the summit, both emphasized the essential role of the IDA – the World Bank fund focused on the most disadvantaged people – and the global community in supporting Africa’s aspirations.
« IDA has been and must remain a reliable development partner for Africa, » said Dr. William Ruto, President of the Republic of Kenya, emphasizing the urgency of change for the continent and his desire to capitalize on this pivotal moment. Advocating vigorously for increased donor contributions to IDA-21, he also highlighted its role in transformative changes in Africa and worldwide.
« Our people and we, the leaders of Africa, are eager to see change happen, and we want to transform the continent at this time of great opportunities, » said President Ruto. « IDA has been and must remain a reliable development partner for Africa, and we urge donors to strengthen their contributions to IDA-21 so that together we can have a transformative impact for a better Africa, and a better world. »
President of Madagascar, Andry Rajoelina, called for a significant increase in financial support in the fight against poverty at the summit of heads of state for the financing of the International Development Association (IDA).
Rajoelina stressed the urgency of investing in human development rather than military spending, citing the increase in global military budgets in 2023, mainly due to conflicts such as the war in Ukraine. He pleaded for collective awareness regarding the necessary investments to save lives on the African continent.
Echoing these sentiments, Ajay Banga, President of the World Bank Group, emphasized the need for unwavering global support, particularly from the IDA, as Africa charts its path to a prosperous and progressive future.
We are united by a common vision for the future of Africa
« We are united by a common vision for the future of Africa, » said Ajay Banga. « A continent rich in diversity, culture, and potential, thanks to its youth and natural resources. These are the ingredients that can fuel our future. The International Development Association has been a steadfast partner in Africa’s development journey, and this summit symbolizes our collective commitment to accelerate progress. This will require more from the IDA, the World Bank Group, governments, and the private sector. »
For decades, the IDA has been a powerful driver of economic growth in Africa. It promotes progress through highly concessional grants and loans, stimulating strategic investments in creating a skilled and healthy workforce and supporting job-creating sectors such as agriculture. Recent efforts to simplify access to its support have further improved its efficiency.
Founded in 1960, the IDA is a World Bank institution that provides grants or loans at reduced rates to finance projects that catalyze economic growth, reduce inequality, and improve living conditions for populations. The Nairobi summit aimed to persuade donors to increase their contributions to replenish IDA resources and finance the IDA21 program.
The call for resource replenishment comes in a context of multiple and interdependent challenges: pandemics, climate change, food insecurity, fragility, and conflicts. Africa, however, is rich in potential with vast natural resources, abundant sunshine, and the world’s fastest-growing young population.
Harnessing the strength of the newly formed coalition can help ensure an undeniably bright future for the continent
Amplifying support for Africa’s bold vision and harnessing the strength of the newly formed coalition can help ensure an undeniably bright future for the continent.
The summit also saw the birth of a coalition bringing together civil society, the private sector, and youth to advocate for a robust and ambitious replenishment of IDA resources. This coalition emphasizes the need to strengthen governance, unleash the potential of the private sector for job creation, and mobilize national resources to address challenges such as climate change and food insecurity.
African leaders called for increased credits and grants to support human capital development, strengthen resilience to climate change, and improve connectivity and digital services. They emphasized the importance of investing in sustainable solutions to address humanitarian challenges, including the consequences of devastating climate phenomena such as cyclones.
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