It also promises to address the twin problem of malnutrition for more than 40 million women and children per year, whilst promoting domestic resource mobilization”
The World Bank’s IDA21 aimed at helping low-income countries tackle development challenges is poised to receive a helping hand from the the Economic Development Assembly and G20 members
This push will be further made at the inaugural Economic Development Assembly on October 9-10 in Abidjan, Côte d’Ivoire.
According to a statement, the assembly plans to mobilize significant financial backing from G20 countries for the World Bank’s IDA21 replenishment, aiming to address development challenges in Africa and promote sustainable, equitable growth.
The event, with the theme: ‘Advancing Africa’s Future’, will be organized by Global Citizen and Bridgewater Associates, in partnership with the Government of Côte d’Ivoire and Harith General Partners and supported by Global Citizen’s global partner Citi.
It noted that IDA had a proven track record of lifting low-income countries out of poverty through targeted grants and loans that support economic development.
“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.
It stressed that the Economic Development Assembly would make a compelling investment case for the G20 – the world’s largest economies – to increase their contributions to IDA and enable its replenishment goal of $120bn by December 2024.
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