International finance actors, policymakers, representatives from the private sector, and civil society have gathered in Abidjan, Côte d’Ivoire for a summit aimed at supporting the fundraising campaign for the International Development Association (IDA), a World Bank institution dedicated to assisting poor countries.
At the opening of the summit, dubbed the Assembly for Africa’s Economic Development, Cote d’Ivoire’s Minister of Economy, Planning, and Development Kaba Nialé stated that the goal is to mobilize 120 billion U.S. dollars for the development of the world’s poorest countries, the vast majority of which are located in Africa.
“This effort seeks to support investments in economic and social infrastructure aimed at accelerating the achievement of sustainable development goals as well as defining financing priorities and ensuring adequate support to address the challenges facing Africa,” she declared.
Nialé emphasized that the commitment of international partners and the promotion of private investments are vital to achieving these objectives. She noted that the replenishment of the IDA’s resources, the 21st of its kind, comes at a time characterized by “increasingly complex challenges, including climate change, economic financing, energy access, security crises, and food insecurity.”
The summit serves as an advocacy platform for a substantial replenishment of IDA resources scheduled for December in Seoul, South Korea. Founded in 1960 and supervised by 174 shareholder countries, the IDA is primarily funded by contributions from member countries.
Donors meet every three years to replenish the IDA’s resources and review its action framework. The last replenishment process in December 2021 resulted in the mobilization of 93 billion U.S. dollars for the 2022-2025 funding cycle.
Over the course of two days, the Assembly for Africa’s Economic Development will feature high-level panels and a meeting of heads of state.
