Leaders from across Africa gathered at a major summit in Nairobi to pledge ambitious economic reforms, with the International Development Association (IDA) at the forefront of their strategy. The summit aimed to improve lives and create new opportunities, with a focus on strengthening governance, unlocking private sector potential, and addressing climate change.
President of Kenya, Dr. William Ruto, emphasized the urgency for change and the importance of stronger donor contributions to IDA21, stating, “Our people and we, the leaders of Africa, are impatient for change and we want to transform the continent at this moment of tremendous opportunities.” World Bank Group President Ajay Banga echoed these sentiments, highlighting the need for global support as Africa moves towards a prosperous future.
The IDA has been a key player in driving economic growth in Africa, supporting 39 African nations out of the 75 it currently assists. Over 70 percent of its resources are directed towards the continent, playing a significant role in bringing electricity to 250 million Africans by 2030.
The call for IDA replenishment comes amidst various challenges such as pandemics, climate change, and conflict, but also acknowledges Africa's potential with vast resources and a rapidly growing youth population. The newly formed coalition of global youth, private sector, and civil society has committed to supporting IDA21 replenishment and working in partnership.
Ndidi Nwuneli, President and CEO of the ONE Campaign, stressed the need for a transformative IDA21, stating, “It must be robust and ambitious and is delivered with transparency and accountability for Africa’s citizens, ensuring stable and resilient economies for the future.” Sellah Bogonko, CEO of Jacob’s Ladder, highlighted the importance of collaboration between young people and leaders, with support from IDA, to co-create solutions for a brighter future.
James Mwangi, CEO of Equity Group Holdings, expressed commitment to driving sustainable development and financial inclusion, shaping a brighter future for all. Nir Bar Dea, CEO of Bridgewater Associates, emphasized the potential of IDA21 to secure key resources for economic growth in African nations and global markets.
Hugh Evans, Co-Founder and CEO of Global Citizen, underscored the importance of fully funding IDA to address energy poverty and enable Africa's young population to achieve their full potential.
The summit concluded with a call to amplify support for Africa's vision and leverage the strength of the coalition to ensure a prosperous future for the continent.