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Financing development in Africa: Abidjan hosts meeting on 20th IDA replenishment

Friday, 16 July 2021 19:34
Financing development in Africa: Abidjan hosts meeting on 20th IDA replenishment

(Ecofin Agency) - Since the covid-19 outbreak, the challenges facing African countries, which already struggle with terrorism and poverty, have been exacerbated. To cope with these challenges while pursuing its development plan, the continent has embarked on an active strategy to mobilize external financing.

Côte d'Ivoire hosted yesterday July 15 a high-level meeting on the twentieth replenishment of the International Development Association. Gathered at the Sofitel Hotel Abidjan, 15 heads of state made a joint plea for increased support from the institution to African countries.

The objective is to help meet the financing needs of the 39 countries of the continent eligible for assistance from the International Development Association (IDA). Overall, requests for support from the institution amount to $78 billion, well above the $53 billion mobilized for the continent during the 19th IDA replenishment.

The new operation comes in a difficult economic context marked by covid-19 which plunged Africa into a historic recession last year (-2%). About 30 million more people were also pushed into extreme poverty on the continent last year, according to the African Development Bank (AfDB).

This 20th IDA replenishment is part of a Covid-19 economic recovery strategy and continued investment to transform African economies. The funds mobilized as a result of this operation will be used primarily to improve human capital, accelerate adaptation to climate change, fight gender inequality, and support the fight against insecurity while promoting job creation and economic transformation.

"Our meeting today aims to decide on our common development priorities and to make a plea to the main donors, within the framework of the IDA replenishment, to mobilize at least $100 billion to revive our economies, and this would be the largest amount ever mobilized to date," said Ivorian President Alassane Ouattara (pictured), host of the event.

"This is a good opportunity to show that solidarity is indeed essential, even mandatory for the good of all humanity and to build together a safer world,” he added.

The current IDA replenishment should cover the period 2022-2025, per the restructuring of the IDA-20 and IDA-19 cycles decided last February.

Moutiou Adjibi Nourou

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