At the recent ‘Economic Development Assembly: Advancing Africa’s Future’ held in Abidjan, Côte d’Ivoire, over 100 prominent organizations, world leaders, and artists signed the Abidjan Accord.
This accord is an urgent plea to G20 governments to secure $120 billion in funding for the World Bank’s International Development Association (IDA).
The IDA, a vital global fund, supports 77 of the world’s poorest nations, many of which are in Sub-Saharan Africa. This $120 billion replenishment is targeted at IDA’s 21st funding round (IDA21), set for December.
The Abidjan Accord calls for wealthy nations to provide these funds on favorable terms to help lift millions out of poverty. The assembly emphasized that boosting IDA funding would contribute significantly to achieving key development goals such as healthcare, infrastructure, and energy access across Africa.
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Several leaders highlighted the broader impact of this funding. Nir Bar Dea, CEO of Bridgewater, emphasized the importance of collaboration between the public and private sectors. He noted that IDA funding would play a crucial role in advancing global growth by supporting development projects in Africa.
Hugh Evans, Co-Founder and CEO of Global Citizen, stressed that many developing countries face crushing debt burdens. He believes that a fully funded IDA would be a strategic investment to improve living conditions for nearly 2 billion people globally.
Other announcements included investments from companies such as Energea and Hecate Energy, which will develop and expand on the success of current solar energy projects under development in South Africa, Mozambique, Sierra Leone and Algeria.
The Center for Music Ecosystems and Global Citizen will work together to design and distribute unique research in order to present a compelling business case for funding Africa’s live events and creative economy.
The assembly reinforced the idea that investing in Africa’s future is not merely about capital but recognizing the potential of the continent’s resources and talents.
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Tshepo Mahloele, Founder of Harith General Partners, emphasized that today’s investments will lay the foundation for Africa’s prosperity, calling it a critical moment for global economic development.
