African leaders will meet in Abidjan on 15 July 2021 for “an ambitious and substantial 20th replenishment of the International Development Association (IDA20),” an official statement said.President Alassane Ouattara of the Republic of Cote d’Ivoire and the World Bank Group will host this high-level meeting on Thursday, July 15, 2021 in Abidjan, with African leaders, the Ivorian presidency said in a statement.
It will be for the leaders of the African continent the occasion to stress the importance of “an ambitious and substantial 20th replenishment of the resources of the International Development Association (IDA20)” in light of the devastating effects of the Covid-19 pandemic.
The replenishment aims for continued support from the World Bank, in particular IDA, to help African countries meet their already high pre-pandemic financing needs for a “resilient recovery from the Covid-19 economic crisis” and economic transformation.
The meeting follows a call by African leaders at the Summit on Financing African Economies in Paris in May 2021 for enhanced support to sustain a green and resilient recovery of their economies.
The discussions are expected to identify key priorities for financing in Africa and advocate for greater policy and contributions to the ambitious IDA20 replenishment.
Africa is the largest recipient of IDA assistance, with 39 countries and has made significant efforts to improve its development indicators throughout the six decades of partnership with the World Bank.
The meeting will bring together African Heads of State from Angola, Benin, Burkina Faso, Cameroon, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Kenya, Liberia, Mauritania, Madagascar, Mozambique, Niger, Nigeria, Rwanda, Senegal, Sudan, Tanzania, Togo and Uganda.
Leaders of partner organizations will also take part in the meeting as well as officials from the World Bank Group, the press release added.
IDA, a member of the World Bank Group, is one of the largest sources of funding to alleviate extreme poverty in the world’s lowest income countries. It provides zero or low-interest loans and grants to these countries.
Its goal is to stimulate economic growth, build resilience and improve the lives of the world’s poor. Since 1960, IDA has provided about US$422 billion for investments in 114 countries.
As a member of the World Bank Group, IDA combines global expertise with an exclusive focus on reducing poverty and increasing prosperity in the world’s lowest income countries.