Ruto leads African leaders in calling for increased concessional funding from World Bank’s IDA

 


Leaders from across Africa have called for increased concessional funding from the International Development Association (IDA), a branch of the World Bank, during the recently concluded IDA21 Replenishment Summit in Nairobi. The summit was attended by various African heads of state and government. 

During the summit, President William Ruto called for the tripling of IDA’s financing capacity to $279 billion by 2030. He emphasized the importance of maintaining the concessional nature of the financing, in accordance with the recommendations of the G20 Independent Expert Group.

The leaders noted that increased concessional funding would provide critical relief for many African countries and other developing nations that are currently facing severe debt crises. The leaders argued that such funding would unlock Africa’s vast resources and enable the continent to achieve its full potential.

The leaders expressed their gratitude to the IDA for its continued support of Africa’s development efforts. They also called on other international organizations and donor countries to step up their efforts in supporting Africa’s development.

The leaders have pledged to work together to ensure that the IDA’s financing capacity is tripled by 2030. They have also committed to working towards ensuring that the concessional nature of the financing is maintained.

In addition to the call for increased concessional funding, the leaders outlined various other measures aimed at unlocking Africa’s potential. These measures include investing in key sectors such as infrastructure, education, and healthcare, as well as promoting regional integration and trade.

Overall, the call for increased concessional funding from the IDA is seen as a critical step towards unlocking Africa’s potential and addressing its ongoing debt crisis. The leaders are now calling on the international community to support their efforts in achieving these goals.

By Victor Oyuko ( @itskenyamoja_) 

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