Dakar: African Heads of State and Government have reaffirmed their commitment to seize key opportunities to respond to multiple crises and steer their economies to transformative paths, in partnership with the World Bank’s International Development Association (IDA).
The leaders convened at the IDA for Africa Summit in Dakar, Senegal, to champion a strong start to IDA’s twentieth financing cycle (IDA20).
They noted that the continent is experiencing reversals of development gains triggered by the COVID-19 pandemic and compounded by climate change, food insecurity, conflict in the region, and the war in Ukraine.
The Heads of State therefore welcomed the IDA20 financing package of US$93 billion to help all countries supported by IDA recover on a greener, more resilient, and inclusive path.
"We are convening this Summit in a context of deep crisis, marked by the double impact of the COVID-19 pandemic and the war in Ukraine. While we have exponentially increased our spending to respond to the health crisis and foster the economic and social resilience of our people, our fiscal space has shrunk dramatically, and debt vulnerabilities were exacerbated," said President Macky Sall of the Republic of Senegal in a press release on Thursday.
"Faced with these challenges and priorities, optimizing the use of IDA resources is key. I would like to reiterate our appreciation for the constant support of the World Bank Group in our efforts to mobilize all available means to provide our populations with better living conditions," he added.
The Dakar summit was attended by leaders from Cabo Verde, Cameroon, Democratic Republic of Congo, Ethiopia, Guinea Bissau, Guinea Equatorial, Ivory Coast, Kenya, Liberia, Madagascar, Malawi, Mauritania, Nigeria, Republic of Congo, Rwanda, Senegal, Sierra Leone, Tanzania, The Gambia, Togo, the Union of Comoros, and Zimbabwe.
They were joined by World Bank Group leadership, heads of regional and UN institutions, and representatives of IDA donor governments.
The World Bank’s International Development Association (IDA) is one of the largest sources of funding for fighting extreme poverty in the world’s lowest-income countries.
IDA provides grants and zero- or low-interest loans to countries for projects and programs that boost economic growth, build resilience, and improve the lives of poor people around the world.
Africa is IDA’s biggest beneficiary with 39 countries and has made significant headway in improving development indicators during six decades of partnership with the World Bank.
Since 1960, IDA has provided about $458 billion for investments in 114 countries.
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