Stakeholders Advocate $120bn Funding Towards Africa’s Future

No fewer than 100 leading organisations and individuals, yesterday, signed the Abidjan Accord calling for $120 billion funding for the International Development Association (IDA) aimed at securing the future of the African continent.

At the ‘Economic Development Assembly: Advancing Africa’s Future’ in Abidjan, Côte d’Ivoire, yesterday, African and international CEOs, world leaders and artists signed the Abidjan Accord, an urgent call to G20 governments to increase their contributions to IDA, the World Bank’s fund to help lift 77 of the world’s developing nations out of poverty, many of which are in Sub-Saharan Africa.

The Abidjan Accord urges the world’s wealthiest nations to support Africa’s development by working towards a $120 billion replenishment for the World Bank’s International Development Association’s 21st funding round(IDA21), on the best terms possible for the poorest countries, this December.

During the Assembly, several new initiatives were announced to advance development across the continent, including several announcements in support of Gavi, the Vaccine Alliance as African countries passed the $100 million mark in co-financing paid to Gavi for the second year in a row at this time last year.

As part of this total, it was announced that EDA hosting country Côte d’Ivoire has fully paid $9.9 million in co-financing to Gavi for 2024 and to extend vaccine delivery to rural communities in Côte d’Ivoire, Zipline, a drone delivery service company, announced it is extending its partnership with Gavi, valued at $500,000.

Additionally, business leaders announced investments in the future of the continent, including Energea and Hecate Energy, who are teaming up to build utility-scale solar installations in Africa. .Energea will provide investment funding, while Hecate will bring their expertise and expand on the success of current projects under development in South Africa, Mozambique, Sierra Leone and Algeria with the aim to power millions of African homes and businesses.

Global Citizen and the Center for Music Ecosystems will collaborate to produce and disseminate original research to make the business case for investment into Africa’s creative economies and live events industry.

“The Economic Development Assembly in Abidjan highlighted the importance of collaboration between the private, public, and civil society sectors to discuss some of the most difficult challenges and opportunities that Africa faces – and the impact they will have on the global economy,” Bridgewater CEO, Nir Bar Dea said.

“As our research and collaboration with the World Bank, global policymakers, and thought leaders has highlighted, an increase in IDA funding will play an outsized role in advancing global growth by supporting important development goals like furthering healthcare, core infrastructure, and energy access,” he added.

On his part, Co-Founder & CEO, Global Citizen., Hugh Evans, said: “Too many developing countries are saddled by high-interest loans, strangling their economies and diverting funding that should be supporting social services such as healthcare, education, nutrition and building infrastructure. Fully funded, IDA has the potential to improve living conditions for almost 2 billion people. It’s one of the most strategic investments G20 governments can make in the global economy of the future.

“Investing in Africa is not just about capital; it’s about recognizing the potential of a continent with boundless resources, talent, and opportunity. The future of Côte d’Ivoire, and Africa at large, is bright, and those who invest today are planting the seeds for tomorrow’s prosperity,” Founder & Chairman, Harith General Partners, Tshepo Mahloele stressed.

Former executive director of UN Women and Deputy President of South Africa, Dr. Phumzile Mlambo-Ngcuka said: “Today I join with 70 other leaders, organizations and individuals by adding my name to the Abidjan Accord, which is an urgent call to leaders of the G20 nations to urgently step up and invest to advance Africa’s future..”

Signatories of the Abidjan Accord include representatives from leading companies Intel and Cisco, public sector leaders including Heinz Fischer, Former President of the Republic of Austria, Lawrence H. Summers, Former US Treasury Secretary, Leo Varadkar, former Prime Minister of Ireland, Mary Robinson, Former President of Ireland, and Stefan Lofven, Former Prime Minister of Sweden; artists including Ariel Wayz, Berla Mundi, Davy-Carmel Ingabire, Falana, Femi Kuti, Gyakie, Jeune Lio, Made Kuti, Nomzamo Mbatha, Sophy Aiida and Stonebwoy, philanthropic leaders including Dr. Phumzile Mlambo-Ngcuka, Former Executive Director of UN Women and Deputy President of South Africa and The ONE Campaign; as well as presenting partners Global Citizen, Bridgewater Associates, Harith General Partners, and Laurel Strategies.