President William Ruto officially opened the 21st International Development Association (IDA) Summit on Monday, rallying over 15 fellow African heads of state to demand a significant capital injection into the World Bank’s fund for the poorest countries.
The Summit is taking place at the Kenyatta International Convention Centre (KICC) in Nairobi, with about 16 African Heads of State in attendance.
Addressing the leaders gathered at the Kenyatta International Convention Centre in Nairobi, Ruto stressed an urgent need for greater concessional financing from IDA to drive inclusive, sustainable development across Africa.
“Our proposal entails a vision for Africa-driven socioeconomic development executed with transparency and inclusiveness,” Ruto told the summit. “Significant capital increase for IDA is crucial.”
The Kenyan president specifically called for at least tripling IDA’s financing capacity to $279 billion by 2030, aligned with recommendations from the G20 Independent Expert Group. He insisted the fund maintain its concessional lending terms beneficial to low-income nations.
“Let us not ignore this expert advice,” Ruto urged donors preparing for IDA’s 21st replenishment talks.
Beyond increased funding, Ruto emphasized the need for an empowering “partnership for progress” on African-led initiatives like the Climate Positive Growth agenda from last year’s Africa Climate Summit in Nairobi.
The three-day IDA Summit serves as a critical platform for African leaders to advocate for substantially more resources from the World Bank’s $93 billion fund ahead of replenishment negotiations late 2024. Their unified front could prove decisive in lobbying global powers.
African Heads of State attending the Summit are: Yoweri Museveni (Uganda), Samia Suluhu (Tanzania), Évariste Ndayishimiye (Burundi), Nana Akufo-Addo (Ghana), Lazarus Chakwera (Malawi), Prime Minister of Ethiopia Abiy Ahmed Ali, Prime Minister of Guinea Amadou Oury Barh, Prime Minister of Côte d’Ivoire Robert Beugré Mambé, President of the World Bank Group Ajay Banga, Faustin-Archange Touadéra (Central African Republic), Prime Minister of Algeria Nadir Larbaoui, Julius Maada Wonie (Sierra Leone), Azali Assoumani (Comoros), Mohamed Ould Ghazouani (Mauritania), Andry Rajoelina (Madagascar) and Hassan Sheikh Mohamud (Somalia).
The Summit brings together African governments, civil society, and youth to voice their ambitions and call for even greater support from the World Bank’s International Development Association (IDA) to translate visions into action on the continent.
