See below for our reaction to the #IDA21 replenishment, courtesy of our President and CEO Mavis Owusu-Gyamfi.
The World Bank just concluded its 21st International Development Association (IDA) replenishment in Seoul, South Korea. Commitments from fifty-nine countries led to an #IDA replenishment of $100 billion in affordable financing for countries most urgently in need, many of which are in Africa. I want to particularly applaud the countries that stepped up with significant increases in their pledges; their ambition helps ensure that low-cost, concessional finance remains available to countries that need it most, recognizing that in this interconnected world, poverty and progress are everyone’s business. Given the development and economic challenges faced by the world’s poorest countries, African leaders and institutions had called for a replenishment that would total at least $120 billion. This IDA replenishment, which came in significantly below Africa’s asks, underscores that as a continent we cannot wait for the world to step up and solve our issues. We must be our own solution. Our countries’ transformation continues to be hindered by barriers – foreign and domestic, historic and current – that require concerted policy and financial responses. We must do more and work faster to create new sources of revenue, insist on getting a fair deal on exports, create our own value chains and decent jobs – all of which amounts to putting our people, our countries, and our continent first. ACET will continue to work closely with Africa’s leaders, institutions, and people to support a more economically independent and globally powerful continent that will shape the future of our planet. cc: African Center for Economic Transformation (ACET) AfriCatalyst Daouda Sembene, PhD Development Reimagined Hannah Ryder (芮 婉 洁) The ONE Campaign Ndidi Okonkwo Nwuneli Bill & Melinda Gates Foundation Mark Suzman
