(MENAFN) On Monday, African leaders, led by Kenyan President William Ruto, made a collective appeal to the World Bank, urging the allocation of USD120 billion in financing to confront developmental challenges and combat climate change across the continent.
Ruto took the forefront in advocating for a substantial boost in concessional funding from the bank's International Development Association (IDA) to address the urgent issues confronting African nations.
“We call on our partners to meet us at this historic moment of solidarity and respond effectively by increasing their IDA contribution from the USD93 billion raised in 2021 to at least USD120 billion in 2024,” he noted.
“We make this call as African heads of state and government commit to play our part by taking deliberate and robust actions to improve fiscal discipline, increase domestic revenue mobilization, develop investor-friendly policies and enhance anti-corruption measures.”
Ruto underscored the imperative for additional resources, advocating for a tripling of the IDA's financing capacity to USD279 billion by 2030. He emphasized that this initiative aims to strengthen endeavors in improving infrastructure, advancing sustainable development, and mitigating the adverse impacts of climate change.
The president emphasized the urgency of mobilizing resources to support Africa's development agenda, emphasizing that "Africa is not just looking for funding, but a solid partnership for progress."
Among those present were the presidents of Uganda, Tanzania, Burundi, Ghana, Malawi, Sierra Leone, Comoros, Mauritania, the Central African Republic, Madagascar, as well as Somalia.
Additionally, the summit saw the participation of the prime ministers of Ethiopia, Guinea, and Algeria, as well as the president of the World Bank Group, Ajay Banga.
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