African leaders push for record World Bank financing for development, combating climate change

African leaders push for record World Bank financing for development, combating climate change

Kenya's president leads call for increased concessional funding at summit in capital Nairobi

By Andrew Wasike

NAIROBI, Kenya (AA) - African leaders led by Kenyan President William Ruto urged the World Bank on Monday to allocate $120 billion in financing to address developmental challenges and combat climate change across the continent.

Ruto spearheaded the call for a significant increase in concessional funding from the bank’s International Development Association (IDA) to tackle pressing issues facing 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 $93 billion raised in 2021 to at least $120 billion in 2024,” he said

“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 emphasized the critical need for additional resources, advocating for the tripling of the IDA’s financing capacity to $279 billion by 2030.

This move, he said, aims to bolster efforts in enhancing infrastructure, promoting sustainable development and mitigating the impacts of climate change.

The president highlighted the urgency of mobilizing resources to support Africa's development agenda, adding that “Africa is not just looking for funding, but a solid partnership for progress.”

Among those in attendance were the presidents of Uganda, Tanzania, Burundi, Ghana, Malawi, Sierra Leone, Comoros, Mauritania, the Central African Republic, Madagascar and Somalia.

The summit also saw the participation of the prime ministers of Ethiopia, Guinea and Algeria and the president of the World Bank Group, Ajay Banga.

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