We are pleased to present a significant memorandum to Heads of State and Finance Ministers in anticipation of the World Bank IDA African Heads of State Meeting, scheduled to be hosted by the Government of Kenya on April 28-29, 2024.
This pivotal assembly is convened with the aim of discerning critical financing priorities for Africa and advocating for a robust replenishment of IDA resources, denoted as IDA21, to propel the advancement of transformative development objectives for the region. With a population of over 1 billion individuals in Africa contending with the challenge of affording a nutritious diet, and nearly 30 percent of children experiencing stunted growth due to malnutrition, urgent and concerted action is imperative.
Of the global population of 735 million hungry individuals, more than a third reside in Africa, underscoring the acute necessity for affordable financing to address crises, stimulate future investments, foster employment creation, and facilitate economic transformation. As the preeminent source of low-cost financing, the World Bank’s International Development Association (IDA) plays an indispensable role in bolstering these endeavors.
Although IDA has yielded commendable sector-specific outcomes across Africa, impacting the lives of millions, achieving systemic change at the requisite scale to uplift African nations from poverty and instigate economic autonomy remains a formidable challenge. Our platform serves to highlight impactful case studies that demonstrate IDA’s potential to effect transformative change in pivotal areas such as renewable energy, agrifood systems, climate resilience, healthcare, and gender equality.
However, with numerous African countries still trailing in their transformation endeavors, as evidenced by an average score of merely 30.3 out of 100 on the African Transformation Index, it is incumbent upon IDA to redirect its efforts towards fortifying foundational systems and economic structures crucial for sustainable, long-term development.
We invite you to disseminate this essential memorandum to Heads of State and Finance Ministers, advocating for concerted action and strategic investment to propel Africa’s trajectory towards a more luminous and prosperous future.
