Economic Assembly seeks G20 support for low-income countries

The Economic Development Assembly has called on G20 members to support the World Bank’s IDA21 to help low-income countries tackle development challenges.

This push will be further made at the inaugural Economic Development Assembly on October 9-10 in Abidjan, Côte d’Ivoire.

The event, with the theme: ‘Advancing Africa’s Future’, will be organised by Global Citizen and Bridgewater Associates, in partnership with the Government of Côte d’Ivoire and Harith General Partners and supported by Global Citizen’s global partner Citi.

According to a statement, the assembly plans to mobilise significant financial backing from G20 countries for the World Bank’s IDA21 replenishment, aiming to address development challenges in Africa and promote sustainable, equitable growth.

It noted that IDA had a proven track record of lifting low-income countries out of poverty through targeted grants and loans that support economic development.

“Currently, more than 600 million people lack access to electricity across the African continent, severely impacting their quality of life and access to necessities, including healthcare, food and nutrition, education, and economic opportunity.

“With increased ambition and financial support from donors, IDA stands ready to lift 250 million people out of energy poverty by 2030 while also addressing malnutrition for more than 40 million women and children per year and promoting domestic resource mobilization,” It stated.

It noted that despite being a critical factor in long-term health and development, nutrition financing continued to be historically underfunded.

“This year, the World Bank needs to secure over $120bn for its IDA21 replenishment to drive progress toward these objectives,” it stated.

It stressed that the Economic Development Assembly would make a compelling investment case for the G20 – the world’s largest economies – to increase their contributions to IDA and enable its replenishment goal of $120bn by December 2024.

The co-founder and Chief Executive Officer of Global Citizen, Hugh Evans, said, “IDA is the world’s largest, most effective fund for fighting extreme poverty in the most vulnerable countries across the globe — many of which are in Sub-Saharan Africa. Fully funded, IDA can help improve living conditions for more than 1.5 billion people.

“As a public fund, IDA needs G20 governments to massively accelerate urgent and strategic investments in its replenishment this December, so the potential of Africa’s booming young demographic can be unlocked to become an asset for the continent and the world.”

Also, the Chief Executive Officer of Bridgewater Associates, Nir Dea, remarked, “Africa is at a crossroads with a demographic boom on the horizon. That boom will have significant implications and opportunities for the trajectory of the continent and the globe.

“Nearly 25 per cent of the global working-age population will be in Sub-Saharan Africa by 2050. Given the significance of this opportunity and its impact on future generations, it’s important to bring together leaders from across private, public, and civil society sectors to aim their focus at this region at this critical moment.”