Development funding in Africa: Alamine Ousmane Mey represents the Head of State at the 20th IDA Replenishment Summit

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Au cours du Sommet de haut niveau qui s’est tenu à Abidjan ce jeudi 15 juillet 2021, le Ministre de l'Economie, de la Planification et de l'Aménagement du Territoire, représentant du Président de la République du Cameroun S.E Paul BIYA et les 15 Chefs d'État présents, ont fait un plaidoyer pour inciter les contributeurs aux ressources de cette initiative à être plus généreux.

Since the onset of covid-19, the difficulties of African countries which are already faced with terrorism and poverty have been exacerbated. In order to overcome these challenges while pursuing its development plan, the continent has embarked on an active strategy to mobilise external funding.

This 20th replenishment of IDA resources was therefore designed to support the post-Covid-19 economic recovery and pursue investments to transform African economies. The resources raised from this operation will be used to improve human capital, speed up climate change adaptation, fight against gender inequalities, sustain the fight against insecurity while promoting job creation and economic transformation.

This high-level summit, whose opening ceremony was chaired by Alassane Ouattara, thus aimed to contribute to meeting the funding needs of the 39 countries of the continent eligible for assistance by the International Development Association (IDA).The overall resource requests submitted to the institution stood at $78 billion, much higher than the $53 billion mobilised for the continent in the 19th IDA replenishment.

IDA, the International Development Association, is a World Bank institution which helps low-income countries reduce poverty by providing loans and grants for programmes that can stimulate economic growth and improve the lives of the poor.