Presidents of Kenya and World Bank seek more financing for Africa – Africa

The leader of the World Bank and the President of Kenya will lead a summit in Nairobi this Monday aimed at raising funds for the International Development Association (IDA) to increase financing for the poorest African countries.

“African leaders will meet in Nairobi for a summit of heads of state aimed at increasing support for Africa’s economic development”, reads the note sent to Lusa, which explains the importance of IDA in financing the development of poorest countries on the continent, which include all Portuguese-speaking countries with the exception of Angola and Equatorial Guinea.

“IDA will be critical in this effort, helping to improve fundamental aspects, such as energy, health and infrastructure, which are essential for development”, points out in the text, which explains that leaders will debate how to maximize the impact of IDA during your refueling process.

This process takes place periodically and is characterized by the delivery of funds by donors, for IDA to then distribute or invest in the poorest countries and in areas that most effectively improve the socioeconomic conditions of the populations.

In the case of Portuguese-speaking countries, Cape Verde, Guinea-Bissau, São Tomé and Príncipe and Mozambique are eligible for financing from this World Bank entity, as Angola and Equatorial Guinea, as they are middle-income countries, do not have access to funds. from IDA.

“Building a brighter future, and ensuring an ambitious replenishment of IDA to get there, requires a united front”, adds the statement, announcing a “powerful coalition of partners”, including leaders from civil society and the private sector, such as Bridgewater Associates, Global Citizen, Jacobs Ladder Africa, One Campaign, among others.

Lasting one day, the summit is jointly organized by Kenya and the World Bank, and inaugurated by the presidents of these institutions, William Ruto and Ajay Banga, respectively.