African leaders are urging wealthy nations to contribute a record amount to a World Bank program that helps developing countries fight climate change and boost their economies.
At a meeting with World Bank officials in late April, Kenyan President William Ruto called on developed nations to significantly increase their contributions to the International Development Association (IDA). The IDA offers low-interest, long-term loans to 75 developing countries, with over half located in Africa.
“We are facing a deepening development crisis and urgent climate emergencies,” President Ruto said. “This is a historic moment for solidarity. We urge our partners to respond effectively by increasing their IDA contributions to at least $120 billion.”
The funds are crucial for African nations dealing with issues like devastating floods in Kenya and severe droughts in Malawi. They are used for vital projects like improving access to energy and healthcare, investing in agriculture, and building essential infrastructure.
This request for $120 billion would be a significant increase from the $93 billion raised in the last funding round (2021). Pledges will be made at a global meeting in Japan this December.
World Bank President Ajay Banga pledged to streamline the lending process under the IDA to deliver funds faster. “We believe a simpler IDA can make a more meaningful impact,” he said.
This increased funding is critical for African nations to address climate change and build a more secure and sustainable future.
