The inaugural Economic Development Assembly, hosted by Global Citizen and Bridgewater Associates, scheduled for October 9, 2024 in Abidjan, Côte d’Ivoire, promises to be a major gathering of world leaders. At the heart of the discussions will be mobilizing finance for Africa’s growth and development, with a particular focus on the replenishment of the World Bank’s International Development Fund (IDA21).
The meeting aims to secure significant financial contributions from G20 countries to support IDA’s ambitious goal of mobilizing more than $120 billion to continue its work in low-income countries.
Bringing together heads of state, finance ministers, private sector leaders, multilateral development banks, and civil society organizations, the assembly will seek to address barriers to equitable and sustainable growth across Africa.
Co-hosted by Côte d’Ivoire and Harith General Partners, the meeting will be held at the Sofitel Hotel in Abidjan, with support from Global Citizen’s global partner Citi. IDA has a proven track record in combating poverty through grants and loans for the development of disadvantaged regions.
The African continent faces significant economic challenges, with more than 600 million people still without electricity, impacting vital sectors such as health, education, food and nutrition. With increased financial support, IDA aims to lift 250 million people out of energy poverty by 2030.
In addition, IDA aims to combat malnutrition among more than 40 million women and children each year, while encouraging domestic resource mobilization to drive long-term growth. Despite its importance, financing for nutrition remains insufficient.
The World Bank’s IDA21 replenishment campaign is critical, with a goal of mobilizing more than $120 billion by December to further its mission. The Economic Development Assembly will advocate for increased G20 contributions to achieve this goal.
Key themes to be discussed include the opportunities offered by Africa’s creative economy, catalyzing private investment to complement IDA’s efforts, the future of ethical investing, and managing the continent’s debt to accelerate development.
Co-chaired by Nir Dea, CEO of Bridgewater, and Tshepo Mahloele, Founder of Harith Partners, the assembly promises to be a critical stepping stone to address Africa’s economic challenges. The importance of the event was underscored by Hugh Evans, Co-founder of Global Citizen, highlighting IDA’s potential to improve the lives of more than 1.5 billion people.
In conclusion, the Economic Development Assembly in Abidjan promises to be a key meeting to mobilize the resources needed for Africa’s growth and development, offering promising prospects for a more prosperous and balanced future on the continent.