African countries call for $100 billion for World Bank development fund

PUBLISHED: Fri, 16 Jul 2021 08:16:19 GMT
David Lawder
Reuters
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WASHINGTON, July 15 (Reuters) – The World Bank said that leaders of 23 African countries on Thursday called for a largest-ever $100 billion replenishment of the International Development Association (IDA), the global lender’s fund for the world’s poorest countries.

The leaders set the goal in a joint declaration after a summit meeting in Abidjan, Ivory Coast, the World Bank said in a statement.

World Bank member countries normally replenish IDA every three years, setting its previous financing package at $82 billion to cover the 2021-2023 fiscal years. But in April, the bank launched an early replenishment cycle after massive assistance paid out to help countries deal with the COVID-19 pandemic drew down IDA resources.

The World Bank aims to complete the 20th replenishment of IDA in December, covering the 2023-2025 fiscal years.

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The declaration from the African leaders marks the first request for a $100 billion replenishment goal.

The leaders who met in Abidjan are from Angola, Benin, Burkina Faso, Cameroon, Ivory Coast, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Madagascar, Mauritania, Mozambique, Niger, Nigeria, Uganda, Rwanda, Senegal, Sudan, Tanzania and Togo.

(Reporting by David Lawder; Editing by Chris Reese and Aurora Ellis)