At the ‘Economic Development Assembly: Advancing Africa’s Future’ held in Abidjan, Côte d’Ivoire, over 100 leading organizations and individuals signed the Abidjan Accord, advocating for $120 billion in funding for the International Development Association (IDA) to support the development of Africa.
The accord urges G20 governments to significantly boost their contributions to the IDA, which assists 77 developing nations, primarily in Sub-Saharan Africa, in overcoming poverty. The signatories are pushing for this replenishment during the IDA’s 21st funding round (IDA21), scheduled for December.
During the assembly, several initiatives were introduced to advance development across the continent. Notably, African countries surpassed the $100 million milestone in co-financing for Gavi, the Vaccine Alliance, for the second consecutive year. Côte d’Ivoire committed $9.9 million in co-financing for 2024 to enhance vaccine delivery to rural areas. Additionally, Zipline, a drone delivery company, announced a $500,000 extension of its partnership with Gavi.
Business leaders are also investing in Africa’s energy future. Energea and Hecate Energy announced plans to develop utility-scale solar installations across Africa, with Energea providing funding and Hecate bringing expertise to projects in South Africa, Mozambique, Sierra Leone, and Algeria.
Furthermore, Global Citizen and the Center for Music Ecosystems will collaborate to create original research that advocates for investment in Africa’s creative economies and live events industry.
Nir Bar Dea, CEO of Bridgewater Associates, emphasized the importance of collaboration among private, public, and civil society sectors, stating that increased IDA funding is crucial for advancing global growth and supporting essential development goals such as healthcare, infrastructure, and energy access.
Hugh Evans, Co-Founder and CEO of Global Citizen highlighted the burden of high-interest loans on developing countries, stressing that fully funded IDA could significantly enhance living conditions for nearly 2 billion people. “Investing in Africa recognizes the continent’s vast resources and potential,” he asserted.
Dr. Phumzile Mlambo-Ngcuka, former Executive Director of UN Women and Deputy President of South Africa, expressed her support for the Abidjan Accord, calling on G20 leaders to invest in Africa’s future.
Signatories of the Abidjan Accord include representatives from major companies like Intel and Cisco, political figures such as former Austrian President Heinz Fischer and former US Treasury Secretary Lawrence H. Summers, artists like Femi Kuti and Stonebwoy, and philanthropic leaders like Dr. Mlambo-Ngcuka. The effort is supported by presenting partners Global Citizen, Bridgewater Associates, Harith General Partners, and Laurel Strategies.
The Abidjan Accord represents a collective commitment to securing Africa’s future through increased financial support and investment, emphasizing the continent’s potential for sustainable development and economic growth.
