African states ask for $ 100 billion for the World Bank’s Development Fund

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The World Bank said leaders of 23 African countries on Thursday called for a $ 100 billion replenishment of the International Development Association (IDA), the global lender’s fund for the world’s poorest countries.

Leaders set the target in a joint statement following a summit in Abidjan, Côte d’Ivoire, the World Bank said in a statement.

World Bank member countries normally replenish IDA every three years, setting its previous financial package at $ 82 billion to cover fiscal years 2021-2023. But in April, the bank launched an early replenishment round after massive aid given to help countries cope with the COVID-19 pandemic slashed IDA resources.

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

The African leaders’ statement marks the first call for a $ 100 billion replenishment target.

The leaders gathered 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.




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