Global leaders call for investment in Africa through Abidjan Accord

To advance the future of African countries, world leaders and artists have signed an accord calling for an investment working towards a $120bn replenishment of  the World Bank’s International Development Association's 21st funding round.

On Thursday, leaders signed the Abidjan Accord, to help lift 77 of the world’s developing nations out of poverty, many of which are in Sub-Saharan Africa.

The Abidjan Accord urges the world’s wealthiest nations to support Africa’s development by working towards a $120bn  replenishment of the World Bank’s International Development Association's 21st funding round (IDA21), this December, on the best terms possible for the poorest countries.

Dr Phumzile Mlambo-Ngcuka, former executive director of UN Women and former deputy president of South Africa, said, “Today I join 70 other leaders, organisations and individuals by adding my name to the Abidjan Accord, which is an urgent call to leaders of the G20 nations to step up and invest to advance Africa’s future.”

The potent declaration was presented at the conclusion of the Economic Development Assembly, a two-day gathering to drive strategic investments on the African continent. Featured speakers included Alassane Ouattara, President of Ivory Coast; Robert Beugré Mambé, Prime Minister of Ivory Coast; Mohamed Ould Ghazouani, President of Mauritania and current chair of the AU; and Tshepo Mahloele, founder and chair of Harith General Partners, formed part of the accord.

Mahloele said that many developing countries are saddled with high-interest loans that strangle their economies and divert funding that should be supporting social services such as healthcare, education, nutrition and infrastructure.

“Investing in Africa is not just about capital; it’s about recognising the potential of a continent with boundless resources, talent and opportunity. The future of Ivory Coast, and Africa at large, is bright, and those who invest today are planting the seeds for tomorrow’s prosperity.” Mahloele said.

Hugh Evans, co-founder and CEO of Global Citizen, said, “Fully funded, IDA has the potential to improve living conditions for almost 2-billion people. It’s one of the most strategic investments G20 governments can make in the global economy of the future.”

Nir Bar Dea, Bridgewater CEO, said the Economic Development Assembly in Abidjan highlighted the importance of collaboration between the private, public and civil society sectors to discuss some of the most difficult challenges and opportunities that Africa faces — and the impact they will have on the global economy.

He said, “As our research and collaboration with the World Bank, global policymakers, and thought leaders has highlighted, an increase in IDA funding will play an outsized role in advancing global growth by supporting important development goals like furthering healthcare, core infrastructure, and energy access.”

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