A high-profile Economic Development Assembly, led by Bridgewater Associates and Global Citizen, is set to take place on October 9-10 at Hotel Sofitel in Abidjan. The assembly will bring together a distinguished roster of political, private sector, and philanthropic leaders to advocate for increased support for the World Bank’s IDA21 replenishment.
The assembly’s focus is on addressing the urgent social and economic challenges in 75 low-income countries, with a particular emphasis on Africa. It aims to secure commitments from G20 governments to replenish the International Development Association (IDA), which requires more than $120 billion by December 2024 to continue its mission of reducing poverty through strategic grants and loans.
Key speakers include H.E Alassane Ouattara, President of Côte d’Ivoire; Ajay Banga, President of the World Bank; Hugh Evans, Co-Founder & CEO, Global Citizen; Hafou Touré, CEO of HTS Partners; and Nir Bar Dea, CEO of Bridgewater Associates. The event will also feature cultural figures like singer-songwriter Yvonne Chaka Chaka and actress Nomzamo Mbatha, who is a Global Citizen Ambassador.
Fighting Poverty and Energy Insecurity
IDA has a track record of success in fighting poverty, with a focus on improving access to critical services such as energy, healthcare, education, and nutrition. Currently, 600 million people in Africa lack access to electricity, a gap the World Bank and IDA aim to close by 2030, with a goal of lifting 250 million people out of energy poverty.
Hugh Evans, CEO of Global Citizen, emphasized the importance of fully funding IDA, stating, “With the right investment, we can help improve the lives of over 1.5 billion people across the globe, especially in Sub-Saharan Africa, where the population is rapidly growing.”
Unlocking Africa’s Economic Potential
New research from Bridgewater Associates highlights the growing importance of Sub-Saharan Africa, which will account for 25% of the global working-age population by 2050. Nir Bar Dea, CEO of Bridgewater Associates, stressed, “Africa’s demographic boom presents both an opportunity and a challenge. We must act now to ensure that this growth leads to shared prosperity.”
The assembly will also explore how private investment, ethical financing, and debt restructuring can accelerate development across Africa. The convening will serve as a precursor to both the G20 Summit in Rio de Janeiro and the IDA21 replenishment conference in Seoul later this year.
Source: Ghana/Starrfm.com.gh/103.5FM/Emmanuel Mensah
