By Our Correspondent, NAIROBI
Kenya
African heads of state convened in Nairobi for the International Development Association (IDA) summit, with a focus on favorable lending terms and strategies to bolster sustainable development across the continent.
Established in 1960 as part of
the World Bank, the IDA's mission is to combat poverty by providing grants and
low-interest loans to support programs that foster economic growth, reduce
inequalities, and enhance living standards for people in developing nations.
During the summit, Kenya's
President William Ruto highlighted the significance of IDA's rapid and decisive
action during crises, emphasizing its distinctive approach compared to other
funding sources. Ruto praised IDA's demand-driven programs and concessional
loans, which offer borrowing nations the opportunity to pursue long-term
development strategies tailored to their specific needs.
With IDA disbursing a
substantial $18 billion to African countries in the previous year alone,
there's a clear recognition among African leaders of the pivotal role the
organization plays in driving development across the continent.
Dirk Reinermann, IDA's
Director of Resource Mobilization, underscored the organization's commitment to
expanding its resource disbursement efforts. Looking ahead to IDA21, Reinermann
expressed a desire for even greater ambition, recognizing the significant
challenges but also the immense opportunities present in Africa and beyond.
Currently, IDA operates
projects in 75 countries, with a substantial 39 of those located in African
states. This widespread presence underscores the organization's dedication to
addressing the diverse range of development needs across the continent.
The summit serves as a
platform for African leaders to discuss strategies for maximizing the impact of
IDA funding, ensuring that it is effectively utilized to drive sustainable
economic growth, reduce poverty, and improve the lives of millions of people
across Africa.
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