Intel, Cisco, Others Sign Abidjan Accord Calling for $120bn for IDA

Oluchi Chinuzor

Economic Development Assembly yesterday gathered African leaders and the private sector in Abidjan to advocate for investments from the G20 in the World Bank’s IDA21 replenishment

presented by Global Citizen and Bridgewater Associates, in partnership with the Government of Côte d’Ivoire and Harith General Partners at the, Economic Development Assembly: Advancing Africa’s Future in Abidjan, Côte d’Ivoire, it was announced that more than 100 eminent African and international CEOs, world leaders and artists signed the Abidjan Accord, an urgent call to G20 governments to increase their contributions to IDA, the World Bank’s fund to help lift 77 of the world’s developing nations out of poverty, many of which are in Sub-Saharan Africa.

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

“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,” Bridgewater CEO Nir Bar Dea 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.” said Nir Bar Dea, CEO, Bridgewater Associates.

“Too many developing countries are saddled by high-interest loans, strangling their economies and diverting funding that should be supporting social services such as healthcare, education, nutrition and building infrastructure. Fully funded, IDA has the potential to improve living conditions for almost 2 billion people. It’s one of the most strategic investment G20 governments can make in the global economy of the future.” – Hugh Evans, Co-Founder & CEO, Global Citizen.

“Investing in Africa is not just about capital; it’s about recognizing the potential of a continent with boundless resources, talent, and opportunity. The future of Côte d’Ivoire, and Africa at large, is bright, and those who invest today are planting the seeds for tomorrow’s prosperity.” – Tshepo Mahloele, Founder & Chairman, Harith General Partners.

“Today I join with 70 other leaders, organizations and individuals by adding my name to the Abidjan Accord, which is an urgent call to leaders of the G20 nations to urgently step up and invest to advance Africa’s future.” – Dr. Phumzile Mlambo-Ngcuka, Former Executive Director of UN Women and Deputy President of South Africa.