Over 100 distinguished African and international chief executives, world leaders, and artists have come together to sign the Abidjan Accord, an urgent appeal to G20 governments to enhance their contributions to the International Development Association (IDA), the World Bank’s fund designed to alleviate poverty in 77 developing nations, many of which are located in Sub-Saharan Africa.
The announcement was made during the ‘Economic Development Assembly: Advancing Africa’s Future,’ held in Abidjan, Côte d’Ivoire. The Abidjan Accord specifically urges the wealthiest nations of the world to support Africa’s development by striving towards a $120 billion replenishment for the 21st funding round of the IDA (IDA21), with a focus on securing the best possible terms for the poorest countries this December.
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Among the notable signatories of the Abidjan Accord are representatives from major corporations such as Intel and Cisco, alongside public sector leaders including Heinz Fischer, former president of the Republic of Austria; Lawrence H. Summers, former U.S. treasury secretary; Leo Varadkar, former prime minister of Ireland; Mary Robinson, former president of Ireland, and Stefan Lofven, former prime minister of Sweden.
The accord also received support from prominent artists like Ariel Wayz, Berla Mundi, Davy-Carmel Ingabire, Folarin Falana, Femi Kuti, Gyakie, Jeune Lio, Made Kuti, Nomzamo Mbatha, Sophy Aiida, and Stonebwoy, as well as philanthropic figures including Phumzile Mlambo-Ngcuka, former executive director of UN Women and Deputy President of South Africa, and the ONE Campaign. Presenting partners included Global Citizen, Bridgewater Associates, Harith General Partners, and Laurel Strategies.
The powerful declaration was revealed at the conclusion of the two-day Economic Development Assembly, which aimed to propel strategic investments across the African continent. The assembly featured a lineup of influential speakers, including Alassane Ouattara, president of Côte d’Ivoire; Robert Beugré Mambé, prime minister of Côte d’Ivoire; Mohamed Ould Ghazouani, president of Mauritania and current chairperson of the African Union; Julius Maada Bio, president of Sierra Leone; Faure Essozimna Gnassingbé, president of Togo; Umaro Sissoco Embaló, president of Guinea Bissau, among others.
The event was hosted by Sophy Aiida, Cameroonian actress, international host, television presenter, and philanthropist, and featured performances by artists such as Falana, Jeune Lio, and Yvonne Chaka Chaka. Other notable attendees included Nomzamo Mbatha, an actress and humanitarian, and Gbenga Akinnagbe, an actor and writer.
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The presenting partners of the Economic Development Assembly included the international advocacy organisation, Global Citizen, the asset management firm, Bridgewater Associates, the Government of the Republic of Côte d’Ivoire, and Harith General Partners, with support from Global Citizen’s global partner, Citi.
Throughout the assembly, several new initiatives were announced to further advance development across the continent, including significant announcements in support of Gavi, the Vaccine Alliance. Last year, African countries surpassed the $100 million mark in co-financing paid to Gavi for the second consecutive year. Among this total, it was revealed that Côte d’Ivoire, as the host country of the EDA, has fully paid $9.9 million in co-financing to Gavi for 2024. In an effort to extend vaccine delivery to rural communities in Côte d’Ivoire, Zipline, a drone delivery service company, announced the extension of its partnership with Gavi, valued at $500,000.
Additionally, business leaders unveiled investments aimed at shaping the future of the continent, including a collaboration between Energea and Hecate Energy to establish utility-scale solar installations across Africa. Energea will provide investment funding, while Hecate will contribute their expertise and expand upon the successes of ongoing projects in South Africa, Mozambique, Sierra Leone, and Algeria, with the goal of powering millions of homes and businesses throughout Africa.
Global Citizen and the Center for Music Ecosystems are set to collaborate on producing and disseminating original research to advocate for investment in Africa’s creative economies and live events industry. This initiative will engage local and international partners, governments, and stakeholders through the publication of comprehensive research data at various stages, aiming to drive investment in the creative economy. Notably, key elements of this research will include providing free access to landmark studies, enabling governments to make well-informed investment decisions. The research initiative is funded by Universal Music Group.
“The Economic Development Assembly in Abidjan highlighted the importance of collaboration between the private, public, and civil society sectors to address some of the most pressing challenges and opportunities facing Africa and their implications for the global economy,” stated Bridgewater CEO Nir Bar Dea. “As our research and collaboration with the World Bank, global policymakers, and thought leaders have indicated, increasing IDA funding will play a crucial role in promoting global growth by supporting essential development goals such as healthcare, core infrastructure, and energy access.”
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“Many developing countries are burdened by high-interest loans, which stifle their economies and divert funds that should be allocated to social services such as healthcare, education, nutrition, and infrastructure development. With full funding, IDA has the potential to enhance living conditions for nearly 2 billion people. It represents one of the most strategic investments G20 governments can make for the global economy of the future,” emphasised Hugh Evans, Co-Founder and CEO of Global Citizen.
“Investing in Africa is not merely about capital; it’s about recognizing the immense potential of a continent rich in resources, talent, and opportunities. The future of Côte d’Ivoire and Africa as a whole is promising, and those who invest today are sowing the seeds for tomorrow’s prosperity,” remarked Tshepo Mahloele, founder and chairman of Harith General Partners.
“Today, I stand with 70 other leaders, organizations, and individuals by adding my name to the Abidjan Accord, which serves as an urgent call for the leaders of G20 nations to step up and invest in advancing Africa’s future,” stated Phumzile Mlambo-Ngcuka, former executive director of UN Women and Deputy President of South Africa.
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