Ruto seeks boost to World Bank fund for developing nations
Kenyan President William Ruto speaks at the conclusion of the summit of African leaders and the World Bank at the Kenyatta International Convention Centre in Nairobi on April 29, 2024. Ruto urges wealthier nations to increase contributions to a World Bank fund aimed at supporting African development and combating climate change. PHOTO | COURTESY
What you need to know:
- Ruto urges donors to the World Bank's International Development Association (IDA) to raise their contributions to at least $120 billion in 2024, from $93 billion raised in 2021.
Nairobi. Kenyan President William Ruto called on richer countries Monday to boost contributions to a World Bank fund to help African development and the fight against climate change.
His comments came at a summit of African leaders and the World Bank in the Kenyan capital Nairobi to discuss building financial support for the continent of 1.2 billion people.
Ruto urged donors to the World Bank's International Development Association (IDA) to raise their contributions to at least $120 billion in 2024, from $93 billion raised in 2021.
"As many African and other developing nations face severe debt crises, this financial strain hampers our efforts to combat climate change, transition to a low-carbon economy, and adequately fund essential sectors like education, health, and social protection," he said.
The leaders were discussing how the IDA could help improve services such as energy and health care across Africa.
"The rising cost of living, increasing commodity prices, and supply chain disruptions severely impact our food security, healthcare systems, and overall preparedness for and response to crises," Ruto said.
The summit comes as Kenya and other East African countries are battling heavy rains and flooding that have claimed the lives of scores of people in recent weeks.
Africa is responsible for the smallest amount of carbon emissions but is hit disproportionately hard by droughts, flooding, storms and heatwaves.
Donors to the IDA fund meet every three years to "to replenish IDA's resources and review its policy framework," the World Bank says on its website.
The IDA helps developing nations in Africa and other parts of the world through grants and loans with low interest rates.
World Bank president Ajay Banga told the meeting there was a need to act "with urgency" and said that the IDA, the World Bank, governments and the private sector should do more.
"We are working to make IDA more efficient and able to deliver faster by cutting burdensome rules, requirements, and redundancies," he added.
