Bridgewater, Global Citizen-led inaugural Economic Development is set to take place on October 9 in Abidjan, Côte d’Ivoire.
Focused on mobilising financial investments from G20 to support World Bank’s IDA21 replenishment, the gathering will convene heads of state, finance ministers, private sector leaders, multilateral development banks and civil society to address and dismantle barriers in Africa, setting the continent’s trajectory for equitable and sustainable growth.
The assembly is presented by Global Citizen and Bridgewater Associates, iwith the Côte d’Ivoire and Harith General Partners, and supported by Global Citizen’s global partner, Citi. International Development Association (IDA) has a record of lifting low-income countries out of poverty through grants and loans that support development.
Over 600 million people lack access to electricity in Africa, impacting their quality of life and access to healthcare, food and nutrition, education. With increased ambition and financial support from donors, IDA can lift 250 million people out of energy poverty by 2030, while addressing malnutrition for more than 40 million women and children per year and promoting domestic resource mobilisation. Nutrition financing remains underfunded despite being a key determinant of long term health and development. This year, World Bank must secure more than $120 billion in financing its IDA21 replenishment.
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The Economic Development Assembly will make investment case for G20 to increase their contributions to IDA and enable its replenishment goal of $120 billion by December.
Topics and themes include opportunity presented by the continent’s creative economy, catalysing private investment to build on IDA’s efforts in Africa, future of ethical investing and addressing debt to accelerate development.
Holding at Hotel Sofitel, Abidjan, co-chairs include Nir Dea, chief executive of Bridgewater, and Tshepo Mahloele, founder of Harith Partners.
“IDA is world’s largest, most effective fund for fighting poverty. Fully funded, IDA can improve living for over 1.5 billion people,” said Hugh Evans, co-founder of Global Citizen. “As a public fund, IDA needs G20 to accelerate strategic investments in its replenishment this December, so the potential of Africa’s young demographic can be unlocked to become asset for the continent and the world.”