President Samia Suluhu Hassan is in Nairobi to attend the International Development Association (DA21 for the Africa Heads of State Summit.
As the IDA21 goes on, there has been focus on what IDA is all about in the context of sustainable development for countries in attendnce. So, every 3 years, shareholders and partners of the World Bank meet to replenish IDA funds and review policies.This time round, Kenya has hosted a pre-meeting ahead of the end of year event which will take place in Washington DC.
Why IDA is important
IDA is important as its an arm of the World Bank that provides grants and uniquely concessional financing on extremely low-interest credits that can be repaid over long periods to underdeveloped countries.
At a time when Tanzania is preparing its next national budget for 2024/2025, such funds tend to come in handy as they can assist the country to build resilience and adapt to the impacts of realities like climate change whilst also helping to support the country’s development budget.
The last six decades of IDA financing have enabled considerable investments in the social sectors, particularly in education, health, and social protection.
Background
The ongoing summit is a gathering of African Heads of State every three years to review policies and replenish IDA funds. The 2024 summit’s draft “Nairobi IDA Communique” outlines priorities for the next three-year funding cycle, including: building human capital, creating jobs, enhancing energy and digital access, building climate resilience, and promoting sustainable growth
IDA21 aims to end poverty by investing in: women and youth empowerment, energy access, climate goals, digitalization, and job creation.
The IDA Forum is a platform for civil society organizations, foundations, think tanks, and academia to share their views. IDA donor and borrower representatives, and representatives of World Bank Executive Directors, also attend as listening partners.