Kenya is expected to lead the push for enhanced financing from the World Bank’s International Development Association (IDA) as it plays host to the multilateral lender and African Heads of State.
The IDA is part of the World Bank that helps the world’s low-income countries by issuing grants and low-interest loans to help countries invest in their futures.
Between April 28 and 29, Nairobi will play host to the IDA for Africa Heads of State Summit during which the continent and the World Bank, will hold deliberations identifying key priorities for development financing on the continent.
The meeting comes ahead of the completion of a review to replenish IDA resources in December.
“The Government of Kenya will be hosting African Heads of State and the World Bank, to identify key priorities for financing in Africa and champion an ambitious financing replenishment of IDA resources, that would support transformational development objectives for the African region,” the World Bank noted ahead of the summit.
The African continent represents the largest benefactor of IDA resources and represents in excess of 70 percent of the fund’s global commitments.
In Eastern and Southern Africa, the IDA notes that it has helped deliver essential health, nutrition, and population services to 90 million people while impacting over 50 million persons in Western and Central Africa with social protection programs.
Kenya too has been a beneficiary of IDA resources amidst difficulties in accessing international capital markets due to prohibitive interest rates.
