Abidjan Accord: A Global Call for $120 Billion Investment in Africa

More than 100 CEOs, global leaders, and artists have united to sign the Abidjan Accord, urging G20 nations to secure $120 billion for crucial investments in Africa. The call focuses on increasing contributions to the World Bank’s International Development Association (IDA) fund, which supports poverty alleviation in 77 developing nations, many of them in Sub-Saharan Africa.

According to the Economic Development Assembly, the funding sought would replenish the IDA’s 21st funding round. IDA is the World Bank’s primary fund for low-income nations, and Denmark recently committed to a 40% increase in its contribution compared to the previous cycle. This pledge was announced ahead of the formal replenishment round, demonstrating Denmark’s early and substantial support for the cause.

At the Economic Development Assembly, held under the theme “Advancing Africa’s Future” in Abidjan, Côte d’Ivoire, a diverse group of signatories lent their names to the Abidjan Accord. The signatories included key figures from leading tech firms such as Intel and Cisco, alongside notable public sector leaders like former Austrian President Heinz Fischer, former U.S. Treasury Secretary Lawrence Summers, and ex-Irish Prime Minister Leo Varadkar. Cultural icons and artists, including Falz, Femi Kuti, and Stonebwoy, also added their voices to the urgent call for action alongside philanthropic leaders such as Dr. Phumzile Mlambo-Ngcuka, the former Executive Director of UN Women.

Bridgewater CEO Nir Bar Dea remarked that the Abidjan gathering underscored the significance of collaboration among the private, public, and civil society sectors in addressing Africa’s most pressing challenges. He pointed out that research, combined with insights from the World Bank and policymakers, had emphasized the critical role that increased IDA funding would play in driving global growth by supporting healthcare, infrastructure, and energy access in developing nations.

Hugh Evans, CEO and co-founder of Global Citizen commented on the crippling impact of high-interest loans in many developing countries, which divert crucial resources away from essential services like healthcare and education. He stressed that fully funding IDA could improve living standards for nearly two billion people, positioning it as one of the most impactful investments G20 nations could make for the future global economy.

Tshepo Mahloele, founder and chairman of Harith General Partners, highlighted that investing in Africa wasn’t just about capital but about recognizing the continent’s immense potential in terms of resources, talent, and opportunity. He expressed optimism about Côte d’Ivoire’s and Africa’s future, stating that today’s investments would lay the foundation for tomorrow’s prosperity.

Former South African Deputy President Dr. Phumzile Mlambo-Ngcuka, who previously led UN Women, added her name to the Abidjan Accord alongside 70 other leaders. She stressed the importance of G20 nations stepping up their efforts to invest in Africa’s future.

During the assembly, several new initiatives were introduced to advance Africa’s development. Notably, African nations surpassed the $100 million mark in co-financing contributions to Gavi, the Vaccine Alliance, for the second consecutive year. Côte d’Ivoire, the host nation, announced its full payment of $9.9 million in co-financing for 2024, and Zipline, a drone delivery company, revealed a $500,000 expansion of its partnership with Gavi to extend vaccine delivery to rural areas in the country.

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