Leaders called on donors to replenish the World Bank's grants and concessional loans arm with"at least $120 billion" for debt and climate.
This was the shared opinion of the presidents of Ghana, Kenya and Zambia in their piece on how to make global finance work better, forin March. In their oped, they specifically mention the International Development Association , the arm of the World Bank that provides grants and highly concessional loans to the lowest-income countries.
African countries are extremely vulnerable to the impacts of climate change. The region has been ravaged by droughts, flooding and cyclones in recent years, with East and Central Africa currently facing, is crucial to support these countries to adapt while transitioning towards renewable energy systems.
In the face of shrinking fiscal space, African states have called for IDA to ensure debt relief. When money is flowing from low-income to donor countries, there is clearly a need for urgent action. Tackling the debt crisis must be done together with increasing grant and concessional finance through IDA21 replenishment.There was a problem processing your submission. Please try again later.