Bridgewater, Global Citizen-led inaugural Economic Development Assembly (EDA) is set to take place on October 9 and 10 in Abidjan, Côte d’Ivoire.
The Economic Development Assembly is presented by Global Citizen and Bridgewater Associates, in partnership with the Government of Côte d’Ivoire and Harith General Partners, and supported by Global Citizen’s global partner Citi.
International Development Association (IDA) has a proven track record of lifting low-income countries out of poverty through targeted grants and loans that support economic development.
Currently, more than 600 million people lack access to electricity across the African continent, severely impacting their quality of life and access to basic necessities, including healthcare, food and nutrition, education, and economic opportunity. With increased ambition and financial support from donors, IDA stands ready to lift 250 million people out of energy poverty by 2030, while also addressing malnutrition for more than 40 million women and children per year and promoting domestic resource mobilization.
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Nutrition financing remains historically underfunded despite being a key determinant of long term health and development. This year, the World Bank must secure more than $120 billion in financing for its IDA21 replenishment to be able to advance these goals.
The Economic Development Assembly will make a compelling investment case for the G20 – the world’s largest economies – to increase their contributions to IDA and enable its replenishment goal of $120 billion by December 2024.
Topics and themes to be addressed include the opportunity presented by the continent’s creative economy, catalyzing private investment to build on IDA’s efforts in Africa, the future of ethical investing and addressing debt to accelerate development.
Taking place at Hotel Sofitel in Abidjan, presenting partners of the Economic Development Assembly include international advocacy organization Global Citizen and asset management firm Bridgewater Associates, in partnership with the Government of Côte d’Ivoire and Harith General Partners, and supported by Global Citizen’s global partner Citi. Co-chairs of the Assembly include Nir Bar Dea, CEO, Bridgewater Associates and Tshepo Mahloele, Founder & Chairman, Harith General Partners.
“IDA is the world’s largest, most effective fund for fighting extreme poverty in the most vulnerable countries across the globe — many of which are in Sub-Saharan Africa. Fully funded, IDA can help improve living conditions for more than 1.5 billion people,” said Hugh Evans, Co-Founder & CEO, Global Citizen. “As a public fund, IDA needs G20 governments to massively accelerate urgent and strategic investments in its replenishment this December, so the potential of Africa’s booming young demographic can be unlocked to become an asset for the continent and the world.”
“Africa is at a crossroads with a demographic boom on the horizon. That boom will have significant implications and opportunities for the trajectory of the continent and the globe,” said Nir Bar Dea, CEO, Bridgewater Associates. “Nearly 25 percent of the global working-age population will be located in Sub-Saharan Africa by 2050. Given the significance of this opportunity and its impact on future generations, it’s important to bring together leaders from across private, public, and civil society sectors to aim their focus at this region at this critical moment.”