The International Development Association – IDA 21 for Africa Heads of State and Government starts in Nairobi, Kenya.
IDA, which is an arm of the World Bank, provides grants and soft loans with low interests that can be repaid over a long period of time to underdeveloped countries to help countries build resilience and invest in interventions aimed at reducing poverty.
President Dr Lazarus Chakwera is expected to deliver a speech at the summit, highlighting how Malawi has been devastated by back to back natural shocks for the past three years, which have affected progress in development.
Stakeholders and partners of the World Bank meet every three years to replenish the IDA fund and review policies.
14 Civil Society Organizations have since called for a replenishment commitment of about a $100 billion to support African countries that are grappling with effects of climate change.
World Bank Group President Ajay Banga bas said the Bank is working hard to make IDA more efficient and bring meaningful impact in the lives of Africans.
In his keynote statement, host President William Ruto of Kenya hailed IDA for exemplifying fair lending practices but appealed for the loans to be long term and concessionary.
President Ruto also said most African countries need resources to rebuild from devastation caused by climate change, citing current floods in his country as an example.
By Isaac Jali
