THE GEOPOLITICS OF IDA21 THE CASE FOR AN AMBITIOUS REPLENISHMENT

Vera Songwe of the G20’s Independent Expert Group has called for a similar scale of replenishment, and emphasised the need for donors to continue to increase IDA’s firepower to a point where it can triple lending volumes by 2030.13 But the signs for a strong replenishment are not promising. [...] The West’s inability to find a workable solution to the debt crisis in Africa is another key factor that is undermining trust and increasing volatility in the region. [...] The geopolitical significance of IDA Given the challenges outlined in the previous section, it is in the direct geopolitical interest of donor countries to make an “offer” to African states that repairs trust, closes the financing gap, and helps to mitigate the growing debt burden. [...] In a recent op-ed for the Economist, the Presidents of Kenya, Ghana and Zambia mentioned IDA21 before any other policy priority.22 At the World Bank’s 2023 Annual Meetings, African finance ministers supported the target of tripling IDA lending by 2030.23 The IDA21 replenishment conference, which will take place in Nairobi in April, will be an opportunity for African states and other IDA recipient. [...] We work on the frontier of the climate landscape, tackling the barriers and advancing the solutions to a safe climate.