African Leaders Seek $100 Billion From World Bank

African leaders have asked the World Bank for new aid plans to finance their economic recovery and better access to vaccines against so-called Covid-19.

The leaders who gathered in Abidjan, Ivory Coast on Thursday, are seeking $100 billion that provides assistance to the lowest-income nations, as the COVID-19 pandemic continues to pile up financing pressures on economies.

The World Bank in April had accelerated its process for a twentieth replenishment of International Development Association also known as the IDA after the fund provided massive assistance to help countries deal with the COVID-19 pandemic.

IDA is one of the largest sources of funding for fighting extreme poverty in the world’s lowest income countries and Africa is the continent with the most beneficiaries having 39 countries on the list.

Ivorian president Allassane Ouattara noted that this $100 billion “would be the largest amount raised in IDA’s history.” The previous was $82 billion.

Chairman of the AU Commission Moussa Faki, echoed the importance of debt restructuring accompanied by a bold policy that goes beyond special entitlements to alleviate the pressing need for immediate cash for vaccine purchases and to lay the foundations for economic recovery.

TheWorld Bank says as African countries grapple with the impacts of the COVID-19 pandemic, continued support, particularly from IDA, is critical to help them meet their financing needs,

The bank aims to complete this round of recapitalization by December.