A high-level Economic Development Assembly, spearheaded by Bridgewater Associates and Global Citizen, is set to take place on October 9-10 at the Hotel Sofitel in Abidjan, Cote d’Ivoire.
The event will gather prominent political, private sector, and philanthropic leaders to secure support for the World Bank’s IDA21 replenishment, which seeks more than US$120 billion by December 2024.
The assembly’s primary focus is addressing pressing social and economic challenges faced by 75 low-income countries, particularly in Africa, where poverty, energy insecurity, and lack of access to basic services remain critical issues.
Among the distinguished speakers are Côte d’Ivoire’s President, Alassane Ouattara, World Bank President, Ajay Banga, Global Citizen Co-Founder, Hugh Evans, HTS Partners CEO Hafou Touré, and Bridgewater Associates CEO Nir Bar Dea.
The event will also highlight voices from the arts, with Global Citizen Ambassador actress Nomzamo Mbatha and South African singer Yvonne Chaka Chaka lending their influence to the cause.
The assembly aims to galvanize G20 governments to back the replenishment of the International Development Association (IDA), which has been pivotal in reducing poverty through strategic grants and loans.
IDA’s efforts are especially critical in Africa, where over 600 million people still lack access to electricity. The World Bank, through IDA, has set an ambitious target to lift 250 million people out of energy poverty by 2030. Hugh Evans emphasized that fully funding IDA is key to improving the lives of over 1.5 billion people worldwide, with a particular focus on the rapidly growing population in Sub-Saharan Africa.
Research from Bridgewater Associates stresses the rising noteworthiness of Sub-Saharan Africa, projecting that the region will account for 25% of the global working-age population by 2050. Nir Bar Dea highlighted that this demographic shift represents both an opportunity and a challenge, stressing the need for urgent action to ensure the continent’s growth leads to widespread prosperity.
The assembly will also explore how private investment, ethical financing, and debt restructuring can accelerate African development. This event is a precursor to the upcoming G20 Summit in Rio de Janeiro and the IDA21 replenishment conference in Seoul, where the international community will continue discussing strategies to address global poverty and inequality.
