IDA20: Togo among African countries to get $65 billion from the World Bank

Economic governance
Wednesday, 13 July 2022 13:05
IDA20: Togo among African countries to get $65 billion from the World Bank

(Togo First) - Over the next three years, Africa will get $65 billion from the International Development Association (IDA), the World Bank’s arm that helps the world’s poorest countries. This amount represents 70% of the $93 billion support package that IDA committed under its IDA20 replenishment program.

In Africa, 39 countries, including Togo, will be covered by the program which extends to June 30, 2025. The $65 billion, a record, will help beneficiaries recover from the pandemic which has brought about major challenges.

The Dakar Heads of State Summit

The financing was disclosed on July 7, 2022, during the Dakar Heads of State Summit where African leaders convened. Togo was represented by its minister of finance, Sani Yaya. 

On that day, Macky Sall, on behalf of the African Union (AU) which he chairs, said the IDA’s package should be used to tackle key issues like job creation, wealth-generation activities, the overhaul of education, reinforcing crisis-response capacities, and accelerating access to energy and supply of quality seeds and fertilizers.

The World Bank, for its part, noted that the IDA20 will aim at “a robust and resilient recovery of Africa,” with a focus on five important areas: economic transformation, agriculture, husbandry, and food security, human capital, digital and technological innovation, and energy transition.

Good times for Togo

The record package is announced in a context where Togo has improved its rating on the IDA resource allocation index, through several reforms introduced in the past four years. 

Read also: Public Policies: Togo sustains its performances in the World Bank’s latest CPIA rankings

To date, the World Bank’s portfolio in Togo weighs more than $917 million. That is four times more than it did in 2018: around $236 million.

Ayi Renaud Dossavi

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