President William Ruto’s visit to Germany this week provides a unique opportunity for Germany to position itself as a global leader and support Africa’s ambition to meet its climate and development goals.....CLICK HERE TO READ THE FULL ARTICLE>>>
The visit comes ahead of the Hamburg sustainability conference scheduled to be held next month, which aims to bring together policymakers and business leaders to promote multilateral exchange and strengthen trust in international partnerships to help achieve the SDGs.
Climate finance ambition, the need for the reform of the international financial system and Germany’s contribution to the International Development Association (IDA) – a World Bank fund which provides very low-cost and grant financing to some of the poorest countries in the world – are expected to be at the centre of the discussion.
For Africa, IDA’s role in helping African countries adapt to the impacts of climate change and achieve a just transition as well as to invest in their development goals is significant.
Germany was amongst the top 5 contributors of IDA during the current replenishment cycle when shareholders agreed on a historic $93 billion financing package for IDA countries for fiscal years 2022-2025 – 70% of these contributions went to Africa.
Earlier this year, during an African Heads of States summit, President William Ruto, on behalf of African leaders, called on the World Bank to increase its IDA contribution from the $93bn raised in 2021 to at least $120bn in 2024.
Kenya and Africa have been at the forefront of calling for reforms of the global financial architecture to make it fairer. President Ruto previously urged the G7 countries to support reforms which would provide Africa with access to concessional, long-term and agile finance. Germany’s role in driving these reforms remains significant.
President Ruto’s visit comes at a time when African countries are calling on developed countries to commit to bigger and better climate finance contributions during this year’s COP 29 to the tune of $1.3 trillion annually to support countries to adapt to and cope with climate impacts….CLICK HERE FOR MORE ARTICLE>>>
