Abidjan Accord: Global Leaders Unite for $120 Billion Investment in Africa's Future

A powerful coalition of CEOs, global leaders, and artists calls on G20 nations to boost funding for poverty alleviation and development in Sub-Saharan Africa.

In a landmark moment for Africa’s future, more than 100 CEOs, global leaders, and renowned artists have come together to sign the Abidjan Accord, a global call for a $120 billion investment in Africa. The coalition, which includes tech leaders, public figures, and cultural icons, is urging G20 nations to significantly increase their contributions to the World Bank’s International Development Association (IDA), a fund that plays a vital role in supporting poverty alleviation efforts across 77 developing nations, most of which are in Sub-Saharan Africa.

The Abidjan Accord was announced at the Economic Development Assembly, held in Abidjan, Côte d’Ivoire, under the theme “Advancing Africa’s Future.” This ambitious call seeks to replenish the IDA’s 21st funding round, which is crucial for enabling essential infrastructure, healthcare, and energy projects in low-income nations. Denmark has already committed to a 40% increase in its contribution to the IDA, setting the tone for the upcoming replenishment round and signaling its robust support for the cause.

A Diverse Coalition for a Unified Cause

The list of signatories to the Abidjan Accord includes heavyweights from both the private and public sectors. Leaders from major tech firms such as Intel and Cisco have aligned their efforts with global policymakers like former Austrian President Heinz Fischer, former U.S. Treasury Secretary Lawrence Summers, and ex-Irish Prime Minister Leo Varadkar. The cultural sphere also made its presence felt, with artists such as Nigerian rapper Falz, Afrobeat legend Femi Kuti, and Ghanaian star Stonebwoy lending their voices to this critical issue. Philanthropic leaders, including Dr. Phumzile Mlambo-Ngcuka, former Executive Director of UN Women, also added their support, recognizing the significant impact this funding could have on Africa’s future.

The Critical Role of IDA in Africa’s Development

Bridgewater CEO Nir Bar Dea highlighted the importance of this historic collaboration, emphasizing the collective power of the private, public, and civil sectors to address Africa’s most pressing challenges. He noted that research, alongside World Bank insights, underlined the need for increased IDA funding to drive global growth, particularly in healthcare, infrastructure, and energy access across developing nations.

Hugh Evans, CEO and co-founder of Global Citizen, also spoke on the impact of the Abidjan Accord, focusing on how high-interest loans are crippling many developing countries by diverting resources away from essential services like healthcare and education. According to Evans, fully funding the IDA could elevate the living standards of nearly two billion people, making it one of the most impactful investments the G20 could make for the global economy’s future.

Africa’s Immense Potential

Tshepo Mahloele, founder and chairman of Harith General Partners, noted that investing in Africa is about more than just capital—it’s about unlocking the continent’s immense potential. Africa’s vast resources, burgeoning talent pool, and boundless opportunities offer significant returns for investors. Mahloele expressed optimism about Côte d’Ivoire’s and Africa’s future, asserting that today’s investments will lay the groundwork for tomorrow’s prosperity.

Among the notable signatories was Dr. Phumzile Mlambo-Ngcuka, who underscored the importance of G20 nations stepping up their contributions to Africa’s development. As a former Deputy President of South Africa and head of UN Women, her endorsement brings significant weight to the movement.

New Initiatives and Co-Financing Contributions

In addition to the Abidjan Accord, the assembly unveiled several initiatives aimed at advancing Africa’s development. Notably, African nations surpassed the $100 million mark in co-financing contributions to Gavi, the Vaccine Alliance, for the second consecutive year. Côte d’Ivoire, the host nation, announced its full payment of $9.9 million in co-financing for 2024. Zipline, a drone delivery company, revealed a $500,000 expansion of its partnership with Gavi, aimed at improving vaccine delivery in rural areas across the country.

A Path to a Brighter Future

The Abidjan Accord stands as a testament to the global commitment needed to drive real change in Africa. By securing this $120 billion investment, the signatories hope to address Africa’s most urgent needs, build a more sustainable future, and position the continent as a critical engine of global growth. The collaboration between CEOs, global leaders, and artists showcases the collective power of diverse sectors working together to champion Africa’s future.

This united call to action serves as a rallying cry for the G20 and the world to take tangible steps toward making a transformative difference for millions of people in Africa. The foundation for a brighter future has been set; now, it’s time for the global community to act.