President William Ruto on Monday called for increased donor contributions towards the World Bank's International Development Association (IDA) to a record Ksh16 trillion ($120 billion).
Ruto who spoke during the World Bank’s IDA meeting held in Nairobi noted that African countries were facing several challenges that needed adequate funding.
According to the head of state, among the several challenges faced by the continent included climate emergencies, geopolitical tensions, and debts that threatened economic stability.
“Given the enormity of the challenge faced by African countries and its global implications as a collective emergency, we call on our partners to meet us at this historic moment of solidarity and respond effectively by increasing their IDA contribution,” Ruto urged the donors.
The president's recommendation for a hike in donor contributions to $120 billion was a huge boost from the initial set target of $93 billion.
World Bank donors meet every three years to review their contributions to the bank's affiliate, the IDA. According to Ruto, African countries last year received a total of $26 billion from IDA to fund different projects.
IDA is a World Bank institution that offers loans with low-interest rates and long tenures.
It offers loans to about 75 countries globally with more than half of the number being African countries including Kenya.
In his quest, President Ruto cited the country's current flood situation as one of the reasons for calling in the hike of donor contributions to IDA.
During his visit to Kenya, World Bank president Ajay Banga promised to revise the strenuous rules that control the lending of money to countries under IDA.
"We believe a simpler and reimagined IDA can be deployed with more focus to make a meaningful impact," Banga noted.
The funds obtained under IDA are usually used by countries to fund different projects ranging from healthcare to energy, agriculture and infrastructural development.
