• Ruto said the IDA provides for a win-win opportunities for both donors and recipients.
• He said that the investment will also unlock the human resource potential in the African continent.
Image: PCS
President William Ruto has explained why it is prudent for all donors to invest in the World Bank's International Development Association (IDA).
Speaking on Monday, Ruto said the IDA provides win-win opportunities for donors and recipients.
He said when the donors invest in renewable energy, Africa, with enough human resources, it can continue manufacturing and industrialisation, whose outcome it will share with the rest of the world.
"If there was a case to be made for a win-win outcome, IDA is a good example. The donors win and recipients win," Ruto said.
"The donors will put money into renewable energy and we can continue manufacturing and industrialisation using energy. We have labour in abundance and we can share the outcome of that with the rest of the world," he added.
The President further explained that by investing in IDA, 60 per cent of the world's arable and uncultivated land will be unlocked, meaning food security and nutrition for the globe.
He said that the investment will also unlock the human resource potential in the African continent.
"Being the youngest continent, investing in education, health, and social protection allows us to provide 40 per cent of the world's workforce by 2050."
President Ruto added that investing in IDA will allow Africa to decarbonise the global economy by providing green growth.
"Let me say this, our continent processes 60 per cent of the world's prime solar resources and our untapped renewable energy potential exceeds 50 times the projected global electricity demand by 2040," he said at the 21st IDA Africa Heads of State and Government meeting held in Nairobi.
The meeting brought together 20 African Heads of State.
President Ruto however, said that realising all of the above requires a shift in investment strategies with affordable, long-term capital at scale being central.
"Our proposal and request entail a vision for an Africa-driven social economic development executed with transparency and inclusiveness and our case is straightforward."
Ruto also said that Africa is not only seeking funding but is also after partnerships that can ensure its progress.
He said that African nations propose a plan that will ensure everyone has a dignified livelihood.
"We seek not just funding, but a partnership for progress. African nations propose a robust plan for Climate Positive Growth, aligning with the Nairobi Declaration from last year's Africa Climate Summit, to ensure stable, dignified, and sustainable livelihoods across our continent," he said.