H.E President Bio is attending a one-day High-level Heads of State Summit in Dakar on World Bank/International Development Association 2022 Launch of $93.0 billion raised for 76 low income countries including Sierra Leone.
In December last year, IDA Deputies and Borrowers mobilized $93.0 billion for financing projects and programs for the 76 low-income countries for the period July 2022 to June 30 2025. The resources are allocated based on a country’s Policy and Institutional Assessment (CPIA) rating of reforms and Projects and Program performance as dedicated by annual disbursement.
Sierra Leone’s 2021 CPIA rating has increased from 3.1 to 3.2/6, which is above Sub Saharan Africa average of 3.1/6 and our project performance has also increased, for the first time, beyond annual disbursement target of 20% of the portfolio.
The objective of the High-level Summit is to “leverage the powerful voice of African countries as ‘IDA Champions’ in the implementation of IDA20. Heads of State will adopt an outcome document (the “Dakar Declaration”) underscoring their commitment to a robust recovery for Africa and identify a few transformational initiatives that would allow Africa to ‘leap forward’ with dedicated support from IDA”.
The High-level Summit is jointly hosted by the President of Senegal, H.E President Macky Sall and the World Bank. H.E President Julius Maada Bio departed Sierra Leone this morning and will return later today.