Nir Bar Dea, CEO of Bridgewater Associates, and Hugh Evans, his counterpart at poverty relief-focused non-profit Global Citizen, will host an Africa Economic Summit to support fundraising efforts by the World Bank, according to a report by Fortune.
In partnership with the government of Côte d’Ivoire and Harith General Partners, the event in Abidjan on 9 and 10 October will aid IDA21, the 21st Replenishment of the World Bank’s International Development Association, the process whereby donor countries are asked every three years to fund grants and low-interest loans to 75 of the world’s poorest economies.
With national debt levels having soared amid higher interest rates and default levels at their highest in 20 years, World Bank’s President Ajay Banga is asking countries to step up financial support for IDA21.
Bar Dea has committed that Bridgewater will publish a series of research studies to highlight data on the economic potential of Africa and ripple effects on the global economy, saying: “In a very polarised society, it’s important to be a reliable source of objective, evidence-based truth.” His thinking is that where there is public sector leadership and investments in infrastructure, private sector funding will follow.
Meanwhile, Evans, whose organisation is known for its high-profile Global Citizen music festival, wants to engage with the message that, “yes, capitalism has the potential to alleviate poverty”.
Global Citizen is planning to lead a campaign to aimed at getting citizens to urge their leaders to provide extra funding to IDA, with the aim of spurring lasting growth in Africa and lifting 300m people out of “energy poverty”.
