Washington DC, 2 August 2022 (TDI): The World Bank’s International Development Association (IDA) has provided a plan for enhancing financial technology in Côte d’Ivoire also known as Ivory Coast.
World Bank’s IDA announced the steps to be taken for the emergence of a new generation of financial service providers.
A roadmap for improving #FinTech in #CotedIvoire. How an IDA-financed study outlines the development of a new generation of financial service providers and identifies the capacity-building needs of FinTech companies: https://t.co/L7Ph4tvCLH #IDAworks #IDAworks4Africa pic.twitter.com/pV7MlyRtKa
— World Bank (@WorldBank) August 1, 2022
Therefore, this will be executed with the capacity-building requirements of Fin-Tech companies, in a study commissioned by IDA.
IDA Efforts
In line with advocating for an ambitious 20th replenishment of the World Bank’s IDA20 at their Heads of State Summit in Abidjan in July 2021, African leaders convened again in Dakar, Senegal, on July 7, 2022.
Specifically to call for a strong start to the implementation of IDA20 focused on a robust and resilient recovery for the African continent.
Various global disasters including COVID-19, and rising food shortages have impacted Africa. As well as the recent effects of the war in Ukraine.
The IDA-20 program had been introduced to aid in a healthy recovery from these crises. Also, assisting the continent in advancing its economic change. The forum also affirmed IDA’s efforts and applicability as a preferred partner in the area.
World Bank
It is made up of 189 member countries. Thus, the member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank.
The governors are member countries’ Ministers of finance or Ministers of development. Therefore, the World Bank Group works in major areas of development. That is, providing a wide array of financial products and technical assistance.
In addition to this, they help countries share and apply innovative knowledge and solutions to the challenges they face.
Furthermore, the World Bank works with other international institutions. Together with donors, civil society, and professional and academic associations. Especially to improve the coordination of aid policies and practices in countries, at the regional level and at the global level.
Most importantly, the World Bank provides low-interest loans, zero to low-interest credits, and grants to developing countries.
As a result, these support a wide array of investments. Specifically in areas such as education, health, public administration, infrastructure, financial and private sector development. Along with agriculture, and environmental and natural resource management.
All in all, some of the projects are cofinanced with governments and other multilateral institutions. Alongside commercial banks, export credit agencies, and private sector investors.
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