African finance ministers have called for a replenishment of the International Development Association (IDA) fund, the World Bank’s fund and grants to 79 developing countries.

They made the call in Washington D.C on Sunday at a news conference on the sideline of the ongoing yearly meeting of the World Bank/International Monetary Fund.

The ministers said an increase in IDA funding would help strengthen the economic recovery Africa is currently experiencing following a global economic crisis.

Kenya’s Deputy Prime Minister and Minister of Finance Uhuru Kenyatta said: “While Africa may still account for only a small percentage of global growth, it has the potential to be a larger player.

“There is a growing recognition that the continent can be part of the solution to the global recession, especially if adequate funding was provided to help it sustain its quick rebound.

“I do hope larger players will realise the need, not just to replenish funding for IDA, but to increase it.”

Echoing the same views, Minister of Finance, Sierra-Leone, Mr Samura Kamara, said: “We must get together and convince the advanced countries to put more money into IDA funds, since that is our window of opportunity.”

Central African Republic’s Finance Minister, Albert Besse, and his counterpart from Comoros Islands, Mohamed Dossar, said debt relief was important for countries rebuilding after violent conflicts or political upheavals.

“Debt relief, granted in 2007 in the case of CAR, and the prospects for debt cancellation for Comoros in 2012, will afford both countries the fiscal space,” Besse said.

In addition to that, Dossar said: “Africa needs to fund economic stimulus programmes, sustain macro-economic stability, and tackle new challenges, such as climate change and global vulnerability.”

The ministers also had words of praise for the World Bank Africa Region’s initiative to consult with Africans as it embarks on the process of renewing its strategy for the region.

IDA provides interest-free funding (known as credits) and grants to 79 of the world’s developing countries, 39 of which are in Africa.

Out of a total $11.5 billion (about N1.7 trillion) provided by the World Bank to Africa during the fiscal year, which ended June 30, IDA accounted for $7.2 billion (about N78 billion) including $1.5 billion (N225 billion) in grants.

Donors gather every three years under a process known as replenishment, to contribute to IDA, while the fund turned 50 on September 24.