The funding is utilized by governments to enhance access to energy and healthcare. These investments are crucial for improving the well-being and quality of life for citizens.

African leaders have urged wealthy nations to commit record contributions to a low-interest World Bank facility aimed at assisting developing nations in funding development projects and addressing climate change challenges.

Donors will announce their financial commitments to the International Development Association (IDA), a branch of the World Bank that provides loans with favorable interest rates and extended repayment terms, during a conference scheduled for December in Japan.

"We urge our partners to join us in this significant moment of solidarity and respond decisively by increasing their IDA contributions... to a minimum of $120 billion," stated Kenya's President William Ruto during a meeting of African leaders and the World Bank convened to discuss IDA funding on Monday.

Ruto emphasized that African economies are grappling with a "deepening development and debt crisis that poses a threat to our economic stability, as well as urgent climate emergencies that require immediate and collective action for the survival of our planet."

He referenced Kenya's own devastating floods and a severe drought affecting southern African nations like Malawi.

If donors commit to the minimum amount proposed by African leaders, it will mark a new peak following the previous fundraising round in 2021, which garnered $93 billion.

IDA lending follows a three-year cycle, typically beginning with donors pledging their contributions at a global assembly.

The World Bank stated that IDA provides low-interest-rate loans to 75 developing countries worldwide, with over half of them located in Africa.

The funding is utilized by governments to enhance access to energy and healthcare, invest in agriculture, and construct essential infrastructure such as roads.

Ajay Banga, the president of the World Bank, pledged to streamline the "onerous" regulations governing lending to nations under the IDA to enhance efficiency and expedite the delivery of funds to borrower nations.

"We are convinced that a simpler and reimagined IDA can be implemented with greater focus to achieve significant impact," he stated.