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Remarks by Dr. Akinwumi A. Adesina President, African Development Bank Group - Session: Leveraging SDRs for Climate and Development - COP 28, UAE - 4 December 2023

· Akinwumi Adesina, President of the African Development Bank Group (International)

Summary written by Dark Majestic in its own words · topics: climate, energy and nature, public finances and debt, development and emerging economies

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· Akinwumi Adesina Wiki · African Development Bank Group WikiRemarks by Dr. Akinwumi A. Adesina President, African Development Bank Group - Session: Leveraging SDRs for Climate and Development - COP 28, UAE - 4 December 2023

ContextRemarks at a COP28 session in Dubai on channelling IMF special drawing rights to climate and development; the African Development Bank finances Africa's development and wants SDRs routed through it.

Why it mattersAdesina proposes routing IMF reserve assets through development lenders to multiply climate finance.

Problems raised
  1. Countries face rising fiscal costs for development.
  2. Climate finance is insufficient.
  3. Special Drawing Rights are not reaching those in need.
Solutions proposed
  1. Rechannel SDRs through development banks.
  2. Reform the global financial architecture.
  3. Leverage SDRs for climate and development.
Read full speech on afdb.org ↗

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