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Remarks by Dr Akinwumi A. Adesina President, African Development Bank Group - Session: Climate Resilient Debt Clauses—A Call to Action - 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: financial stability, 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: Climate Resilient Debt Clauses—A Call to Action - COP 28, UAE - 4 December 2023

ContextRemarks at a COP28 session in Dubai on climate-resilient debt clauses; the African Development Bank finances Africa's development and wants debt relief after climate disasters.

Why it mattersAdesina calls for loan clauses that pause repayments after climate disasters.

Problems raised
  1. Climate disasters push vulnerable countries into debt stress.
  2. Debt service continues after shocks.
  3. Fiscal space disappears when disasters hit.
Solutions proposed
  1. Adopt climate-resilient debt clauses.
  2. Allow debt service suspension after severe shocks.
  3. Spread the clauses across lenders.
Read full speech on afdb.org ↗

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