World leaders attending this week’s Summit for a New Global Financing Pact praised the African Development Bank for finding a solution that would enable rich countries to reallocate part of their Special Drawing Rights (SDR) to low-income countries through multilateral development banks. The technical solution preserves the asset reserve status of the SDRs and would unlock hundreds of billions for Africa. The African Development Bank and the Inter-American Development Bank have been leading calls for the reallocation of the SDRs through multilateral development banks like themselves, to help rebuild livelihoods due to the impact of climate change and other global challenges. Read more.
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