The African Development Bank urged rich nations to channel their International Monetary Fund special drawing rights through the continental lender to help fund projects needed to adapt to climate change.
The Abidjan-based bank last year allocated 63% of its climate finance to adaptation, the most of any multilateral development finance institution, Chief Financial Officer Hassatou Diop N’Sele said in written a response to questions.
“Additional efforts in supporting the green transition are premised on enhancing our lending capacity,” she said. “Re-channeling $10 billion of SDRs would increase multilateral development banks’ lending capacity by $30 billion to $40 billion, at zero cost to those providing the SDRs.” The bank has put in place a number of initiatives to bolster climate resilience on the continent, including the strengthening of infrastructure and food systems against adverse weather, N’Sele said.
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