The AfDB had designed a solution that would enable rich countries reallocate part of their Special Drawing Rights (SDR) to low-income countries through multilateral development banks. And delegates at the summit included several heads of state, heads of international financial institutions, including multilateral development banks, intergovernmental institutions, philanthropists, and global private sector business leaders. “We are seeing important innovations begin to take shape across the African Development Bank, the Asian Development Bank, the Islamic Development Bank, and others,” Yellen said, calling for continued partnership between the World Bank and regional development banks. “We must continue to pursue ambition on reforms at the World Bank,” she said. So, we need to increase the financing capacity of the multilateral development banks.

Source: The Guardian June 25, 2023 03:34 UTC