“We are having conversations with various countries that have SDRs that are not used because, frankly, they don’t need them. As a result, most of these SDRs have remained unused by the rich nations. Though the rich nations agreed to pledge $100 billion worth of their SDRs for climate finance for Africa, there still remains a shortfall of $15 billion. This is where the GCC leaders can step in, say the experts as their own unused SDRs can be leveraged to raise the much-needed funds for the African nations as well as other vulnerable countries. “So you’re talking about roughly $190 billion of additional headroom in the World Bank alone that could help drive development and climate resilience in countries that get money from the World Bank.

Source: The Nation December 10, 2023 15:56 UTC