African, Inter-American Development bank leaders seek $20 billion IMF assets for $80 billion climate finance drive
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Leaders of the African and Inter-American Development Banks are touring North America, the Middle East, Korea, and Brazil to secure $20 billion in IMF reserve assets, aiming to convert these into $80 billion for climate financing.
AfDB President Akin Adesina told Reuters that they seek pledges of Special Drawing Rights (SDRs) from at least five of the countries they are visiting in the coming months, alongside IDB counterpart Ilan Goldfajn.
“We’ve been talking to Canada, we’ve been talking to the United States, talking to Saudi Arabia, to Korea, to Kuwait, also Qatar, as well as Brazil,” Akin Adesina said in an interview during a trip to London.
Also read: Stalemate in climate funding talks ahead of COP29
Earlier this month, the AfDB’s board approved a $117 billion capital increase and is now seeking an additional $25 billion for its African Development Fund, which focuses on concessional lending.
The bank aims to allocate some of these resources to initiatives like credit guarantees, leveraging its triple-A credit rating to reduce borrowing costs for projects.
Already, these funds have been used for railway projects linking Tanzania to the Democratic Republic of Congo and Burundi, as well as between Nigeria and Niger.
The AfDB plans to extend similar support to debt-for-nature or climate swaps, assisting governments in reducing debt burdens in exchange for safeguarding critical ecosystems.
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