Climate financing : the ADB calls on rich countries to transfer their SDRs to it

To increase its financing dedicated to climate change adaptation projects in Africa, the African Development Bank (AfDB) has urged rich countries to transfer part of their special drawing rights (SDR) to it from the International Monetary Fund ( IMF).

The transfer of part of the SDRs from developed countries to the AfDB will allow the African multilateral bank to count these assets as equity and thus increase its capacity to finance projects to adapt to climate change on the continent. In 2022, the AfDB has allocated 63% of its climate finance to adaptation.