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A person walks past a “#COP28” sign in Abu Dhabi, United Arab Emirates, October 1, 2023. REUTERS/Amr Alfiky/File Photo Acquire Licensing Rights
DUBAI, Dec 4 (Reuters) – France and Japan have announced they will lead in supporting the African Development Bank’s facility to leverage IMF Special Drawing Rights for climate and development, the COP28 presidency said in a post on X on Monday.
SDRs are rainy day foreign exchange reserves held at the IMF that are rarely used, although some were during the Covid pandemic. Allowing the SDRs to be on-lent to development banks could help them bolster climate finance in developing markets.
Reporting by William James; editing by Simon Jessop
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