What:

Roundtable event on Leveraging Special Drawing Rights (SDRs) for Climate and Development

Who:

The COP28 Presidency, African Development Bank, Inter-American Development Bank, France and Japan

Time:

4 December 2023--Finance Day at COP28

Venue:

Al Saih Roundtable, Blue Zone

Time:

11:30am-12:30pm

The COP28 Presidency, the African Development Bank, the Inter-American Development Bank, the Government of Japan, and the Government of the French Republic will co-host a high-level roundtable event on the margins of COP28, to discuss progress made to date on channeling IMF Special Drawing Rights (SDRs).

The African Development Bank and the Inter-American Development Bank have developed an innovative proposal to channel SDRs to multilateral development banks (MDBs). Representatives of SDR-rich countries have expressed strong support for the proposal, and have committed to working together to unlock progress ahead of COP28.

The SDR roundtable at COP28, builds on outcomes of the Africa Climate Summit held in Nairobi, Kenya in September 2023, at which African leaders called for concrete, time-bound action on the proposals to reform the multilateral financial system and including the channeling of SDRs to Africa, including through institutions such as the African Development Bank which will be able to leverage the SDRs by three to four times. African leaders also called for the formation of a group of SDR donors to expedite this channeling ahead of COP28.

Media Contacts:

African Development Bank: Amba Mpoke-Bigg, Communication and External Relations Department, [email protected]

Inter-American Development Bank, Pablo Bachelet, Head of Media Relations and Senior Advisor, [email protected]