African Union seeks $100bn of IMF’s Special Drawing Rights in major shift
The African Union, in an updated declaration from the continent’s first climate summit, said at least $100 billion in International Monetary Fund special drawing rights should be redirected to Africa.
It should be channeled through institutions such as the African Development Bank and a group of SDR donors should be formed before COP28, the group said in a statement on Friday.
The IMF should also consider issuing at least $650 billion of new special drawing rights and multilateral development banks should be recapitalized so that they can lend more than $500 billion in concessional finance.
The continent should also seek $30 billion for water projects by 2030, the African Union said.
