• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

AfDB calls for more climate finance for Africa to support global goals

3 years ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
58
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

AfDB calls for more climate finance for Africa to support global goals

Rich countries and international financial institutions need to provide more funding for Africa to support global climate goals by preventing African nations from pursuing carbon-intensive development, a senior African Development Bank (AfDB) executive has said.

The bank’s vice president Kevin Urama said the regional development lender was seeking a new type of special drawing rights (SDRs) from the International Monetary Fund that would be channelled to “climate resilience.”

Only 5% of SDRs went to African countries, he said, urging rich countries to reallocate more of the IMF’s reserve currency for Africa’s climate finance.

“I am not calling for aid, I am not calling for grants or a favour for Africa, I am actually calling for the global community to realise that fixing Africa is fixing the world,” Urama told Reuters.

“Because otherwise if Africa chooses to develop on high carbon intensive pathways the planet is at risk.”

Urama was attending a meeting of African finance ministers and central bank chiefs in Marrakech, Morocco.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

Meeting the nationally determined contributions to fight climate change requires African countries to mobilise US$1.6 trillion between 2022 and 2030, but so far, they have only received US$18.3 billion, the bank said in a recent report.

“Financing needs are huge and the fiscal capacities of African countries are squeezed so much by external shocks that are not their responsibility,” Urama said, citing the coronavirus pandemic, the war in Ukraine and imported inflation.

The global financial architecture “needs to be reviewed” as the overlapping crises deepen the gap between the global north and south, he said.

Financial inflows into the continent have been declining and financing tightening, pushing many African countries to borrow in open markets and issue bonds with “shorter terms and higher risk.”

Some countries are “basically mortgaging their future assets to get funds” through resource-backed loans, Urama said.

Tags: AfDB calls for more climate finance for Africa to support global goalsAfrican Development Bank (AfDB)climate finance for AfricaSpecial Drawing Rights (SDRs)
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.