The President of the African Development Bank, Akinwumi Adesina, has pledged the support of the continental financial body for the Bola Tinubu administration.
INFORMATION NIGERIA reports that Adesina in his chat with President Tinubu at the just concluded Summit For a New Global Financing Pact in Paris, France, said the AfDB will strongly support Tinubu’s vision for Nigerian economy.
In his verified tweeter handle @akin_adesina, the AfDB president said, “I had a great meeting with President Tinubu during the new global finance pact summit in Paris. I was impressed by his bold &sound policies for Nigeria’s economy. The African Development Bank will strongly support his vision for Nigerian economy.”
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However, Adesina again underscored the case for multilateral development banks (MDBs) to be allowed to leverage International Monetary Fund Special Drawing Rights.
He said with an increased allocation, MDBs could crowd in the much-needed resources for developing nations to fight climate change and fast-track the UN Sustainable Development Goals.
Speaking during a panel session at the Summit For a New Global Financing Pact(link is external) in Paris, Adesina said MDBs could leverage an allocation of $ 200 billion, and turn this into a trillion dollars.
Adesina said: “The MDBs are leveraging machines. They can leverage the SDR’s by three to four times. So that leverage is very important to have.”
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