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Debt Dynamics and Financial Stability in Africa
June 6, 2023African countries were severely hit by the COVID-19 pandemic, which quickly drove the continent into its worst recession in fifty years. According to the 2022 African Development Bank African Economic Outlook (AEO), real GDP declined by -1.5% in 2020 compared to growth of 3.3% in 2019. Africa has recovered quickly from the recession, but this has not translated into favorable [...]
Multilateral development bank reform in a climate-changed world: A panel discussion with ADB President Masatsugu Asakawa
June 6, 2023The Covid-19 pandemic was a stark reminder that global challenges need globally coordinated solutions. Meanwhile, pressure to contain the increase in global temperatures has escalated. Multilateral development banks (MDBs) are – in principle – well-placed to address global or regional challenges. They are major contributors to the international climate finance commitment, and have taken a number of steps to coordinate national development and [...]
MDBs in the News: Week of June 5, 2023
June 5, 2023Each week, we'll publish a short round-up of news about multilateral development banks, to keep you in the loop about important updates on the reform agenda. Ajay Banga faces great expectations as he takes helm of World BankShabtai Gold, Devex "On Friday, Banga takes over the largest global anti-poverty lender — which across its five wings last year did $114 [...]
IDA’s New Fundraising Campaign: An Early Test for World Bank President Banga
June 1, 2023Last month, the World Bank announced its intention to mobilize $12 billion for a new Crisis Facility for IDA, the arm of the bank that provides concessional lending and grants to the poorest countries. The Crisis Facility will augment emergency funding for IDA’s most vulnerable borrowers and provide new resources for Ukraine and Moldova. Shareholders will be asked to pledge to the [...]