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ADB Announces IF-CAP, New Program to Accelerate Billions in Climate Change Financing  

May 2, 2023

INCHEON, REPUBLIC OF KOREA (2 May 2023) — The Asian Development Bank (ADB) today announced the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), a landmark program which could significantly ramp up support for the region in the battle against climate change. The announcement was made by ADB President Masatsugu Asakawa on the opening day of ADB’s 56th Annual Meeting in Incheon. “Climate change is the critical issue of our lifetime and here in Asia and the Pacific we are on the frontlines of that battle,” Mr. [...]

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Evolution of the World Bank Group – A Report to Governors

April 12, 2023

Spring 2023 Development Policy Committee Report to Governors The World Bank Group (WBG) must evolve in response to the unprecedented confluence ofglobal crises that has upended development progress and threatens people and the planet. TheWBG Governors have called for intensified action, building on the historic WBG global crisis responsesince the onset of the COVID-19 pandemic. The urgency of action continues to escalate given the vastand increasing needs related to poverty reduction and shared prosperity, as well as to respond toaccelerating global challenges such as climate change, pandemic risk, and fragility, [...]

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World Bank Group Statement on Evolution Roadmap

January 13, 2023

WASHINGTON, JANUARY 13, 2023 — The World Bank Group today released the following statement: “On January 11, the World Bank Group’s Boards of Executive Directors discussed with Management an Evolution Roadmap for the Bank Group to better address the scale of development challenges such as poverty, shared prosperity, inequality, and cross-border challenges including climate change, pandemics, and fragility, conflict and violence, that all affect the Group’s ability to achieve its mission. The Board expressed preliminary views on Management’s initial draft, Evolving the World Bank Group’s Mission, Operations, and Resources: A Roadmap. The [...]

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African Development Bank, United Kingdom and London Market Insurers enter new risk transfer partnership for climate action

October 20, 2022

The African Development Bank, the government of the United Kingdom and three globally recognized insurance companies have closed on a new and innovative risk sharing transaction known as the Room to Run Sovereign.   The Room to Run Sovereign transaction was structured with the intention of scaling up the African Development Bank Group’s commitments to climate finance by up to $2 billion and will go a long way in supporting African countries meet their Nationally Determined Contributions, or NDC’s. The support provided by the United Kingdom and private insurers in [...]

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