Wealthy nations have finalized an overdue $100-billion climate finance pledge to developing countries and created a fund for biodiversity and the protection of forests, French President Emmanuel Macron said
The leaders, gathered at a summit in Paris to thrash out funding for the climate transition and post-COVID debt burdens of poor countries, said their plans would secure billions of dollars of matching investment from the private sector.
"We ... expect an overall increase of $200 billion of MDBs' lending capacity over the next ten years by optimizing their balance sheets and taking more risks," the summit's final statement obtained by Reuters said. The final summit document called for each dollar of lending by development banks to be matched by at least one dollar of private finance, which analysts said should help international institutions to leverage an additional $100 billion of private money in developing and emerging economies.
However, differences remain. China - the world's largest bilateral creditor - has been pushing for lenders like the World Bank or the IMF to absorb some of the losses, which the institutions and Western countries oppose. "There is the political consensus that this issue is bigger than each of us and we have to work together and multilateral development banks will have to change how they do business and that is accepted," Mottley said at the summit's closing panel.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World Bank set to pause loan repayments by disaster-hit nations - FTThe World Bank will allow countries hit by disasters to pause repayments on loans to the multilateral lender, the Financial Times reported on Thursday.
Read more »
At Paris summit, World Bank lays out plans to tackle natural disastersThe World Bank chief will announce a raft of measures on Thursday to aid countries hit by natural disasters, including a pause in payments to the lender, as world leaders gather in Paris to give impetus to a new global finance agenda.
Read more »
US calls World Bank to offer debt resilient for disaster hit nationsUS Treasury Secretary Janet Yellen urges World Bank to add clauses to debt agreements with poorer countries affected by disasters, hoping to prevent the financial fallout of natural catastrophes
Read more »
At Paris summit, World Bank unveils debt payment pause for disaster-hit countriesThe World Bank chief announced a raft of measures on Thursday to aid countries hit by natural disasters, including a pause in debt repayments to the lender, at a gathering of world leaders in Paris to give impetus to a new global finance agenda.
Read more »
World Bank set to pause loan repayments by disaster-hit nations, Financial Times reportsThe World Bank will allow countries hit by disasters to pause repayments on loans to the multilateral lender, the Financial Times reported on Thursday.
Read more »
At Paris summit, World Bank unveils debt payment pause for disaster-hit countriesThe World Bank chief announced a raft of measures on Thursday to aid countries hit by natural disasters, including a pause in debt repayments to the lender.
Read more »