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African Lender Wants to Leverage Rich Nations’ IMF Reserve Funds

  • African Development Bank aims to access special drawing rights
  • Lender could reflect SDRs as equity, use them for leverage
Headquarters for the African Development Bank (AfDB) in the Plateau business district of Abidjan, Ivory Coast.
Headquarters for the African Development Bank (AfDB) in the Plateau business district of Abidjan, Ivory Coast.Photographer: Andrew Caballero-Reynolds/Bloomberg

The African Development Bank is lobbying rich nations to use their rights to International Monetary Fund reserve assets to help it raise funding to support poorer countries, the first such initiative undertaken by a multilateral lender.  

“We’re pioneering for Africa but also pioneering for multilateral development banks,” which can complement and magnify the work of the IMF, AfDB Chief Financial Officer Hassatou Diop N’Sele said in an interview in Ghana’s capital, Accra.