International Finance Development Club (IFDC) Chairman Rémy Rioux.
The world’s 450 public development banks are meeting for the first time this week in a key summit to mobilise a collective response to the Covid-19 crisis.
The global meet dubbed 'Finance in Common Summit' in France will see development banks discuss what it takes to build a recovery.
International Finance Development Club (IFDC) Chairman Rémy Rioux who doubles as summit president, said the forum would help design a system for public development banks to re-orient and leverage financial flows to climate and Sustainable Development Goals.
“The crisis provoked by the Covid-19 pandemic marks a turning point. We must redouble our efforts to lay foundations for a fairer, more resilient future where short term urgency can be reconciled with long term objectives,” he said.
The summit focuses on improving global governance. The event will also showcase how the partnership of two development banks operating in East Africa, has championed change.
These are the Eastern and South African Trade and Development Bank (TDB) and the French Development Bank (AFD).
The two lenders joined forces since 2017 in a partnership that has funded investments in the region, especially in green energy. AFD benefits from TDB’s expertise in the region while the French development agency helps in incorporating environmental protection in all its projects.
Mr Rioux said public development banks are better placed to chart an economic recovery due to their operating models.“Public development banks usually lend over a term equivalent to their resources and therefore don’t have significant short-term refinancing needs,” he said.
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