A new patchwork of pledges from the world's biggest development lenders, set to release hundreds of billions of dollars for poorer nations, has raised hopes the financial floodgates are finally starting to open in tackling climate change and poverty.
This week's Summit for a New Global Financing Pact in Paris — organized by French President Emmanuel Macron — aimed to secure funding for climate action and the green transition, and to ease the post-coronavirus debt burdens of developing nations.
The summit on Thursday and Friday was attended by more than 40 heads of state — including many from Africa — and the chiefs of the World Bank and the International Monetary Fund (IMF).
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