Africa: AfDB and Afreximbank clash over scarce SDR funding

By Julian Pecquet
Posted on Tuesday, 3 May 2022 11:42

African Development Bank's President Akinwumi Adesina waves as he arrives for a dinner on the first day of the Paris Peace Forum, at the Elysee Palace in Paris, France, 11 November 2021. REUTERS/Gonzalo Fuentes

A behind-the-scenes fight over scarce funds between two of Africa’s leading multilateral banks erupted into public view during the World Bank/IMF spring meeting in Washington.

On the face of it, financial officials from the continent presented a united front, advocating for Africa to get a larger share of the $650bn in reserve assets that the IMF allocated last year to help the global economy recover from the Covid-19 pandemic. Africa only got $33bn (5%) of these Special Drawing Rights (SDRs) and has been pressing rich countries to pump $100bn in SDRs into weaker economies.