Development banks key to Africa’s recovery

Two weeks ago, the first ever international summit of Public Development Banks (PDB) went down in Paris, unfolding over four days. Named the ‘Finance in Common Summit and under the patronage of the French Government and the aegis of AFD (Agence Française de Développement) and the International Development Finance Club (IDFC), it gathered virtually the world’s 450 public development banks, representing 10 per cent of global investment.

The summit gave rise to a series of major announcements. They all point towards a global financial system dedicated to fulfillment of the Sustainable Development Goals and alignment with the 2015 Paris Agreement: the first global agreement on climate and global warming.