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"At a time of multiple crises and scarce resources for development, this is a unique value proposition for governments everywhere."
So says the head of the African Development Bank in praising the International Monetary Fund's approval of a new way for countries to channel their Special Drawing Rights.
The SDR is an international reserve asset created by the IMF to supplement its member countries' official reserves.
It's based on a basket of world currencies, including the US dollar, euro, Chinese yuan, Japanese yen, and British pound.
The new instrument approved by the IMF's Executive Board allows countries to channel their SDRs through the IDB, the AfDB, and other multilateral development banks, allowing them to lend at least $4 for every $1 equivalent of SDRs, the Washington Post reports.
"The International community now has at its disposal an innovative approach through which development financing can be mobilized with a multiplier effect and at no cost to taxpayers," says African Development Bank President Dr.kinwumi Adesina.
The IDB and the AfDB plan to secure at least five investors to channel SDRs through the banks. Read the Entire Article
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
"I want to make a meaningful impact that's less about program development and more about supporting the people who have the ideas." So says Vanessa Pab ? 'n-Hernandez in her new role as CEO of...more
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Foundation: Gates Foundation
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San Diego's Second Chance is known for its efforts to help at-risk youth turn their lives around, and on Thursday, the nonprofit will celebrate its success at its annual Legacy of Impact...more
When it comes to job creation, there's no country in the world more in need than Nigeria, which has the highest rate of joblessness in Africa at 11.1%, per the World Bank. And that's why the...more
"In addition to whatever assets life has nurtured in me, I have a disproportionate amount of money to share," MacKenzie Scott writes in her Giving Pledge letter. "My approach to philanthropy will...more
Foundation: Communities Foundation of Texas
Two giving circles in Texas have teamed up with the Communities Foundation of Texas to raise more money and impact the communities they live in. The giving circleswhich, as the name suggests,...more
"Every dollar raised here, stays here." That's how Shirley Turner sums up her new role as chair of the United Way's 2024 community campaign in Peterborough, Ontario. The CBC reports the real...more
Social Entrepreneurship
Spotlight
Social Incubator North Offers 0% Loans to Social Entrepreneurs
The Social Incubator North, a £2 million incubator fund spearheaded by Sheffield-based Key Fund in collaboration with the four Northern Social Enterprise Partnerships and Locality, is providing 0% interest loans to North of England’s social entrepreneurs.
