Leaders of the multilateral development banks, meeting this week in Abidjan, advocated for increased cooperation and building resilience, particularly in Africa, to ensure a climate-resilient economic recovery.

"We need to do more to pool our resources and leverage the amount of capital in the private sector for climate finance; we must do everything possible to secure energy transitions while recognizing the specific needs of developing countries," said African Development Bank President Akinwumi Adesina, who together with the European Investment Bank (EIB) is organizing the Common Funding Summit, which is being held in Africa for the first time.

Quoted in the press release, quoted by Lusa, EIB president Werner Hoyer said that public development banks, which currently have more than $23 trillion in assets, had a "special role to play in defending forward-looking assets."

The Financing in Common coalition comprises more than 520 public development banks around the world, whose main objective is to channel money at low interest rates to finance projects that contribute most to the development of the most disadvantaged countries.