Our Scans · (FS.1.06) Development Banking & Finance · Weekly Summary

• [New] Although covered bonds continue to evolve in Latin America, there are a number of risks associated with their issuance, which is why we are working closely with central banks, regulatory authorities and securities commissions throughout the region on the development of collateralized green bonds. Environmental Finance
• [New] Singapore's position as a trusted and established maritime eco-system could catalyze green financing solutions, unlock the benefits of deeper utilization of technology and data, and position it as a training hub to develop the skills needed by the future maritime workforce. MarineLink
• [New] Though adaptation finance reached an all-time high of USD 63 billion in 2021-22, the global adaptation financing gap is widening, falling well short of the estimated USD 212 billion per year needed up to 2030 in developing countries alone. The Prayas India
• [New] The World Bank Group will work to connect 250 million people to electricity through distributed renewable energy systems or the distribution grid while the African Development Bank Group will support an additional 50 million people. World Bank
• The global adaptation financing gap is widening, and current levels of funding remain well below the estimated USD 212 billion per year needed through to 2030 in developing countries alone. ReliefWeb
• Guinea, for the Group of 77 and China (G-77 / China), urged launching negotiations on a post-2025 finance goal from a floor of USD 100 billion, based on the needs of developing countries, and building on a common definition of climate finance. IISD Earth Negotiations Bulletin
• The rapid development of Islamic finance in various jurisdictions offers excellent opportunities for Islamic finance and its continued prosperity in the world. SpringerLink
• Though adaptation finance reached an all-time high of USD 63 billion in 2021/2022, the global adaptation financing gap is widening, falling well short of the estimated USD 212 billion per year needed up to 2030 in developing countries alone. World Meteorological Organization
• The introduction of the zero-emissions vehicles will form part of a pilot project funded by the Global Environmental Facility, and managed by the Development Bank of Southern Africa and the South African National Energy Development Institute. Engineering News
• The World Bank Group's new Country Climate and Development Report for Liberia explores the mounting risks that climate change could undercut Liberia's economy and push more Liberians into poverty. ENS
• Recent developments regarding the European Commission's legislation to update and refine regulations for digital IDs have further illuminated the potential impacts that digital wallet applications could have on banking and financial services. UK Finance
• Islamic banking has the potential to make a significant contribution to the development of Uganda's financial sector by bringing more Moslems to the money economy. The Spy
• The Shinhan Financial Group will strive to become a financial institution that can contribute to the economic development of Kazakhstan by providing loans to local customers in Kazakhstan in conjunction with MDBs (Multilateral Development Bank) and other organizations. The Astana Times
• Players like the African Development Bank, International Finance Corporation, or philanthropic organizations can come in and assume currency exchange risk or other early risks. BCG Global
• In terms of the global economy, a less pronounced inflationary environment may enable major central banks to consider more accommodative monetary policies, and improvements in domestic demand and external trade have the potential to further support major developing economies. Energy Connects
• More than 40 countries, including Thailand, expressed an interest in joining BRICS as an alternative to global bodies viewed as dominated by the traditional Western powers and hoped membership would unlock benefits including development finance and increased trade and investment. Khaosod English
• Both the IMF and the World Bank anticipate growth to remain slow and uneven, especially in emerging and developing economies. The National
• The Bank for International Settlements and three central banks have developed a generative artificial intelligence tool to help measure climate risks in the financial system. Central Banking
• The African Development Bank estimates that US$ 64 billion in water infrastructure investment is required annually to meet the 2025 Africa water vision of water security for all; the actual figure invested stands between US$ 10 billion and US$ 19 billion per year. Climate & Development Knowledge Network
• The licenses granted by the Central Bank of the UAE enable EITC to introduce innovative financial solutions that will contribute to the development of an advanced, modern, future-ready financial ecosystem across the UAE. Observer Dubai
• The NEAT program not only supports Zambia's energy policies outlined in the 8th National Development Plan, Vision 2030, and National Energy Policy but also aligns with the World Bank's broader mission of eradicating poverty and promoting sustainable development. Lusaka Times
• The amount that India has asked developed countries to provide in climate finance each year from 2025 as a minimum to help developing countries deal with climate change. Carbon Brief

Last updated: 25 April 2024