29 September 2021

Why development finance needs a facelift

Development finance institutions must reinvent themselves to be fit for purpose and meet their 2030 and 2050 climate targets, says Rémy Rioux, CEO of the French development bank agency and initiator of the Finance in Common coalition.

The Covid-19 pandemic is profoundly affecting people worldwide, taking its toll on human lives and highlighting the global inequalities in healthcare. It continues to disrupt supply chains across many sectors, causing such financial strain to businesses that the ripple effect is extending to financial institutions. The consequences are stark for many economic and financial actors. This is why the objective of building back better for a more resilient, sustainable and greener growth has made it to the world stage, including the upcoming G20 summit. The agenda rests upon three pillars: people, planet and prosperity. It is, therefore, time to rethink how development finance can help achieve this goal