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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.
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