Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

For Immediate Release

Contact

Olivia Engling, Communications and Operations Manager, olivia@jubileeusa.org

Press Release

World Leaders and Development Banks Coordinate Investments to Fight Pandemic, Poverty and Climate Change

WASHINGTON -

Heads of state, finance ministers and 450 public banks conclude two days of meetings for the second “Finance in Common Summit” in Rome. The summit focuses on agricultural development and previous commitments on COVID recovery, development and climate policies.

“The summit convenes world leaders and banks to align $2.3 trillion, or ten percent of all global investments in common development goals,” noted Eric LeCompte, a United Nations finance expert and Executive Director of the religious development group Jubilee USA Network. “Coordinating lending and aid can help developing countries respond to the worsening health and economic crises spurred by the pandemic.” 

Increasing agriculture investments, as millions face starvation and food shortages, is a central theme of the summit. Ahead of a November conference on climate, banks assess their contributions on climate policies.  

“Development banks must make the case that they can increase financing for poor countries by accepting donations from wealthy countries,” shared LeCompte. “In August, wealthy countries received $400 billion of an emergency IMF currency that can be shared with development banks for pandemic and climate response efforts.”

The IMF created $650 billion of emergency currency, or Special Drawing Rights, to help countries respond to the pandemic. The G20 and IMF are working on processes for wealthy countries to disburse some of their currency holdings to poor countries.

###

Jubilee USA Network is an interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 750 faith groups working across the United States and around the globe. We address the structural causes of poverty and inequality in our communities and countries around the world.

AOC, Joyce Introduce Bipartisan Bill for 'Immediate Relief' From Cannabis Convictions

"Goes to show that lawmakers don't have to agree on everything to find common ground on solutions to the challenges facing everyday Americans."

Brett Wilkins ·


Green Groups Demand Answers About 'Flimsy' and Buried Biden Drilling Report

"Public records released as a result of this request will shine light on the dangerous chasm separating Biden's climate promises from his refusal to phase out the use of our public lands and waters for oil and gas extraction."

Jessica Corbett ·


'Protest Works': Cheers as Shell Signals Pullout of Cambo Oil Field Project

"We have to see the end of North Sea projects as well as all new fossil fuel extraction: There is no future in them."

Julia Conley ·


Pentagon Blasted for 'Unacceptable Failure' to Reckon With Civilian Casualties

"For too long, the United States has failed to live up to its legal and moral commitments to the protection of civilians, as well as its own stated policies. This needs to change."

Brett Wilkins ·


Groups Say Congress Should Reject Biden's Harmful Sentencing Proposal on Fentanyl-Related Drugs

"The facts don't support the argument that a harsh law enforcement approach, such as permanent classwide scheduling of fentanyl-related substances, will curb drug distribution, sale, and use."

Andrea Germanos ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo