African Development Bank President Dr. Akinwumi Adesina has made strong case for the International Monetary Fund (IMF) to channel $100 billion Special Drawing Rights (SDR) loan through the bank.

Speaking at the weekend during the visit by the United States Congressman Gregory Meeks to African Development Bank Group in Côte d’Ivoire, Adesina said the AfDB remains a prescribed holder of SDRs, with AAA credit rating.

“It is advocating that these funds be channeled through the bank as a prescribed holder of SDRs, and as an institution which has an AAA credit rating. SDRs offer African countries a tremendous opportunity to deal with debt,” Adesina said.

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According to the AfDB boss, African economies were rebounding in the face mounting commercial debts, adverse impacts of climate change, lack of opportunities for youth, and poor access to COVID-19 vaccines.

Adesina said: “The AfDB) is leading calls for the reallocation of $100 billion in International Monetary Fund special drawing rights (SDRs) to African countries,” he said.

But the IMF Managing Director Kristalina Georgieva, last week rejected calls by AfDB to handle the $100 billion SDRs, on the need “to protect the reserve quality of SDRs”.