Climate and empowering women must be a priority, development bank bosses say
Nadia Calvino, President of the European Investment Bank, attends an interview with Reuters, during the 4th International Conference on Financing for Development, in Seville, Spain, July 1, 2025. REUTERS/Claudia Greco
SEVILLE, Spain - Multilateral development banks need to sharpen their focus on delivering climate action and on empowering women, the heads of two major MDBs in Asia and Europe told Reuters, as they face calls to be bolder, more flexible and inclusive.
The president of the European Investment Bank, Nadia Calvino, and of the Asian Infrastructure Investment Bank, Jin Liqung, spoke on the sidelines of the once-a-decade United Nations development financing summit taking place in Seville.
The event is overshadowed by criticisms it has shown a lack of ambition and by the absence of the United States, the biggest provider of international aid until U.S. President Donald Trump returned to office early this year.
Trump has also withdrawn the United States from U.N. efforts to counter climate change and sought to reverse policy on inclusivity, making many companies and institutions across the globe reticent about championing diversity and sustainability.
The AIIB's Jin welcomed civil society's push for MDBs to do more on climate as a "positive force for innovation and greater impact".
The AIIB supported "climate-resilient" infrastructure under a broader definition that includes digital, health, and education infrastructure, he said.
The EIB's Calvino said high-level climate commitments must translate into tangible investments and projects, naming as an example an initiative for climate-related debt clauses that allows vulnerable countries to pause repayments after disasters.
Top stories
Swipe. Select. Stay informed.
Singapore Singapore and Cambodia to expand collaboration in renewable energy, carbon markets and agri-trade
World Trump announces Vietnam trade deal with 20% import tariff
Singapore From camping to mentorship, Singapore Scouts mark 115th anniversary of the youth movement
Singapore Ong Beng Seng's court hearing rescheduled one day before he was expected to plead guilty
World Sean 'Diddy' Combs convicted on prostitution counts but cleared of more serious charges
Singapore Teen, 17, to be charged with allegedly trespassing on MRT tracks
Singapore Granddaughter of Hin Leong founder O.K. Lim fails to keep 3 insurance policies from creditors' reach
Singapore Man on trial for raping drunken woman after offering to drive her and her friend home
The pre-summit outcomes agreement between U.N. members included a pledge to triple multilateral lending capacity. The U.S. said that crossed one of its red lines as it interfered with the MDBs' independence.
Asked about French President Emmanuel Macron's call for MDBs to sacrifice stellar credit ratings to hit those new targets, Jin proposed rating agencies apply different standards to MDBs instead of those used for commercial banks or private companies.
Calvino said the current system worked well, with the EIB's AAA rating enabling it to take on higher-risk investments and leverage EU guarantees.
The U.S. also objected to the use of the word gender in the outcomes document, saying it did not support "sex-based preferences".
Calvino, the EIB's first woman president, said empowering women was "both the right and the economically smart choice ... a no-brainer".
Jin said female empowerment was key in the AIIB's investment decisions, pointing to a rural road project in Ivory Coast connecting female agriculturalists in previously isolated villages to main markets to sell products such as cashews and coffee beans. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
AsiaOne
an hour ago
- AsiaOne
China opens third extension to sensitive Taiwan Strait flight path, China News
HONG KONG - China said on Sunday (July 6) it has opened a third extension of the M503 flight route, which is just west of an unofficial dividing line in the Taiwan Strait, with Taipei protesting this was a "unilateral" move aimed at changing the strait's status quo. China last year moved the M503 route closer to the median line, drawing a similarly angry response from Taipei, which says any changes to the flight route and its extensions must be communicated in advance and agreed by both sides. The opening of the W121 extension comes days before the annual Han Kuang military and civil defence drills that Taiwan holds to simulate a Chinese blockade and invasion of the democratic island. The median line had for years served as an unofficial barrier between Chinese-claimed Taiwan and China, but China says it does not recognise its existence and Chinese warplanes now regularly fly over it as Beijing seeks to pressure Taipei to accept its sovereignty claims. The Civil Aviation Authority of China said that "in order to further optimize the airspace environment and improve operational efficiency, from now on, civil aviation will use the W121 connection line of the M503 route." Taiwan's China policy-making Mainland Affairs Council said in a statement to Reuters that mainland China "used unilateral actions to change the status quo and increase cross-strait and regional unrest." This is the third extension after W122 and W123, which are to the south of W121, opened last year. All three go west to east, from mainland China in the direction of Taiwan. [[nid:718637]] This measure is aimed at "ensuring flight safety, reducing flight delays, and protecting the rights and interests of passengers," China's Taiwan Affairs Office said. It added that the opening was "beneficial" to both sides of the strait. Taipei disputed the explanation as "unjustified", saying "the number of international air travellers on the mainland has not yet recovered" to pre-Covid-19 pandemic levels. Taiwan, facing ramped-up military pressure from China, which considers the separately governed island as its own, begins its Han Kuang exercises on July 9 and they are set to last for 10 days.
Straits Times
2 hours ago
- Straits Times
Migrants cast shadow on Starmer-Macron summit
Sign up now: Get ST's newsletters delivered to your inbox Rescue personnel bringing migrants ashore on Aug 12, 2023, after a boat carrying migrants from France sank in the English Channel. LONDON - Britain and France are friends again following the rancour of Brexit, but the record number of irregular migrants crossing the English Channel in small boats remains a major point of friction. The issue will feature during a state visit to Britain by French President Emmanuel Macron that starts on July 8 and new measures to curb the dangerous journeys are expected to be announced on July 10 following talks with Prime Minister Keir Starmer. More than 21,000 migrants have crossed from northern France to south-east England in rudimentary vessels this year, providing a massive headache for Mr Starmer as the far right soars in popularity. Images of overloaded vessels leaving French beaches with law enforcement officers appearing to just watch on exasperate British politicians and the unforgiving tabloid press. 'We pay for French cops' buggy, 4x4s and drones, but migrants still sailing,' complained The Sun newspaper on July 2, in a reference to the so-called Sandhurst Treaty. The 2018 agreement, that runs until 2027, sees Britain finance actions taken in France to stop the migrants. Mr Starmer, who led his Labour party to a sweeping victory in an election last year following 14 years of Conservative rule, has vowed to 'take back control' of Britain's borders. Top stories Swipe. Select. Stay informed. Singapore First BTO project in Sembawang North to be offered in July launch Singapore TTSH to demolish century-old pavilion wards, keeping one as heritage marker World 'Formed to give you back your freedom': Elon Musk says he has created a new US political party Singapore Tank collides into traffic light during National Day Parade national education show Singapore His world crashed when he got F9 in O-level Tamil but PropNex co-founder Ismail Gafoor beat the odds Asia HIV surge in the Philippines amid poor sex education, policy gaps Tech Graduates are not screwed if they study engineering: James Dyson in response to Economist article Business When a foreign wife failed to turn up for a $10m divorce One in, one out But in the first six months of 2025, there was a 48 per cent increase in the number of people arriving on small boats compared to last year, with the government blaming extended dry weather. The annual record of 45,774 reached in 2022 could be broken this year, which would deal a massive blow to Mr Starmer as Eurosceptic Nigel Farage's Reform UK party leads national polls. A new border control law going through Britain's parliament would give law enforcement counter-terror style powers to combat people-smuggling gangs. Britain has also signed agreements with countries on migrant transit routes, including Iraq, Serbia, and Germany. But Mr Starmer needs strengthened cooperation with France, and key announcements were expected following their talks. Under pressure from London, Paris is considering tweaking its laws to allow police to intercept migrant boats up to 300 metres from France's shoreline. Currently, French law enforcement only intervene at sea to rescue passengers at risk of drowning. The two governments are also working on a migrant exchange programme. A pilot project would see Britain capable of returning to France someone who has crossed the Channel by boat, according to several media sources. France in exchange could deport an equivalent number of people to Britain, provided they have the right to live there, such as through family reunification. Paris wants to expand the agreement to the European Union so that readmissions can be shared among several countries. According to Britain's interior ministry, migrants who crossed the Channel between March 2024 and March 2025 were mainly Afghans, Syrians, Eritreans, Iranians, and Sudanese. French officials have claimed that Britain attracts migrants because the lack of a national identity card makes it easier to work illegally. Mr Starmer's government has cracked down on illegal work – arrests increased by 51 per cent from July 2024 to the end of May, compared to the previous year, it says. Seeking 'safety' But Peter Walsh, a researcher at Oxford University's Migration Observatory, doubts that it is easier to work illegally in Britain than in France. 'You have to demonstrate that you have the right to work. If an employer doesn't carry out those checks, then they can face serious sanctions, fines and imprisonment. That's the same in France and the UK,' he told AFP. Mr Walsh believes the English language and presence of family members in Britain are key attractions, as well as Britain's departure from the European Union. 'If you've claimed asylum in the EU and been refused, you can actually come to the UK and have another shot because we will not know that you've actually been refused in the EU,' he said. Ms Rishan Tsegay, 26, originally from Eritrea, arrived in England in 2015 hidden in the back of a lorry. She fled from Sudan through Libya, Italy and France. Last year, she became a British citizen and now works as a nurse. Ms Tsegay says there is a 'hostile environment' towards irregular migrants in Britain, saying they were often presented as 'criminals' rather than people 'contributing to society'. She wants Mr Starmer and Mr Macron to focus on improving safe routes for migrants fleeing war-torn countries as a way to stop them risking the Channel crossings. 'These people come here to seek safety,' Ms Tsegay insisted. AFP
Straits Times
5 hours ago
- Straits Times
Dalai Lama turns 90 and vows to keep defying China for years
DHARAMSHALA, India - The spiritual leader of Tibetan Buddhists, the Dalai Lama, turns 90 on Sunday after a week of celebrations by followers during which he riled China again and spoke about his hope to live beyond 130 and reincarnate after dying. The Nobel laureate is regarded as one of the world's most influential religious leaders, with a following that extends well beyond Buddhism, but not by Beijing which calls him a separatist and has sought to bring the faith under its control. Fleeing his native Tibet in 1959 in the wake of a failed uprising against Chinese rule, the 14th Dalai Lama along with hundreds of thousands of Tibetans took shelter in India and has since advocated for a peaceful "Middle Way" to seek autonomy and religious freedom for Tibetan people. Thousands of followers from around the world, celebrities, and officials from the United States and India, will attend his birthday celebrations in Dharamshala, the small Indian town in the foothills of the Himalayas where the Dalai Lama lives. During the celebrations, which will include cultural performances and remarks by long-time follower and Hollywood star Richard Gere as well as federal Indian ministers, the Dalai Lama is scheduled to deliver a speech. The preceding week of celebrations was particularly important for Tibetan Buddhists as the Dalai Lama had previously mentioned that he would speak about his succession at his 90th birthday. On Wednesday, he allayed their concerns about the future of the institution of the Dalai Lama by saying that he would reincarnate as the leader of the faith upon his death and that his non-profit institution, the Gaden Phodrang Trust, had the sole authority to recognise his successor. China has said that the succession will have to be approved by its leaders. The United States, which is seeking to counter the rise of China, has called on Beijing to cease what it describes as interference in the succession of the Dalai Lama and other Tibetan Buddhist lamas. REUTERS
