BAKU, Azerbaijan, November 16. Improving governance of national and international development banks needs investment, UN Special Envoy for Financing the 2030 Agenda for Sustainable Development Mahmoud Mohieldin said at a session themed "Unpacking the global climate finance architecture: mobilizing resources and streamlining access to climate finance" at the COP29 Parliamentary Meeting organized jointly by the Inter-Parliamentary Union (IPU) and Azerbaijani Parliament today., Trend reports.
"The fact that the process of obtaining funds by recipients in countries in need of assistance takes too much time is confirmed by the data: in some multilateral financial institutions, this process lasts over 30 months, that is, more than two years.
The President of the World Bank demonstrated courage at the annual meetings in Marrakech last year, stating that in most cases, it takes more than 27 months for a dollar to leave the institution and reach its destination.
This highlights the need for investments in improving governance and strengthening the capacity of national and international development banks to direct financial flows more effectively," he added.
To note, the Parliamentary Meeting is being held in Baku within COP29 under the joint organization of the Inter-Parliamentary Union and Azerbaijani Parliament.
Sessions at the meeting are discussing the real impacts of climate change, the parliaments' role in making climate commitments a reality and raising mitigation ambition and implementing nationally determined contributions, unpacking the global climate finance architecture and mobilizing resources and streamlining access to climate finance, enhancing resilience in the face of climate change and scaling up adaptation and strengthening local empowerment.
The event is attended by IPU President Tulia Akson, Speaker of the Parliament of Azerbaijan Sahiba Gafarova, as well as IPU Vice President from Azerbaijan, MP Sevil Mikayilova.
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