Climate and development finance must be scaled up without worsening debt distress in countries. There is huge momentum towards rechannelling of unused Special Drawing Rights (SDRs) from the 2021 allocation of $650 billion SDRs- less than 5% of which went to Africa. This event will discuss the progress made on SDR rechannelling so far, generate political will to scale up SDR pledges, provide a platform for countries to announce new SDR pledges, and advance the agenda of SDR rechannelling to multilateral development banks (MDBs) through the innovative mechanism developed by African Development Bank and Inter-American Development Bank