04/20/2024 | Press release | Distributed by Public on 04/20/2024 21:09
The leaders of 10 multilateral development banks (MDBs) today announced joint steps to work more effectively as a system and increase the impact and scale of their work to tackle urgent development challenges.
In a Viewpoint Note, the leaders outlined key deliverables for joint and coordinated action in 2024 and beyond, building on the progress since their Marrakesh statement in 2023, as their institutions work to accelerate progress toward the Sustainable Development Goals (SDGs) and to better support clients in addressing regional and global challenges.
Published at the conclusion of a retreat hosted by the Inter-American Development Bank (IDB), which holds the rotating chair of the MDB Heads Group, the actions represent the strengthened collaboration amongst MDBs. The Note will also serve as a valuable contribution for the forthcoming G20 Roadmap to evolve MDBs into a "better, bigger and more effective" system and in other fora.
The MDB Heads committed to concrete and actionable deliverables in five critical areas:
1. Scaling up MDB financing capacity. MDBs expect to generate additional lending headroom on the order of $300-400 billion over the next decade, with the support of shareholders and partners. Actions include:
2. Boosting joint action on climate change. MDBs are increasing their common engagement on climate. Actions include:
3. Strengthening country-level collaboration and co-financing. MDBs are engaged in discussions and supporting country-owned and country-led platforms to make it easier for countries to work with the banks. Actions include:
4. Catalyzing private-sector mobilization. MDBs are committed to scaling up private-sector financing for development goals, including by pursuing innovative approaches and financial instruments. Actions include:
5. Enhancing development effectiveness and impact. MDBs agreed to heighten the focus on the impact of their work. Actions include:
For more details see the Viewpoint Note.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow-infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 109 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients' needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.