The leaders of 10 multilateral development banks have come together to announce joint steps aimed at working more effectively as a system to increase the impact and scale of their work in addressing urgent development challenges. In a Viewpoint Note published at the conclusion of a retreat hosted by the Inter-American Development Bank (IDB), the leaders outlined key deliverables for joint and coordinated action in 2024 and beyond.
The actions outlined in the Viewpoint Note represent a significant milestone in the collaboration amongst MDBs, with a focus on accelerating progress towards the Sustainable Development Goals (SDGs) and better supporting clients in addressing regional and global challenges. The MDB Heads have committed to concrete and actionable deliverables in five critical areas, including scaling up MDB financing capacity, boosting joint action on climate change, strengthening country-level collaboration and co-financing, catalyzing private-sector mobilization, and enhancing development effectiveness and impact.
The MDB Heads emphasized the importance of working together to generate additional lending headroom in the order of $300-400 billion over the next decade, with the support of shareholders and partners. They also highlighted the need to increase common engagement on climate change, support country-owned and country-led platforms, scale up private-sector financing for development goals, and heighten the focus on the impact of their work.
The Viewpoint Note is expected to serve as a valuable contribution to the forthcoming G20 Roadmap, aiming to evolve MDBs into a "better, bigger and more effective" system. The MDB Heads' commitment to collaboration and coordinated action underscores their dedication to making a meaningful difference in the realm of international development.
For more details on the specific actions and commitments made by the MDB Heads, interested parties are encouraged to refer to the Viewpoint Note.
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