BAKU, Azerbaijan, November 20. The Heads of 10 multilateral development banks (MDBs) welcomed the G20 Leaders’ endorsement of the G20 Roadmap towards Better, Bigger, and More Effective MDBs, Trend reports.
This comprehensive vision aims to enhance MDB financing capacity, create more jobs, and support countries in meeting the Sustainable Development Goals (SDGs) and the Paris Agreement.
The Roadmap, a priority of Brazil’s G20 presidency, builds on recommendations from last year’s G20 Summit and encourages MDBs to collaborate more effectively with governments, national development banks, and the private sector.
This year, MDBs reached several key milestones, including a $400 billion increase in lending headroom over the next decade, record-high climate finance lending of $75 billion to low- and middle-income countries in 2023, and nearly doubled private finance mobilization to $101 billion. Additionally, MDBs launched a co-financing portal for over $95 billion in projects and advanced efforts to scale up private sector mobilization through local currency financing.
MDBs are also working to streamline procurement practices, enhance climate financing, and improve data transparency, with further reforms planned for the coming years. The Heads of MDBs Group will continue to work closely with the G20, particularly under the South African presidency, to track progress and implement the reform agenda.
The chair of the Heads of MDBs Group will pass from the Inter-American Development Bank to the Council of Europe Development Bank on December 2, 2024.