Habitat III: Multilateral Development Banks from around the world collaborate to support ‘New Urban Agenda’
In support of the ‘New Urban Agenda’ adopted this week during the UN-sponsored global Habitat III conference, eight Multilateral Development Banks (MDBs) are putting the Agenda’s words into action by issuing a “Joint Statement” expressing their commitment to promote equitable, sustainable, and productive urbanization and urban communities.
On the occasion of the ‘The New Urban Agenda and the role of the Multilateral Development Banks’ session at Habitat III, the eight MDBs — the Asian Development Bank (ADB), African Development Bank (AfDB), the Development Bank of Latin America (CAF), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank (IADB), the Islamic Development Bank (ISDB), and the World Bank – presented their plans to work “together to ensure that the programs we support promote a model of urban development that encourages equitable, sustainable, inclusive and productive settlements, including small rural communities, villages, market towns, intermediate cities, and metropolises.”
European leaders have called upon the EIB to implement the EU Urban Agenda, which in turn supports the New Urban Agenda. Looking ahead, the EIB will strengthen the focus of financing urban development to increase support for sustainable communities, including urban regeneration, supporting social inclusion and strengthening resilience of cities to cope with pressures of both climate change and migration.
“Sharing experience of successfully overcoming urban challenges is crucial to improve lives and ensure better services in cities around the world. The European Investment Bank greatly values the daily cooperation with Multilateral Development Bank’s to strengthen projects around the world by combining global experience and local knowledge. The New Urban Agenda adds momentum to our shared engagement and will help to enhance the impact of investment to tackle climate change, reduce congestion and improve access to key services in cities. Here in Quito international financial institutions are already delivering on this joint vision by working together to support the impressive and transformational Quito Metro.” said Jan Vapaavuori, European Investment Bank Vice President.
The European Investment Bank is committed to supporting implementation of New Urban Agenda through technical and financial experience and a track record of supporting sustainable urban development across Europe and around the world. Over the last five years the EIB has provided USD 105 billion for urban investment, including providing crucial support for new urban development, sustainable transport and social housing as well as improving water, energy, health and education infrastructure in cities across Europe and around the world.
In line with their respective institutional mandates and governance structures, the organizations committed to foster coordination between urban, regional and national development plans, strengthening planning institutions capabilities, and access to finance at all levels of government and in the private sector.
In their Joint Statement, guided by their institutional mandates and their member countries’ own development goals, they committed to supporting the implementation of the UN ‘New Urban Agenda’ through direct financing, catalyzing other resources, as well as domestic resource mobilization. As such, they are determined to continue working to strengthen domestic financial markets, deepen financial inclusion, and attracting sources of co-financing to enable innovative and concessional funding to address the challenges of the poor and most vulnerable urban residents.
For more details, please see the full Joint Statement