First-ever report on MDBs’ contribution to the SDGs
MDBs collectively mobilized $230 billion to reduce the impact of the pandemic
$75 billion will be directed to the world’s poorest countries by the end of 2020
The EIB joined a group of 11 multilateral development banks (MDBs) and the International Monetary Fund (IMF) today in launching a first-ever joint report on financing the Sustainable Development Goals (SDGs).
The report is released at the end of a critical year, in which the COVID-19 pandemic threatens to reverse progress on the SDGs. In response, MDBs have collectively mobilized a global response package of $230 billion between 2020 and 2021 to reduce the impact of the pandemic, of which $75 billion will be directed to the world’s poorest countries before the end of 2020.
“The COVID-19 pandemic has reinforced the relevance of the 17 SDGs as a road map for inclusive, sustainable, green, and resilient recovery. In responding to the crisis, countries and their development partners have an opportunity to refocus on the SDGs,” the joint report says.
EIB President Werner Hoyer said: “The COVID-19 pandemic has exposed the divisions, inequalities and the vulnerabilities that exist in our societies and across the globe when it comes to accessing healthcare and treatment, sanitation, digital connectivity and responding to climate change. The pandemic has derailed our efforts in meeting many SDGs. We must come back stronger and faster, working closely with our partners in national governments and with our fellow Multilateral Development Banks to make sure that SDG contributions are part of the recovery.”
The joint report highlights collective and individual MDBs efforts to support countries to achieve all 17 of the SDGs. It showcases examples of how their financing directly contributes to advancing SDGs that empower people, protect the planet, foster prosperity for all and develop sustainable quality infrastructure. The report also emphasizes the critical importance of MDBs partnerships to deliver financing, knowledge and capacity building support for the SDGs.
The EIB, after consultations with fellow MDBs and IFIs, has been developing a new mapping methodology for measuring and reporting on its SDG contributions. The approach enables the EIB to give a comprehensive account of its contribution to each of the SDGs, in financial terms as well as in terms of physical project outputs and outcomes. It also allows the bank to take into account a range of interactions and interlinkages amongst SDGs. This methodology is also meant to help the development of a principles-based, joint MDB approach to SDG reporting and underlies EIB’s contribution to this first joint report.
The report concludes that MDBs must continue their efforts to invest in people and human capital, with a deeper focus on inclusion. They will step up their efforts to protect the planet, and promote green development and ambitious climate action reflecting the goals of the Paris Agreement on Climate Change. They must also work to strengthen resilience to shocks and stresses, in order to preserve prosperity and continue to promote sustainable infrastructure, including to foster digitization to support innovation and sustainability. They will continue to deepen their partnerships for the goals, including through knowledge sharing and common reporting on the SDGs.
“The MDBs are committed to working alongside all partner countries to help them emerge from this unprecedented crisis better positioned to achieve the SDGs.”
The European Investment Bank (EIB) and fellow multilateral development banks (MDBs) have today published common principles for identifying and tracking nature-positive finance. The announcement comes on nature day of the United Nations COP28 climate change conference in Dubai, United Arab Emirates.
The European Investment Bank (EIB) Central, Eastern and South-Eastern Europe (CESEE) Bank Lending Survey for the second half of 2023 highlights a continued tightening of credit supply1 in the region. Credit supply is expected to remain weak or neutral in almost all countries (except for Albania). However, the large supply-demand gap of the last few years (when demand was resilient but supply tightened) is expected to diminish. Credit demand2 from bank clients has remained resilient and is expected to improve slightly. Fixed investments and retail, especially the housing market, contributed negatively, but fixed investments are expected to resume in the coming period. Contrary to previous negative expectations, credit quality improved over the last six months. However, given the weaker economic outlook and higher interest rates, banks again expect an increase in non-performing loans over the next six months.
On the sidelines of a COP28 event organised by the German-Ukrainian Energy Partnership, Germany’s Federal Ministry of Economic Affairs and Climate Action (BMWK), the European Investment Bank (EIB) and Ukraine’s Ministry for Restoration agreed on the intention to sign a €20 million grant for the Renewable Energy Solution Programme (RES). This grant will enhance renewable energy in Ukrainian municipalities and foster energy independence in public institutions.