Leading Multilateral Development Banks and the International Monetary Fund met at the European Investment Bank in Luxembourg on April 9 to map out their support for a sustainable global recovery and agreed the Copenhagen Accord is an opportunity for action to finance measures to combat climate change. On the global economy, they noted signs of recovery and agreed enhanced cooperation among the MDBs and the IMF played an important role in preventing a wider systemic crisis.
They concluded the global economy remains fragile and MDBs will need to continue to play a counter-cyclical role in 2010. The MDBs also discussed issues related to the G20 process, including the fight against non-cooperative tax jurisdictions and strengthening international prudential regulation.
Global challenges like development and migration can only be tackled efficiently when Multilateral Development Banks (MDB) work together even more closely, EIB President Werner Hoyer stressed at the World Bank/IMF Annual Meetings in Washington on Friday. “We are strong believers at the EIB in multilateralism and co-operative structures”, the President of the European Investment Bank said in a panel discussion with heads of other leading MDBs at the World Bank headquarters. “The EIB is open to close collaboration with other MDBs.”
Climate financing by seven of the world’s largest multilateral development banks (MDBs) accounted for $61.6 billion in 2019, of which $41.5 billion (67%) was in low- and middle-income economies, according to the 2019 Joint Report on Multilateral Development Banks’ Climate Finance. The study expands the scope of reportingfor the first timeto all countries of operation. It now provides data on MDB climate finance commitments beyond those directed solely at developing and emerging economies, but with the focus remaining on low- and middle-income countries.