Following a retreat held in Washington at IDB headquarters, on the sidelines of the spring meetings of the International Monetary Fund and the World Bank, the MDBs said the agreed plan involves “joint steps to work more effectively as a system,” Reuters reported on Wednesday.
The group includes institutions such as the World Bank Group, the New Development Bank, the Asian Infrastructure Investment Bank, the European Investment Bank and the African Development Bank.
The IDB noted in a statement that the increase in financing capacity will be supported by the offer of innovative financial instruments and the promotion of the channeling of the IMF's Special Drawing Rights (SDR) through the MDBs.
The IDB also foresees actions “that provide more clarity on callable capital, which would help rating agencies better evaluate the value of callable capital.”
The MDBs also committed to advancing action on climate change, providing for a common approach to measuring climate outcomes on adaptation and mitigation, and to jointly report on climate finance.
The other pillars of work agreed on Saturday include strengthening collaboration and co-financing at the national level, catalyzing the mobilization of the private sector and improving development effectiveness and impact.
