The World Bank assured that it is strengthening the collaboration with nine multilateral banks development (BMD) to accelerate its vision of a habitable planet free of poverty.
He assured that The measures that the MDBs are already implementing or studying could generate between 300 billion and 400 billion dollars of lending capacity additional money to help developing countries cope with "a perfect storm of intertwined crises, from climate crises and conflict to pandemics and rising debt."
Increasing collaboration between multilateral development banks is one of the key elements of the new World Bank strategy, and the finance leaders of the Group of 20 They have supported it in a statement made at the annual meetings of the Bank and the International Monetary Fund.
The African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Reconstruction and Development Bank, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank and the New Bank developmental joined the World Bank in the collaboration agreement.
"By working together for a common cause, we can bring more experience, knowledge and, above all, more funding to the enormous challenges facing the world today"said Ajay Banga, President of the World Bank. "Together, we are more than the sum of our parts."
The banks agreed to boost financing capacity through portfolio guarantees and hybrid capitalwhile intensifying a joint approach towards credit rating agencies.
They said they will boost collective climate efforts, with better tracking and reporting of climate outcomes, while will improve collaboration at the national level to achieve greater impact.
They will also work to catalyze private sector participation. The World Bank is stepping up its efforts to collaborate with the private sectorcivil society, other multilateral institutions and charitable organizations.