Devex @ UNGA 79: MDBs want to cooperate more closely. What progress have they made?
This Week in Global Development30 Sep 2024

Devex @ UNGA 79: MDBs want to cooperate more closely. What progress have they made?

In April, a group of multilateral development banks signed an agreement to work more closely together, known as a viewpoint note, which set a series of goals, including scaling up their financing capacity, and delivering more on climate.

Earlier this week, at the U.N. General Assembly, the heads of MDBs sat down with U.N. leaders to identify how they could make more progress to deliver those goals. Devex heard from Ilan Goldfajn, president of the Inter-American Development Bank, about the steps taken so far.

Goldfajn said there had been considerable progress in unifying the goals of the MDBs with the Group of 20 major economies and with U.N. agencies.

MDBs have increased lending capacity by $400 billion over the next 10 years, mostly through reforms but partly due to closer working, Goldfajn explained. He added that last year, the banks had lent a quarter more on climate and doubled the amount of finance mobilized, compared to 2022.

He also highlighted several projects where IDB had worked together with the World Bank and the EIB.

Devex Senior Reporter Adva Saldinger sat down with Goldfajn for a special episode of our This Week in Global Development podcast series.

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