The multilateral development banks (MDBs) and IMF signaled plans to extend more than USD 400 billion in financing over the next three years and vowed to work more closely with private and public sector partners to help mobilize the resources needed to meet the historic challenge of achieving the Sustainable Development Goals (SDGs).
The institutions-the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, World Bank Group and the International Monetary Fund announced their plans in the lead-up to the Third International Conference on Financing for Development in Addis Ababa, July 13-16.
The SDGs are ambitious and demand equal ambition in using the “billions” of dollars in current flows of official development assistance (ODA) and all available resources to attract, leverage and mobilize “trillions” in investments of all kinds—public and private, national and global.
ODA, estimated at USD 135 billion a year, provides a fundamental source of financing, especially in the poorest and most fragile countries. Investment needs in infrastructure alone reach up to USD 1.5 trillion a year in emerging and developing countries. Meeting the staggering but achievable needs of the SDG agenda requires everyone to make the best use of each dollar from every source, and draw in and increase public and private investment. The MDBs are looking to a range of options for scaling up.
“Sharing technical and financial experience is crucial to successfully tackle climate change and ensure that sustainable development can benefit future generations. The European Investment Bank has worked closely with the other MDBs for many years to strengthen climate action, infrastructure and private sector investment that improves lives around the world,” Werner Hoyer, President, EIB said.