Heads of multilateral development banks (MDBs) attending this year’s IMF/World Bank Annual Meetings in Morocco have pledged to strengthen their individual and collaborative actions to accelerate inclusive socioeconomic development. To achieve a greater impact, the institutions have agreed to explore innovations to scale up financing capacity, boost climate action, strengthen co-financing and catalyse private sector engagement. MDBs represented at Friday’s meeting included the African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, Islamic Development Bank, New Development Bank and the World Bank Group. “Instead, their leaders kept their nations afloat by taking on more debt, which turned out to be a very expensive life raft. The African Development Bank’s delegation to the World Bank/IMF Annual Meetings was led by the institution’s senior vice president Bajabulile Swazi Tshabalala, representing the president of the Bank Group, Akinwumi Adesina.

Source: Daily News Egypt October 17, 2023 09:54 UTC