MARRAKECH, Morocco The World Bank on Friday said it is bolstering collaboration with nine multilateral development banks (MDBs) to accelerate its vision of a liveable planet free of poverty.
It said measures already being implemented or under consideration by the MDBs could yield $300 billion to $400 billion of additional lending capacity to help developing countries confront "a perfect storm of intertwined crises — from climate shocks and conflicts to pandemics and surging debt."
Increased collaboration among the multilateral development banks is a key part of the World Bank's new playbook, and one supported in a statement at the ongoing annual meetings of the Bank and International Monetary Fund by Group of 20 finance leaders.
The African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the Islamic Development Bank, and the New Development Bank joined the World Bank in the collaboration agreement.
"Working together for a common cause, we can bring more experience, expertise, knowledge, and, especially, more funding to the massive challenges facing the world today," World Bank President Ajay Banga said. "Together, we are greater than the sum of our parts."
The banks agreed to boost financing capacity through portfolio guarantees and hybrid capital, while stepping up a joint approach to credit rating agencies.
They said they would boost collective efforts on climate, with better tracking and reporting of climate outcomes, while enhancing country-level collaboration for greater impact.
They would also work to catalyze private sector engagement.
The World Bank is strengthening efforts to partner with the private sector, civil society, other multilateral institutions, and charitable organizations.
(Reporting by Andrea Shalal; editing by Christina Fincher and John Stonestreet)
