Pittsburgh G20 Summit: Multilateral Development Banks are Needed More than Ever

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From: 24/09/2009
To: 25/09/2009
Location: Pittsburgh, USA
G20

Africa’s development has changed dramatically over the last two years. The demand for AfDB’s resources is at its peak and the imperative for effectiveness has never been greater, and hence the need for strong development banks.

Expectations are that the G20 decisions to reinforce global governance, transparency and accountability which are being put in place will succeed and that the issues of concern for low income countries will also continue to be addressed.

In this context, development banks have a critical role to play. The crisis is proving that such institutions – at national, regional and global level– are now more needed than ever. This is the time to strengthen development banks. The G20 has already recommended boosting resources for multilateral development banks.

Such a process is indeed underway at the AfDB by way of initial discussions with its stakeholders.

  • President Kaberuka on the BBC

On 24 September 2009, Bank Group President, Donald Kaberuka, granted an interview to the BBC on the eve of the G-20 Summit in Pittsburgh. During the interview, Mr. Kaberuka provided details of his expectations of the meeting.

  • President Kaberuka at the University of Pittsburgh

Participating at a panel at the University of Pittsburgh, President Kaberuka stressed the need to support efforts in Africa to tackle the financial crisis. Read more

  • Africa's Plea for Poor to be Heard

Bank Group President, Donald Kaberuka, has welcomed the shift from G8 to G20. In an article published in the Financial Times, Mr. Kaberuka said the elevation of the G20 was "important and irreversible", but "the unfinished business is to ensure the interests of low-income countries are taken into account". "The representation of Africa has been a challenge," he added, with only South Africa in the G20 to represent the continent's 1bn people. He urged the G20 to bring in the most populous nations, including Nigeria and Bangladesh. Read the story