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Heads of Multilateral Development Banks Renew Commitment for Greater Cooperation


Donald Kaberuka, President of the African Development Bank (AfDB), met on February 25 in Washington, DC, the heads of the World Bank, the European Bank for Reconstruction and Development, the International Monetary Fund and the Inter-American Development Bank. The goal of the meeting: to renew the commitment to further cooperation between the multilateral development banks (MDBs). In doing so, the four leaders stressed the need for greater coordination of efforts in the attainment of the Millennium Development Goals by 2015, to reduce poverty and hunger, provide greater access to health and education, improve gender equality and ensure environmental sustainability.

The MDB chiefs also expressed their commitment to a greater collaboration under the United Nations plan of action to define a new post-2015 development framework. They pointed out that, despite recentl gains, should social indicators be called into question in the absence of a long-term financial plan, they are committed to work together to develop options for long-term financing as the basis for strong growth.

The four MDB leaders lauded the efforts made by the G20 and G8 concerning inclusive growth and environmental sustainability. They equally expressed their commitment to support the analytical capacities of their institutions and make use of their convening power in identifying the right solutions to development problems. They also renewed their promise to make heard the voice of developing countries on these issues.

In closing, the multilateral development banks reaffirmed their undertaking to make modern their institutions and abide by the highest standards of service provided to their clients, in terms of professional excellence and efficiency, as well as greater collaboration on the ground.

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