THE World Bank is collaborating with nine Multilateral Development Banks (MDBs) to expedite solutions that can significantly improve the lives of people in developing nations.
The Multilateral Development Banks (MDBs) include the African Development Bank, Asian Development Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, Islamic Development Bank, and New Development Bank.
World Bank President Ajay Banga announced that partnering with MDBs can enhance their expertise, knowledge, and funding to tackle global challenges.
He said the Bank’s new vision of a poverty-free, liveable planet is significantly influenced by stronger engagement with MDBs.
The World Bank president suggested that measures currently being implemented or under consideration by MDBs could generate $300-$400 billion in additional lending capacity over the next decade.
Banga anticipates the partnership’s potential to enhance lives amid a multitude of crises, including climate shocks, conflicts, pandemics, and rising debt.