The world’s top 10 multilateral banks, including the World Bank, have pledged to provide an additional 400 billion or 40 thousand billion dollars to development partners and shareholder countries in the next decade. This information was given in a joint statement.
In this regard, the Inter-American Development Bank (IDB) said, 10 multilateral banks in the world have pledged to take action in five important areas. They have also pledged to finance an additional 30,000 to 40,000 dollars in the next 10 years.
The news agency Reuters reported that the multilateral organizations have made this decision in view of the long-standing demand to give loans to developing countries on easier terms. In particular, countries that are struggling to cope with the impacts of climate change or that are threatened by high policy interest rates around the world are called for more lending.
“Together we can achieve much more, and our impact will be felt on a larger scale,” said IDB President Ilan Goldfazon.
The multilateral institutions that have pledged this additional financing are the World Bank Group, the New Development Bank, the Asian Infrastructure Investment Bank, the European Investment Bank and the African Development Bank.
IDB said in a statement that they will increase their financing capacity by providing innovative financial services. Along with this, they also have a plan to channel the Special Drawing Rights (SDR) of the International Monetary Fund (IMF) through the Multilateral Development Bank.
In addition, multilateral banks have pledged to take more initiatives to tackle the effects of climate change. They want to work together to tackle the effects of climate change by creating a common approach.
Apart from this, they will also provide information on climate change financing. It has been informed that work will also be done to increase cooperation between countries, joint financing and use of private sector resources and increase the effectiveness and impact of development activities.
Tags: thousand billion dollars additional financing commitments developing countries
