Multilateral development banks eye up to $400 billion more lending over 10 years

21/4/2024 7:03

        The Inter-American Development Bank on Saturday said leaders of 10 multilateral development banks committed to take action in five critical areas, including additional lending headroom totaling $300-400 billion over the next decade.
        
        The effort comes amid growing calls for these institutions to boost financing under favorable conditions to developing countries, which face greater challenges in climate transition and are more affected by the environment of higher global interest rates.
        
        "Together, we will be able to achieve more, with greater impact and on a larger scale," said IDB President, Ilan Goldfajn.
        
        Following a retreat held in Washington at the IDB headquarters, on the sidelines of the International Monetary Fund and World Bank spring meetings, the MDBs said the agreed plan involves "joint steps to work more effectively as a system," as reported by Reuters on Wednesday.