IMF, AfDB, Others Offer $400b For Sustainable Devt Goals | Independent Newspapers Limited
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IMF, AfDB, Others Offer $400b For Sustainable Devt Goals

Posted: Jul 17, 2015 at 12:00 am   /   by   /   comments (0)

By Sola Alabadan,  Lagos 


In order to meet the challenge of achieving the Sustainable Development Goals (SDGs), the multilateral development banks (MDBs) and International Monetary Fund (IMF) Thursday disclosed plans to extend over $400 billion in financing over the next three years.

The institutions involved are the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, World Bank Group (referred to as the MDBs), and the IMF. This was announced in the lead-up to the Third International Conference on Financing for Development in Addis Ababa, Ethiopia.

Through their policy advice and technical assistance, the MDBs and IMF support countries in designing economic policies to achieve these objectives; through MDB policy support loans and IMF-supported programs, these institutions provide general financial support towards meeting budgetary and balance of payments needs.

The MDBs are also partnering with others to develop innovative financing approaches to support global needs, such as health and climate, building on extensive work already underway.

According to the President of AfDB, Donald Kaberuka, “2015 is a critical year in charting the development future of Africa – the continent that still has the greatest development needs, and the continent that presents the greatest opportunity – for itself and for the world. The level of collaboration among the MDBs in preparing the Financing for Development conference has been unprecedented, in coming up with innovative solutions to scale up development financing.”

In the same vein, President of ADB, Takehiko Nakao, stated that “This is a critical time for governments, the private sector and MDBs to come together to tackle the fundamental development challenges of our time. For its part, ADB has already taken the groundbreaking step to strengthen its lending capacity. By merging concessional and non-concessional lending windows ADB will be able to increase its financing to member countries by 50 percent.

With its support to the private sector, including the recent establishment of the Office of Public-Private Partnerships, ADB will intensify its efforts to unlock the enormous private resources available in the Asia and Pacific region for development financing.”