During the IMF and World Bank’s spring meetings, leaders of ten multilateral development banks made a commitment to work together to address global crises, including climate change. The MDBs announced plans to increase the World Bank’s capacity with $11 billion in funding from various countries. This funding will allow the World Bank to respond more effectively to issues such as climate change and will help to advance progress towards the sustainable development goals.
The multilateral development banks have pledged to strengthen collaboration, boost joint action on climate change, mobilize more private capital, and better measure impact. They aim to deliver greater impact and scale for their clients, improving their ability to address pressing global challenges. The MDBs stated that they are enhancing their efforts to evolve into a bigger, better, and more effective platform for development.
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