The multilateral development banks, including the World Bank, have committed to working together to address global crises, such as climate change. During their spring meetings, leaders of ten MDBs announced plans to increase the World Bank’s capacity with $11 billion in funding from various countries. This funding will enable the World Bank to respond more effectively to issues such as climate change and help advance progress towards the sustainable development goals.
The MDBs 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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