Multilateral Development Banks pledged for close collaboration to support development

Leaders of the African Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, International Monetary Fund, and the World Bank Group called in a statement for more coordination on global development. They recognised that issues of inclusive growth, environmental sustainability, and long term financing are global in nature. Therefore, they committed to harnessing their own institutions analytical and convening power to identify solutions to such pressing global issues.

Leaders of Multilateral Development Banks emphasized the need for coordinated efforts to achieve the Millennium Development Goals by 2015, which aim to end poverty and hunger, increase access to education and health care, improve gender equality, and ensure environmental sustainability. They called for strong support for and collaboration with the UN-led process of defining the Post-2015 Development Framework. In October 2012, MEPs also called for policies that affect developing countries more consistent.

These banks voiced support for an approach that integrates concepts of economic, social and environmental sustainability. In the absence of a long term financing plan, leaders pledged to work together to develop options for long term investment to strengthen the foundations of growth. They called for a renewed focus on financing for development - with greater leveraging of official development assistance and private sector investment, as well as better domestic resource mobilization and management and stronger institutions. They also pledged cooperation to build the statistical capacity of governments, to enable better policies, for example by deploying the latest techniques for monitoring poverty and inequality, and factoring natural wealth accounting into decision making.

The Bank leaders already committed to excellence in management and organization of their own institutions. In this respect they shared experiences with organizational change, and reiterated their commitments to the highest standards in serving clients, excellence in staffing and professional development, and collaboration on the ground among the Banks.