16 April 2015: In a joint statement, the heads of the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank (IADB), the World Bank Group and the International Monetary Fund (IMF) support a comprehensive approach to the Sustainable Development Goals (SDGs) while stating that the “resources needed to implement such an ambitious agenda far surpass current development financial flows.” The multilateral development banks (MDBs) note that they “could and should do more,” and state their willingness to generate needed financial resources and help the international community to achieve the SDGs’ transformative vision.

“Achieving the SDGs will require moving from billions to trillions in resource flows,” the MDBs emphasize in their statement. They argue that this paradigm shift will require a wide-ranging financing framework that can channel all types of investments and resources, from global to national and public to private. They call for, inter alia: greater efforts to unlock, leverage and catalyze public and private flows; improvements in institutional and policy environments to attract increased private investment and financing; and pursuit of sustainable and inclusive growth that translates into poverty reduction and social progress.

The MDBs state that international financial institutions (IFIs) are well-positioned to assist in creating such an enabling environment and emphasize their commitment to raising required financing through direct financing, leveraging their capital and catalysing other resources. They express their commitment to continue: helping countries to adapt to and mitigate climate change and implement disaster risk management (DRM) actions; promoting the highest environmental, social and governance standards; attracting more concessional funding for conflict-affected, fragile and low-income countries; and working to deepen financial inclusion and strengthen domestic financial markets.

The MDBs further commit to working with member countries to translate the SDGs into national targets, and to develop and implement policies to achieve the SDGs. They also commit to, inter alia: provide innovative financing and policy solutions tailored to regional and country needs; share experiences, lessons learned and best practices; and improve coordination and complementarity among IFIs. [ADB Press Release] [IADB Press Release] [EBRD Press Release] [World Bank Press Release]