MDBs Pledge Deeper Collaboration Amid Global Uncertainty

Heads of International financial institutions (MDBs) met on the sidelines of the World Bank Group-International Monetary Fund Spring Meetings to address heightened global uncertainty, including the evolving situation in the Middle East. Led by Masato Kanda, President of the Asian Development Bank and Chair of the MDB Heads Group, they pledged deeper cooperation to support stability, safeguard development progress, and respond to mounting pressures in member economies. Key initiatives include strengthening efforts to mobilize private finance through 'originate-to-distribute' approaches, establishing a working group for this purpose, increasing transparency of credit risks via the Global Emerging Markets consortium, and scaling up local currency financing. MDBs are also enhancing collaboration on critical minerals for resilient supply chains and launched 'Water Forward,' a global initiative for investable water systems. They committed to improving systemic effectiveness through a common framework on 'Value for Money' in procurement and mutual reliance frameworks for joint financing.