TEN multilateral development banks Jointly Launch Global Co-financing Platform

By: Mustafa Eid

In a groundbreaking act of global collaboration, 10 multilateral development banks (MDBs) have joined forces to launch a digital initiative that aims to transform the development finance landscape, potentially unlocking substantial additional financing.

The Global Collaborative Co-financing Platform, agreed on the sidelines of the 2024 IMF and World Bank Spring Meetings, will be a digital marketplace that brings together a curated list of projects seeking co-financing from participating institutions. The Asian Infrastructure Investment Bank (AIIB) and the World Bank (WB), along with the African Development Bank (AfDB), Asian Development Bank (ADB), Council of Europe Development Bank (CEB), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IDB), Islamic Development Bank (IsDB) and New Development Bank (NDB) are joining at this initial stage to enhance collaboration, streamline their co-financing processes, and provide a centralized hub for project information.

A panel to launch the platform was moderated by World Bank Vice President of Development Finance Akihiko Nishio, with World Bank Managing Director and Chief Financial Officer Anshula Kant providing opening remarks and featuring AIIB Vice President Sir Danny Alexander, Agence Française de Développement CEO Remy Rioux, ADB Vice President Scott Morris, Minister of International Cooperation of Egypt Rania Al Mashat, and Vice Minister of Parliamentary State Secretary to the Federal Minister for Economic Cooperation and Development of Germany Niels Annen as panelists. The discussion shed light on the potential for greater impact and efficiency through MDB collaboration.

“We are excited to join the Global Collaborative Co-financing Platform together with the World Bank and sister MDBs,” said AIIB Vice President for Policy and Strategy Sir Danny Alexander. “This is a potential game changer in the world of development finance. We expect this platform to foster stronger partnerships among MDBs and co-financiers and enable us to collectively address the pressing global challenges we face today.”