OECD Development’s Post

“Nearly all estimates make clear that adequate progress requires trillions annually” - Ajay Banga, President of The World Bank Group It’s the week of the #WBGMeetings: In addition to economic recovery and #climate, this week's “Vision to Impact” events will also focus on #developmentfinance. A topic we also discussed at our Global Perspectives Circle “Adapting the Global Financial Architecture” with our partner The World Bank last week. These two points were particularly emphasized during the discussion: ➡ The current Global Financial Architecture is not yet fit for purpose. We need the International Development Association, #IDA as an institution, ready to tackle postponed challenges from the past beyond national borders. ➡ IDA combines knowledge and finance to facilitate the transfer of ideas from one part of the world to another. Therefore, the replenishment presents an opportunity to strengthen the multilateral #community. Learn more about the event here: https://lnkd.in/eEBw7yME We are particularly looking forward to the program on IDA, such as the Civil Society Policy Forum event “Rebalancing Public Finance for Justice and Equity” sharing African Perspectives on #IDA21” on April 17 (11:15). #IDAworks #Africa

How can multilateral organisations drive progress on the Sustainable Development Goals (#SDGS)? Multilateral organisations hold key roles in the development finance landscape. In 2022, they committed a total of USD 231 billion from their core resources to support developing countries. Among these organisations, multilateral development banks, led by the World Bank Group, mainly provide non-concessional development finance. In contrast, other multilateral institutions, such as the United Nations agencies, typically offer concessional support. Learn more 👉 https://lnkd.in/eadaUjeg #HSC24 Mary Beth Goodman Jieun Kim Olivier Cattaneo Haje Schütte

Multilateral organizations play crucial roles in advancing #SDGs by channeling substantial development finance. Multilateral development banks fund sustainable projects, while UN agencies offer concessional support, together addressing the diverse needs of developing countries effectively The impact on Indonesia includes sustainable project funding, concessional support, poverty reduction, education improvements, and climate action, fostering inclusive development --> In 2022, the World Bank funded Indonesia’s $380 million INSTINCT project, enhancing climate resilience through sustainable infrastructure and community-focused environmental programs

Source: @sputnik_africa 🌐 🇰🇪 Ruto urges multilateral institutions reforms to address developing world's challenges Speaking at the Summit of the Future at the United Nations General Assembly, Kenya's William Ruto criticized the current structure of multilateral institutions, arguing that they are ineffective in addressing the challenges faced by developing countries. The president believes the institutions, such as the International Monetary Fund and World Bank, are not equipped to deal with complex issues and instead have a negative impact on developing countries. “We also must recognize that the prevailing multilateral institutional architecture is dysfunctional, or at least highly ineffective and cannot be relied upon to provide solutions for the world that we all urgently need. This is why countries are increasingly turning to innovative, homegrown approaches to solve their most pressing problems,” he stated. 📈 Ruto called for urgent action to close financing gaps, bridge international divides, and restore trust in multilateralism. He highlighted the obstacles that prevent developing countries from achieving the sustainable development goals (SDG), including limited fiscal capacity, rising debt levels, an unfair credit framework, and unequal interest rates.

We need to deepen cooperation to deliver more, deliver better: this is the outcome of discussions had by the Heads of ten Multilateral Development Banks (MDBs) in Washington D.C. to mark the conclusion of The World Bank - International Monetary Fund Spring Meetings. The MDB leaders agreed on joint steps to work more effectively together across five areas: ✅ scaling up MDB financing capacity; ✅ boosting joint action on climate change; ✅ strengthening country-level collaboration and co-financing; ✅ catalising private sector mobilisation; ✅ enhancing development effectiveness and impact. This strong cooperation message closes an intense few days for the EIB Group delegation at the Spring Meetings. Here are some highlights from the past days: 🔵 we signed the first EIB Group project in Bhutan under EU's Global Gateway; 🔵 with our Ukrainian partners, we agreed to speed up projects on the ground; 🔵 we discussed how to strengthen important partnerships, such as the Human Development Accelerator with the European Commission and the Bill & Melinda Gates Foundation. And much more. Make sure to keep following us across social media platforms as the EIB Group delegation moves on to New York for the United Nations Financing for Development Forum. Learn more about our presence at the 2024 IMF/ WBG Spring Meetings ➡️ https://lnkd.in/e_SwCJAh #SpringMeetings #IMFMeetings #WBGMeetings #MDBs #Multilateralism

*New Publication* Post-pandemic recovery in Africa faces significant challenges, especially for low-income, resource-rich countries. Limited fiscal space, rising debt, and high global interest rates have shut many out of credit markets, slowing economic progress. 🌍 With innovative solutions like public-private partnerships, improved debt frameworks, and G20 support, Africa can unlock its potential and drive sustainable development. In this co-authored brief, Mma Amara Ekeruche, Chris Heitzig and Lemma W. Senbet, propose ways the G20 can help African low income research rich countries restructure their financial architecture and become properly resourced to meet climate needs. Read here: https://lnkd.in/dmf3kKST #FinancialResilience #SustainableDevelopment #GlobalPartnerships

CDB’s annual meeting to focus on collaboration for stronger Caribbean economies Identifying practical measures for leveraging regional and international collaboration to achieve sustainable development is the focus of the 54th Annual Meeting of the Board of Governors (BOG) of the Caribbean Development Bank (CDB), scheduled for June 17-20, 2024, in Ottawa, Canada.   Themed "Partnerships for Resilient Prosperity," the hybrid event reflects the Bank's drive to catalyse cooperative approaches to bolster growth and resilience across its Borrowing Member Countries (BMC).   The Meeting will provide a platform for consultation and interaction between the Bank’s highest levels of leadership and critical stakeholder groups including donor entities, sector experts, public sector leaders, and development partners.    The agenda will facilitate collaborative exchanges and knowledge sharing to address the Region's most pressing development challenges.   The dialogue will explore avenues for reshaping the international financing paradigm to prioritise resilient, inclusive prosperity. Priority issues will include practical approaches to stimulating economic activity, mitigating the Region’s vulnerabilities, enhancing implementation capacity in BMCs, and confronting common threats such as climate change impacts.   With the Government of Canada serving as host, the 2024 Annual Meeting also presents an opportunity for regional stakeholders to deepen engagement with the international development community.   Canada’s Minister of International Development, Hon. Ahmed Hussen, the current Chairman of CDB’s BOG, said, “Canada and the Caribbean region share a close relationship. Together, we’ve worked to reduce poverty, take action on climate change, and invest in renewable energy. Canada is a founding member of the Caribbean Development Bank and the largest contributor to the Bank’s Special Development Fund for tackling the biggest challenges.  

Latin America and the Caribbean (LAC) need to strengthen tax collection and spending, enhance public debt management, deepen financial markets, promote production transformation, and mobilize more private resources to finance their development agendas. In the recently published Latin American Economic Outlook 2024, we argue that LAC's sustainable financing gap, estimated at USD 99 billion annually, can be closed through stronger coordination between public and private actors, with support from international partners. Amid weak labor productivity (33% of OECD levels in 2023) and persistent poverty (affecting 27.3% of the population, with 10.6% in extreme poverty), bold reforms are essential to foster inclusive and sustainable socio-economic growth. Happy to have contributed to this important report, which explores strategies to finance LAC's sustainable development! 🌎

Insightful policy brief by Development Reimagined highlighting considerations on the opportunity to strengthen Africa's voice in the multilateral system following the African Union's inclusion as a full, permanent member of the Group of 20, to form the G21. They highlight 6 priorities to support the AU's engagement: 1.    Reimagining the IMF Quota System to Provide Fair Representation for The African Continent. 2.    Facilitate SDR Reallocation to the African Development Bank  3.    Support a Reformed Debt Sustainability Analysis – including revisions to the restrictive 60% debt-to-GDP thresholds. 4.    Revise the G21 Common Framework based on African Positions.    5.    Alignment with the AUs Agenda 2063 and Infrastructure Development. 6.    Support capital increase at MDBs, as outlined by the Capital Adequacy Framework report. Will be fascinating to see what Africa's inclusion and representation looks like for the priorities and decisions of the G20 going forward, and how African countries can agree work together towards a harmonised position on priority issues for the continent. https://lnkd.in/emgNqe9G Full brief here: https://lnkd.in/e-UTbMur

The Biennial #SustainableCapitalMarketsConference concluded two insightful days in Nairobi on 5th–6th November 2024, bringing together thought leaders, policymakers and financial experts from across #Africa and beyond. With the theme 'catalysing Africa's growth through capital markets', the conference focused on how African markets can support sustainable development. Day 2 featured the following key highlights: 🏗Building resilience through #CapitalMarkets: In a session led by Kanini Mutooni, Board Member, #FSDAfrica, panellists explored how African countries can tackle macroeconomic challenges like currency risk, sovereign debt and credit ratings. 🤝🏼Mobilising institutional capital: Africa’s untapped wealth lies in its domestic institutional capital. In a session moderated by our CEO Mark Napier, the conversation shifted to strategies for unlocking this potential, focusing on directing investments towards sustainable development, infrastructure and alternative assets. 💡Innovative finance for a sustainable future: Presenters showcased the latest tools reshaping Africa’s financial landscape. From carbon-linked sovereign bonds and debt-for-nature swaps to biodiversity financing, speakers highlighted groundbreaking financial innovations bridging Africa’s sustainable finance gap. The conference concluded with a fireside chat featuring Evans Osano, DBA, Mark Napier, and Hikmet Abdella, reflecting on how African capital markets can drive a sustainable and resilient future. 🔗Read more here: https://lnkd.in/dUbh6sjd -- #MakingFinanceWork #GoFarGoTogether #FinancialInclusion -- Mark Napier, Evans Osano, DBA, Mary M. Njuguna, Jemima Gathumi, Cecilia Bjerborn Murai, Victor Nkiiri, Vimal Parmar, CFA, MBA, Adebayo Araoye, Sandy O. Okoth, Brian O. Yalla, CFA, CAIA, CIPM, MCSI, CIFA, Amos Mugi, FRM, Grace Pascal Mdemu, Joy V. Kendi, Lilian Bwire, John Ross (JR) SOGBOSSI, Evelyne Matibe, Angellah Khamala, Wycliffe Ooko, Cynthia Burudi, Capital Markets Authority (CMA) Uganda, Josephine Okui Ossiya-CPA,FCCA, MBA, Hana Tehelku, Shamiah Wycliffe, Brinda Mutty-Harjan, ICPAK (Institute of Certified Public Accountants of Kenya), CPA Catherine Asemeit Omasete, Gladness Deogratias, Ethiopian Securities Exchange (ESX), Frank Mwiti, Oluwaseun Afolabi, Amos Gachuiri, Dorothy Maseke ,CFIRM, Reshma Shah, Climate Policy Initiative, Dharshan Wignarajah.