Chaired by the New Development Bank (NDB), the first meeting of the Group of Heads of Multilateral Development Banks (MDBs) in 2023 was held on April 15 in Washington, DC.
The Heads discussed pressing issues affecting the global economy and sustainable development, with a focus on the role of MDBs in addressing the existing and emerging development challenges. They reinforced their desire to work in a collaborative way to maximize their development impact.
The Heads also held two focused discussions in the context of MDBs’ cooperation in responding to the shared global challenges of the 21st century. While the first was dedicated to their commitments to addressing climate change and joining efforts in preparation for COP 28, the second centered around the review of MDBs’ capital adequacy frameworks and strengthening the roles of MDBs.
NDB’s President, Mrs. Dilma Rousseff, opened the meeting with a video message. In her remarks, President Rousseff highlighted the importance of the group and called for enhanced bilateral and multilateral collaboration among the members. “The landscape of development finance is evolving and MDBs need to evolve to tackle the pressing development challenges,” said President Rousseff. “The collaboration and cooperation among MDBs become extremely important in this context, and I therefore intend to establish a strong and close relationship with all of you,” she added.
The Group of Heads of MDBs is an informal forum for engagement and free exchange of views among the leaders of major MDBs, namely the African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, Islamic Development Bank, the International Financial Corporation, the New Development Bank, and the World Bank, plus the International Monetary Fund. The group usually meets on the sidelines of the Spring and Annual Meetings of the World Bank Group and International Monetary Fund.
Background information
NDB was established by the BRICS countries to mobilize resources for infrastructure and sustainable development projects in emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. In 2021, NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries.