CEB joins forces with other multilateral development banks and IMF to launch the first joint report on financing the sustainable development goals

PARIS - The Council of Europe Development Bank (CEB) joined a group of 11 multilateral development banks (MDBs) and the International Monetary Fund (IMF) today in launching a first-ever joint report on financing the Sustainable Development Goals (SDGs).  

The report is released at the end of a critical year, in which the COVID-19 pandemic threatens to reverse progress on the SDGs. In response, MDBs have collectively mobilized a global response package of $230 billion to reduce the impact of the pandemic, of which $75 billion will be directed to the world’s poorest countries before the end of 2020.  

“The COVID-19 pandemic has reinforced the relevance of the 17 SDGs as a road map for inclusive, sustainable, green, and resilient recovery. In responding to the crisis, countries and their development partners have an opportunity to refocus on the SDGs,” the joint report says.  

Commenting on the launch of the report CEB Governor Rolf Wenzel said: “The world is at a critical juncture as we usher in a Decade of Action while simultaneously mitigating the fallout of the COVID-19 pandemic. Achieving SDGs will require concerted and collaborative efforts by all MDBs to invest in people, planet and prosperity. The MDB report is an important step in deepening our partnership in support of SDGs.”  

The joint report highlights collective and individual MDBs efforts to support countries to achieve all 17 of the SDGs. It showcases examples of how their financing directly contributes to advancing SDGs that empower people, protect the planet, foster prosperity for all and develop sustainable quality infrastructure.  

With the SDG framework set out in its Development Plan 2020-2022, the CEB began screening all potential projects for their SDG contribution right at the start of the project appraisal phase. For all the 56 projects approved in 2020, totalling  €6 billion, a set of relevant key SDGs has been identified depending on the objectives and characteristics of each operation. The upcoming Annual CSR Report 2020, due in April 2021, will be the first such report to disclose and make the link between CEB financing in 2020 and the specific SDGs these projects contributed to.

The joint report also emphasizes the critical importance of MDBs partnerships to deliver financing, knowledge and capacity building support for the SDGs. MDBs must continue their efforts to invest in people and human capital, with a deeper focus on inclusion. They intend to deepen their partnerships for the goals, including through knowledge sharing and common reporting on the SDGs.   

The MDBs are committed to working alongside all partner countries to help them emerge from this unprecedented crisis better positioned to achieve the SDGs.

The 12 organizations partnering on the report are the African Development Bank Group, 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 IDB Group, , the International Monetary Fund, the Islamic Development Bank Group, the New Development Bank, and the World Bank Group (World Bank, IFC, MIGA).  

To read the full report, please click here.