News
Multilateral Development Banks step up joint action
26 February 2025
Cape Town – The Heads of seven Multilateral Development Banks (MDBs) and the IMF Managing Director, Kristalina Georgieva, met for the first time in 2025 at the margins of the G20 Finance Ministers and Central Bank Governors Meeting and the Finance in Common Summit.
The meeting was organised by the Council of Europe Development Bank (CEB), which holds the rotating chair of the Heads of MDBs Group this year. MDB leaders reaffirmed the commitment to enhance their work as a system and maximise their joint impact.
The Minister of Finance of South Africa, Mr. Enoch Godongwana, also addressed Heads of MDBs and emphasized the importance of supporting growth, notably in Africa. Held under the theme of “Solidarity, Equality, Sustainability,” South Africa’s Presidency of the G20 underscores the importance of working in unison to address interconnected global challenges.
With only five years remaining to achieve the 2030 Agenda, MDBs are stepping up their support for the sustainable and inclusive development of their member countries.
Governor Monticelli stated: “This is a time of opportunity - I am confident that, together, we can build on our achievements and deliver tangible results in the year ahead.”
The hybrid meeting was attended in person by representatives of the African Development Bank, the Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, New Development Bank and the World Bank Group, with the Asian Development Bank and the Islamic Development Bank joining remotely.
The Council of Europe Development Bank (CEB) is a multilateral development bank, whose unique mission is to promote social cohesion in its 43 member states across Europe. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with an excellent credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.