UN and Multilateral Development Banks Unite to Boost Global Efforts for 2030 SDG Targets

UN and Multilateral Development Banks Unite to Boost Global Efforts for 2030 SDG Targets

(IN BRIEF) On September 23, 2024, UN Secretary-General António Guterres met with the heads of major Multilateral Development Banks (MDBs) to strengthen collaboration aimed at accelerating progress toward the 2030 Sustainable Development Goals (SDGs). The discussion centered on MDB reforms to enhance their capacity and effectiveness, particularly in fragile and conflict-affected countries. The leaders also agreed to work together ahead of the Fourth International Conference on Financing for Development (FfD4) in Seville next year. The meetings occurred during the Summit of the Future, where global leaders focused on tackling challenges like climate change, poverty, and inequality. MDBs also explored using Special Drawing Rights (SDRs) to fund SDG projects.

(PRESS RELEASE) LUXEMBOURG, 23-Sep-2024— /EuropaWire/ — United Nations Secretary-General António Guterres, alongside key UN officials, convened with the leadership of major Multilateral Development Banks (MDBs) on Sunday. The meeting aimed to bolster joint efforts to assist countries in fast-tracking progress toward the Sustainable Development Goals (SDGs) by 2030.

This high-level dialogue included five Presidents and three Vice Presidents representing the leading MDBs, with the Managing Director of the International Monetary Fund (IMF) also participating. The gathering further reinforced the growing collaboration between the United Nations and MDBs.

During the discussions, MDB leaders outlined ongoing reforms designed to enhance the system’s size, effectiveness, and overall impact. These reforms are driven by an urgent need to address pressing global challenges. Secretary-General Guterres emphasized that such MDB transformations are essential for unlocking more affordable, long-term resources, vital to bridging the SDG financing gap.

A key focus of the dialogue centered on improving cooperation at the national level, particularly in fragile or conflict-affected regions. Additionally, discussions explored how MDBs and the UN could work together to channel private sector investment toward sustainable initiatives.

Looking ahead, MDBs agreed to collaborate closely in preparation for the Fourth International Conference on Financing for Development (FfD4), set for next year in Seville, Spain. The conference will gather public, private, and civil society leaders to assess progress on financing the SDGs and set future priorities.

Following the main meeting, Spain, Jamaica, and Canada co-hosted an open dialogue with MDB leaders, the UN Deputy Secretary-General, and high-level representatives from UN Member States.

In this dialogue, MDB leaders shared updates on their collective efforts to maximize impact, particularly for the most vulnerable populations. They highlighted the critical importance of concessional financing and financial innovation. Member States were also briefed on the MDBs’ joint action plans, detailed in the “Viewpoint Note” released in April 2024. These initiatives focus on expanding MDB financing capacity, scaling climate action, and improving development outcomes.

Further discussions highlighted the potential of channeling Special Drawing Rights (SDRs) to significantly boost funding for SDG-related projects, including initiatives like the G20 Global Alliance against Hunger and Poverty.

These meetings occurred during the Summit of the Future, a landmark UN General Assembly event focused on enhancing multilateral cooperation. The summit addressed critical global challenges such as climate change, poverty, and inequality, with a strong emphasis on international financial cooperation.

Participants in the meeting included leaders from the African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, Islamic Development Bank, IMF, United Nations Conference on Trade and Development, United Nations Development Programme, United Nations Department of Economic and Social Affairs, the World Bank Group, and other UN bodies.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals.

EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance.  EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.

Media Contact:

Monica Faro
m.faro@eib.org
+352 4379-71105

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank