UN Secretary-General Guterres and Multilateral Development Bank Leaders Unite for Sustainable Development Goals

On Sunday, United Nations Secretary-General António Guterres convened with heads of major Multilateral Development Banks (MDBs) to enhance collaboration aimed at accelerating progress toward the Sustainable Development Goals (SDGs) by 2030. This high-level dialogue included the Presidents and Vice Presidents of five leading MDBs, alongside the Managing Director of the International Monetary Fund (IMF).

The MDB leaders outlined their ongoing reforms designed to create a more effective and responsive system. Guterres emphasized the critical need for these reforms to unlock affordable long-term funding necessary to bridge the SDG financing gap.

Discussions focused on strengthening partnerships at the country level, particularly in fragile and conflict-affected regions, and leveraging private sector resources for sustainable investments. The MDBs also committed to working together for the upcoming Fourth International Conference on Financing for Development (FfD4), scheduled for next year in Seville, Spain, where global leaders will assess financing progress for the SDGs.

Following the working meeting, Spain, Jamaica, and Canada co-hosted an open dialogue featuring MDB leaders, UN Deputy Secretary-General Amina J. Mohammed, and high-level representatives from member states.

MDB leaders highlighted their collective efforts to enhance impact and scale, underscoring the vital role of concessional finance to assist the poorest communities. They shared updates on their joint initiatives, including a workplan released in April 2024 that aims to boost MDB financing capacity, address climate action, and improve development effectiveness.

The leaders also discussed the potential of Special Drawing Rights (SDRs) to significantly enhance funding for the SDGs, including initiatives like the G20 Global Alliance against Hunger and Poverty.

These discussions unfolded during the Summit of the Future, a pivotal gathering of world leaders aimed at reinforcing multilateral cooperation to tackle pressing global challenges such as climate change, poverty, and inequality.

Among those present at the high-level dialogue were:

• Akinwumi Adesina, President of the African Development Bank
• Ajay Banga, President of the World Bank Group
• Nadia Calviño, President of the European Investment Bank
• Ilan Goldfajn, President of the Inter-American Development Bank and Chair of the MDB Group
• Kristalina Georgieva, Managing Director of the IMF
• Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development
• Amina Mohammed, UN Deputy Secretary-General

This gathering represents a significant step towards fostering collaborative efforts that are essential for achieving sustainable development worldwide.