G20 Leaders Ask Financial Institutions to Leverage Private Capital for Maximum Development Impact
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According to the manifesto, “We call on MDBs to leverage private capital through innovative financing models and new partnerships to maximize their development impact. We look to the summit for a new global financing agreement, while acknowledging other multilateral efforts.
Committed to a better, bigger and more effective Multilateral Development Bank (MDB), G-20 leaders on Saturday called for maximum development impact from financial institutions through innovative financing models and new partnerships in the New Delhi Leaders’ Summit Declaration. asked to take advantage of private capital. It also supported the action plan to implement the recommendations of the G-20 independent review of the MDB Capital Adequacy Framework (CAF) and its implementation while safeguarding their long-term financial stability, strong credit ratings and preferred lender status within the MDBs’ own framework. Called for ambitious implementation.
The G-20 New Delhi Declaration said, “We also call for regular review of the progress of implementation on a periodic basis, including through dialogue with MDBs, subject experts and stakeholders. We commend MDBs for their progress in implementing the CAF recommendations, particularly with regard to adopting definitions of risk appetite and financial innovation.” Committed to advancing reforms for better, larger and more effective MDBs, the G20 leaders urged these institutions to make concerted efforts to develop their approaches, incentive structures, operational approaches and financial capabilities so that they can better equipped to address global challenges to maximize developmental impact.
“There is a need for a massive push to scale up investment to meet development needs and global challenges, and in this context, we call upon the IMF and the World Bank, in coordination with other relevant international institutions,” the declaration said. calls for supporting domestic resource mobilization efforts in EMDE.” According to the manifesto, “We call on MDBs to leverage private capital through innovative financing models and new partnerships to maximize their development impact. We look to the summit for a new global financing agreement, while acknowledging other multilateral efforts.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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