IFIs Back New Global Development Agenda with Stepped-Up Support

Article originally posted on the World Bank website.

Multilateral Development Banks (MDBs) and the International Monetary Fund (IMF) hailed today’s adoption of a sustainable development agenda for the next generation and are fully committed to stepping up their support to ensure its success.

sustainable-development-goals

At the United Nations General Assembly in New York taking place from 25-27 September, world leaders endorsed new Sustainable Development Goals, an ambitious agenda that aims to end poverty, promote prosperity and to protect the environment.

“The international community showed wisdom and courage fifteen years ago in adopting the Millennium Declaration, which set out eight ambitious goals to improve the lives of billions and bring the world together in closer cooperation and partnership. We cut poverty in half five years earlier than the declaration’s deadline, so I am confident we can achieve the great aspirations of these new global goals – particularly the first, which is to erase the scourge of extreme poverty from our planet by 2030.  We can, and must, end this terrible blot on our collective conscience.”

– Jim Yong Kim, President, World Bank Group

Leaders of the MDBs – the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, World Bank Group — and the IMF described the agreement as an historic landmark.

“The well-being of our planet and its people are at the heart of the new goals. They point the way towards greater prosperity and equality and will ensure more robust and sustainable economic growth,” the leaders said.

In July this year, at a Financing for Development conference in Addis Ababa, the institutions unveiled plans to scale up their finance and support for countries seeking to achieve the development goals, pledging to increase their financial contribution to more than $400 billion over the next three years.

They vowed to examine how they could increase their own financing and also to work to ensure a greater mobilization of domestic resources and expanded funding from the private sector.

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