Today the IDB Group, the multilateral development banks (MDBs) and the International Monetary Fund (IMF) launched a joint report on financing the Sustainable Development Goals (SDGs).
The report is released at the end of a critical year, in which the COVID-19 pandemic threatens to reverse progress on the SDGs. In response, MDBs have collectively mobilized a global response package of $230 billion between 2020 and 2021 to reduce the impact of the pandemic, of which $75 billion will be directed to the world’s poorest countries before the end of 2020.
“[The COVID-19 pandemic] has reinforced the relevance of the 17 SDGs as a road map for inclusive, sustainable, green, and resilient recovery. In responding to the crisis, countries and their development partners have an opportunity to refocus on the SDGs,” the joint report says.
Mauricio Claver-Carone, president of the Inter-American Development Bank, said “to support the sustainable development agenda, the IDB Group will be updating our guarantee products to catalyze more private investment through our sovereign guaranteed operations.”
The report highlights collective and individual MDBs efforts to support countries to achieve the SDGs. It showcases examples of how their financing directly contributes to advancing SDGs that empower people, protect the planet, foster prosperity for all and develop sustainable quality infrastructure. The report also emphasizes the critical importance of MDBs partnerships to deliver financing, knowledge, and capacity building support for the SDGs.
The IDB Group has been working with its borrowing member countries to support them in their response to the COVID-19 pandemic and help them get back on track to achieving the SDGs. Working as a system with its fellow MDBs as well as the IMF, the IDB Group’s strategic priorities support all 17 SDGs, emphasizing the region's most critical development challenges and cross-cutting issues.
With 2020 marking the beginning of the “Decade of Action” to achieve the 2030 Agenda for Sustainable Development and the COP21 Paris Agreement, the IDB Group will revamp its work in a transformational way through job creation, digitalization, entrepreneurship and nearshoring, and the catalyzation of private investment, particularly through our sovereign-guaranteed window.
The report emphasizes that MDBs must continue their efforts to invest in people and human capital, with a deeper focus on inclusion. They will step up their efforts to protect the planet, and promote green development and ambitious climate actions reflecting the goals of the Paris Agreement on Climate Change. They must also work to strengthen resilience to shocks to preserve prosperity and continue to promote sustainable infrastructure, including to foster digitization to support innovation and sustainability. They will continue to deepen their partnerships for the goals, including through knowledge sharing and common reporting on the SDGs.
“The MDBs are committed to working alongside all partner countries to help them emerge from this unprecedented crisis better positioned to achieve the SDGs.”
The organizations partnering on the report are the African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Council of Europe Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the IDB Group (IDB, IDB Invest, IDB Lab), the International Monetary Fund, the Islamic Development Bank Group, the New Development Bank, and the World Bank Group (World Bank, IFC, MIGA).
To read the full report, please click here. For more information about IDB Group’s support to the SDGs, visit www.iadb.org/SDGs.
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.