Strengthening Multilateral Development Banks| The Triple Agenda | Volume 1
Radically reformed and strengthened MDBs are essential to address the immense global challenges in today’s world. The welfare of billions of people and the health of the planet, the foremost example of a global public good (GPG), are under threat. To make matters worse, the problems are getting bigger; the SDGs are badly offtrack, with over 600 million people still living in extreme poverty, and there is an intense urgency to address problems of climate change and nature conservation and protection in all countries.
The window for action is closing fast. The world’s stock of infrastructure will double in the next decade, much of it in developing countries, so the choices made now will determine prospects for growth, sustainability and inclusion for decades to come.
The threats of today can be transformed into an opportunity for tomorrow. There is an emerging growth story of the 21st century that is sustainable, resilient, and inclusive. It is a growth path that invests in people, that secures livelihoods for those exposed to natural disasters, and that builds on the innovations now available in green energy and digital technologies. It will require strengthening of policies and institutions, and a large scale-up in the size and pace of public and private investments. For example, spending on sustainable infrastructure in developing countries needs to expand four-fold by 2030.