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Source: The post is based on the article “Panel to look at ways to boost multilateral banks” published in TOI on 29th March 2023
What is the News?
A nine-member G20 expert panel has been set up to suggest ways to strengthen multilateral development banks (MDBs) like the World Bank.
About the G20 expert group on strengthening multilateral development banks(MDBs):
Chaired by: The group is co-chaired by Former US Secretary of Treasury Larry Summers and India’s NK Singh, Chairman of the 15th Finance Commission.
Mandate of the group:
To draw up a roadmap for an updated MDB ecosystem for the 21st century so that these institutions are better equipped to finance a wide range of sustainable development goals and global challenges such as climate change and health.
To evaluate the funding required by and from multilateral development banks to address their and member countries’ increased financing needs.
To draw up a mechanism for coordination among these MDBs to address and finance global development.
What are Multilateral Development Banks(MDBs)?
Multilateral Development Banks(MDBs) refer to international financial institutions that provide development and other assistance to nations.
MDBs include World Bank, IMF, BRICS Development Bank, Asian Development Bank, New Development Bank, etc.
MDBs provide long-term loans for the capital-intensive infrastructure sector for developing countries, assist to deal with humanitarian crisis situations, help nations to build capacity for resource generation and exploration, etc.
