NEW DELHI: The two co-convenors of the expert group on the reform of multilateral development banks (MDBs) have begun consultations with the heads of other agencies as they seek to understand the complementarities that these entities have with the World Bank and how the entities can move in a coordinated way.
Larry Summers, professor emeritus at Harvard University and a former US treasury secretary, and N K Singh, the chairman of the 15th Finance Commission, have begun consultations with the heads of at least nine of MDBs in Washington, sources said. The list includes New Development Bank, Asian Infrastructure Investment Bank, Asian Development Bank, African Development Bank, European Bank for Reconstruction and Development (EBRD), European Investment Bank and the World Bank.
While there is a growing consensus that the World Bank will need more capital to meet multiple financing requirements and a wider mandate that will include climate finance, there has been no assessment on how the other MDBs can be used to deliver results better, both for the poor as well as the middle income countries. The group is expected to look at the other MDBs as well and suggest ways to help them meet the goals. An important component of the terms of reference, the expert group is to factor in ways to optimise resources and a coordination among these entities will help.
Larry Summers, professor emeritus at Harvard University and a former US treasury secretary, and N K Singh, the chairman of the 15th Finance Commission, have begun consultations with the heads of at least nine of MDBs in Washington, sources said. The list includes New Development Bank, Asian Infrastructure Investment Bank, Asian Development Bank, African Development Bank, European Bank for Reconstruction and Development (EBRD), European Investment Bank and the World Bank.
While there is a growing consensus that the World Bank will need more capital to meet multiple financing requirements and a wider mandate that will include climate finance, there has been no assessment on how the other MDBs can be used to deliver results better, both for the poor as well as the middle income countries. The group is expected to look at the other MDBs as well and suggest ways to help them meet the goals. An important component of the terms of reference, the expert group is to factor in ways to optimise resources and a coordination among these entities will help.
