IMF and MDBs Announce $400B Financing to Boost Sustainable Development

To achieve the global Sustainable Development Goals, it is essential to increase investment and resource flows to developing countries. However, this can happen only where a country has a coherent development strategy, support for key public sector services, and a business environment that promotes growth.

Multilateral Development Banks (MDBs) and the International Monetary Fund have announced plans to extend more than $400 billion in financing over the next three years and engage more closely with private business and public sector organizations to mobilize the resources needed to achieve the Sustainable Development Goals.

The MDBs include the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, and World Bank Group. Together with the IMF, they have announced the new financing plans in the run-up to the Third International Conference on Financing for Development in Addis Ababa from July 13 to 16.

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Vikas is a staff writer for the Sustainable Development news and editorial section on Justmeans. He is an MBA with 20 years of managerial and entrepreneurial experience and global travel. He is the author of "The Power of Money" (Scholars, 2003), a book that presents a revolutionary monetary economic theory on poverty alleviation in the developing world. Vikas is also the official writer for an international social project for developing nations "Decisions for Life" run in collaboration between the ILO, the University of Amsterdam and the Indian Institute of Management.