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MDBs pledge to mitigate Covid-19 impact, protect livelihoods of member countries

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Multilateral Development Banks have pledged to continue to collaborate in their efforts to mitigate the adverse impact of the COVID-19 pandemic of member countries.

The MDBs also promised to accelerate the recovery of economies and livelihoods.

This was made known in a meeting chaired by Hajjar Bandar, President of the Islamic Development Bank Group and attended by the heads of 12 Multilateral Development Banks (MDBs).

Bandar said the collaboration by the MDBs had proven meaningful in their efforts to swiftly provide crucial financial relief to member countries in the wake of the pandemic.

“In the face of this unprecedented crisis, we have shown our responsibility and unity. The total package has already started disbursing and is bearing fruits,” Bandar said.

Discussing the impact of their responses to the pandemic and the worsening debt situation, the organizations said “sustaining their joint efforts would protect livelihoods, especially among vulnerable populations, preserve macroeconomic stability and promote a stronger private sector role after COVID-19.”

The joint effort of the MDBs has seen a COVID-19 response envelope of about $230 billion. In addition, the IMF has provided financing to 81 member countries totaling over $100 billion since mid-March, with further room for member countries to tap into its $1 trillion lending capacity through program arrangements.

He urged members to sustain the collaboration to steer financing towards development, help communities out of poverty and spur digitization and promote education. “This forum is where partnerships make a difference. We need to join forces to support our member countries better.”

MDBs represented at the meeting include the Islamic Development Bank (IsDB), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Council of Europe Development Bank (CEB), the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB), the Inter-American Development Bank (IDB), International Finance Corporation (IFC), International Monetary Fund (IMF), the New Development Bank (NDB), World Bank Group and the African Development Bank.

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