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From Uche Usim, Washington DC
For more effective global financial support, a coalition of 10 Multilateral Development Banks (MDBs) has launched a new co-financing platform that will enable them channel additional capital for more impactful programmes and projects.
Tagged the Global Collaborative Co-Financing Platform, the new initiative encompasses the digital Co-Financing Portal which will create a secure platform for registered co-financiers to share project pipelines. This tool, hosted at the World Bank, will increase efficiency and transparency and make it easier for MDBs to share information and identify opportunities for co-financing.
The Co-Financing Forum, which will provide a space for participants to discuss co-financing opportunities, best practices, and common issues, and will support ongoing efforts to coordinate policies to reduce the burden on partner countries.
For countries, the new platform will reduce the administrative burden and transaction costs, and enable better coordinated financing in line with their priorities—resulting in greater development impact. By leveraging partnerships and promoting transparency, the platform will enable MDBs, partner agencies, and client countries to address global challenges more effectively and efficiently.
Strengthening partnerships is a key element of the World Bank Group’s new playbook aimed at boosting impact. Co-financing has been identified as an effective way to improve strategic alignment, crowd in concessional resources, promote efficiency, and strengthen coordination.
MDBs that will be part of the new co-financing platform include:: African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, Islamic Development Bank, New Development Bank and the World Bank Group.
More information on the programme will be released as work progresses.
