Multilateral Banks Partner Private Sector To Boost Global Infrastructural Development

The move according to the MDBs, is required to support sustainable and inclusive economic growth throughout the world.

The decision was reached on Saturday, at the Global Infrastructure Forum 2017, in Washington DC, the United States of America, which brought together potential investors, representatives of the United Nations and the G20 nations.

Under the theme of “Delivering Inclusive, Sustainable Infrastructure,” this year’s edition focuses on how MDBs can best work with countries and the private sector to create markets for infrastructure projects.

As part of the resolve, the MDBs pledged not only to leverage their resources by joining forces to co-finance projects, but also to help generate interest among private sector investors in Public-Private Partnerships and the development of infrastructure as an asset class for institutional investors.

The represented banks include, African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, Inter-American Investment Corporation, International Finance Corporation, Islamic Development Bank, New Development Bank and the World Bank.

Following this development, basic infrastructure challenges like roads, water and power, in many developing countries will be addressed.

Developing countries across the world face the urgent need to invest in climate-resilient infrastructure and renewable, efficient energy sources.

Over one billion people live without electricity, more than 660 million people don’t have access to clean drinking water, and one in three people lack access to flushing toilets and sewerage infrastructure, the United Nations reports.