MANILA, Philippines — Multilateral development banks (MDBs) are ready to provide support to developing countries in dealing with shocks amid global uncertainty, according to the Asian Development Bank (ADB).
This was reaffirmed by the Heads of MDBs during their first-ever meeting in the Philippines held on Saturday.
The meeting was hosted by the ADB as the group’s 2026 chair.
During the meeting, the MDB heads discussed how to deliver more financing and greater impact to support developing members as they contend with mounting challenges.
As countries deal with disasters, conflicts, difficult macroeconomic conditions and constrained fiscal space, MDB heads reiterated their readiness to provide timely financial and analytical support to cushion the impact on vulnerable sectors, help sustain investments and achieve resilient growth.
Apart from the ADB, the Heads of MDBs Group includes the African Development Bank Group, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank Group, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank and the World Bank Group.
The International Monetary Fund also participates in the discussions.
The meeting covered discussions on the MDBs’ work in mobilizing private capital and expanding their financing capacity.
It also tackled the progress on actions in areas where MDBs can help countries build resilience and create jobs. These include nature, critical minerals, climate, water and artificial intelligence.
“Conflict, economic uncertainty, high debt, inflation and disasters are placing growing pressure on our members and making development harder,” said ADB president Masato Kanda, who also serves as host and current chair of the MDB Heads Group.
“Our meeting in Manila was an opportunity to turn shared commitments into practical action, so we can help members protect their development gains, attract investment and build more resilient economies,” he said further.
The ADB is set to turn over the role of chair of the Heads of MDBs Group to the European Investment Bank Group in December.