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- Multilateral development banks renew their commitment to promoting sustainable solutions for economic migration and forced displacement
- MDBs continue their support for the Global Compact on Refugees
- Approach is in line with the EBRD’s engagement on economic migration and forced displacement
Multilateral development banks (MDBs) are renewing their commitment to supporting refugees and those affected by forced displacement, as well as host communities, with targeted financing across a wide range of sectors and policy instruments.
During the Global Refugee Forum held from 13-15 December in Geneva, MDBs, including the European Bank for Reconstruction and Development, Asian Development Bank, African Development Bank, Council of Europe Development Bank, European Investment Bank, Inter-American Development Bank, Islamic Development Bank and World Bank, renewed their commitment to promoting sustainable solutions for economic migration and forced displacement. The MDBs have also reiterated their support for the Global Compact on Refugees developed by the United Nations High Commissioner for Refugees (UNHCR), United Nations members and other relevant stakeholders.
Since the last Global Refugee Forum in 2019, the MDBs have progressed on commitments set out in their Joint Statement. They have stepped up their policy and financing efforts in the context of forced displacement, enhanced coordination among themselves and with external stakeholders, provided rapid financing to help alleviate the strain on public services, and increased private-sector development and support.
The MDB Coordination Platform on Economic Migration and Forced Displacement, currently chaired by the EBRD, will focus on a number of priorities that MDBs have identified in the statement, while continuing to build a nexus between humanitarian assistance and development investments on displacement and migration-related challenges. The MDB Platform will promote a holistic approach to preventing and addressing irregular economic migration and forced displacement situations. The MDBs will also work on advancing operational and knowledge-related collaboration and exploring innovative financing mechanisms to fund economic migration and forced displacement projects.
Mark Bowman, EBRD Vice President, Policy and Partnerships, said: “The EBRD works closely with its partners and clients to respond to crises and shocks in our regions. With this Joint Statement we join other MDBs in reaffirming our commitment to supporting human capital resilience and adapting and expanding our support to refugees and host communities, working together with the private sector and donor support.”
This approach is in line with the EBRD’s engagement on economic migration and forced displacement, which dates back to the launch of the Refugee Response Plan in 2016 to address the needs of Syrian refugees (over 6.8 million) and their host communities in Jordan and Turkey. EBRD investments have helped alleviate the strain on public services, increase employment opportunities through finance and advice to small businesses, and offered inclusion programmes to promote economic participation, especially for young people and women.
As ongoing and new conflicts continue to drive forced displacement across the globe, the EBRD continues to shape its investments, technical assistance and policy engagement to address the challenges related to migration and forced displacement.
The Bank’s increased work in this area is illustrated in its response to the war on Ukraine with its Resilience and Livelihoods Framework. The €3 billion framework continues to deliver investments focused on preserving people’s livelihoods and strengthening businesses directly or indirectly affected by the war.