Call follows IMF/World Bank Group Annual Meetings
In his capacity as Chair of the Heads of the Multilateral Development Bank Group in 2018, the President of the European Bank for Reconstruction and Development, Sir Suma Chakrabarti, has called on all institutions to put a reenergised and accelerated focus on developing the private sector if global goals are to be realised.
His message follows discussions with fellow MDB leaders at the IMF/World Bank Group Annual Meetings at Bali in Indonesia.
The Deputy Prime Minister of Singapore Tharman also participated in the meeting to discuss the follow up to the recent G20 Commissioned report on ”Making the global financial system work for all”. Sir Suma has welcomed its findings as an important addition to the debate.
Sir Suma insisted that only through mobilising private sector investment, including the deepening of local capital markets and the improvement of the investment climate in many countries, could the 2030 Agenda for sustainable development be fulfilled.
The President said that the EBRD had been set up to help develop market economies and the Bank was looking hard at how it can further optimise the quantity and quality of its own investments in its Countries of Operations.
This Strategic Review of further opportunities, which was mandated by EBRD Governors at the Bank’s Annual Meeting in May this year in Jordan, was part of the discussion when Sir Suma met shareholders and others over the past week. He held 28 bilateral meetings with Ministers and senior officials from across the G7, Countries of Operations and EU member states.
Discussions with the EBRD’s 69 shareholders on the Strategic Review will continue in order to decide priorities for delivery from next year. From January, a pre-feasibility study for possible expansion will also get underway.
The Bank has said, previously, that it does have the capital capacity to increase the amount that it invests each year.