Paris: President of the Islamic Development Bank (IsDB) Group Dr. Muhammad Al Jasser participated in the meeting of the Heads of Multilateral Development Banks (MDBs) held in Paris. The meeting aimed at enhancing collaborative efforts to address critical development priorities and underscored the commitment to operate as a cohesive entity to maximize impact and reach.

According to Saudi Press Agency, the discussions during the meeting were steered by the shared vision and recommendations laid out in the G20 Roadmap. This roadmap sets forth a comprehensive plan for reforming MDBs to more effectively address regional and global challenges, aid in job creation, and support countries in achieving their development goals.

The MDB leaders expressed support for ongoing initiatives designed to enhance operational efficiency and client coordination. This includes five mutual reliance agreements intended to streamline the preparation and execution of co-financed projects.

Additionally, they affirmed their dedication
to implementing recommendations from the G20’s Independent Review of MDBs’ Capital Adequacy Frameworks. Since mid-2024, these reform efforts have enabled MDBs to unlock over $250 billion in additional lending capacity over the next decade. This increase brings the total to over $650 billion, aimed at supporting development projects in both developing and high-income countries.