MDB heads to explore private sector financing for sustainable development

• • • Caribbean Development Bank’s President’s Chat, Thursday, June 9, 2022, at 10:00 am AST.

BRIDGETOWN, Barbados — Heads of four leading Multilateral Development Banks (MDBs) will tackle the pressing matter of securing the extensive financing required to meet Sustainable Development Goals (SDGs) in the third edition of the Caribbean Development Bank’s (CDB) President’s Chat on Thursday, June 9, 2022, at 10:00 am AST.

For the high-level virtual summit, CDB president Dr Hyginus “Gene” Leon will be joined by Dr Akinwumi A. Adesina, president of the African Development Bank (AfDB), Mauricio Claver-Carone, president of the Inter‑American Development Bank, and Dr Werner Hoyer, president of the European Investment Bank (EIB).

CDB president Dr Gene Leon, said: “Achieving the SDGs will require an innovative approach to financing and MDBs must take the lead in forging regional and international partnerships to mobilise private sector financing for ventures that drive sustainable development for us to achieve the best future for the countries and people we serve. I look forward to the exchange with my fellow presidents and to continued collaboration to move beyond dialogue to action.”

Guided by the theme Innovative Financing for Sustainable Development: What Can MDBs Do?  – the President’s Chat will explore the expanding role of the private sector in the development finance landscape.

Dr Akinwumi A. Adesina, said: “The African Development Bank has been at the forefront of mobilising financing to drive Africa’s COVID response, ensure food security, promote climate resilience and accelerate the sustainable energy transition for our countries. A discussion such as this will provide a forum for us to share the effective solutions we have implemented and lessons we have learned from our experience even while gaining insight from our partners in the global MDB community.”

The discussion will examine how MDBs can create investment opportunities that will attract private financing for ventures that contribute to sustainable development outcomes. The dialogue will also allow the MDBs heads to share success stories and lessons learned for takeaways that can shape approaches to common challenges, and issues that may be unique to particular regions.

IDB president Mauricio Claver-Carone, said: “Accelerating inclusive, sustainable growth in the Caribbean is imperative. At the IDB, IDB Invest, and IDB Lab, our innovation laboratory, we are ushering in a new 21st-century business model to boost investment in the region and maximize the potential of public and private-sector partnerships. This will help correct market failures and structural bottlenecks while improving entrepreneurial ecosystems that incentivize job creation.

“We have also declared 2022 to be the Year of the Caribbean and we expect to triple financing for the region to a record $1.3 billion this year. Dialogue and collaboration are at the center of our work as MDBs and only by working together, alongside the private sector, can we help the Caribbean achieve its sustainable development goals and create a more prosperous region. So, I am grateful to President Leon and the Caribbean Development Bank for hosting this important conversation.”

President of the EIB, Dr Werner Hoyer, said: “The European Investment Bank (EIB) places strong emphasis on collaboration and it is through our partnerships with MDBs and other institutions that we have been able to support adaptation investment in countries most affected by climate change. This discussion among MDB Heads will give us an opportunity to share with stakeholders in the Caribbean and wider international community how each institution is addressing current common challenges, so we can chart the way for even deeper collaboration going forward.”

The discussion among the MDB presidents will be of particular interest to the international development community, the global finance sector, as well as national planning institutions, policymakers and government officials across the Caribbean. CDB is also encouraging economists, business interests, industry leaders, academics and tertiary students in related disciplines to participate in the virtual event.

The President’s Chat will be streamed on the bank’s social media platforms and online participants will have an opportunity to pose questions to the presidents.