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Tuesday, 13 April 2010

Multilateral banks to continue economic support

Leading Multilateral Development Banks (MDBs) and the International Monetary Fund, meeting at the European Investment Bank in Luxembourg, mapped out their plans to support a sustainable global recovery and agreed the Copenhagen Accord is an opportunity for action to finance measures to combat climate change. On the global economy, they noted signs of recovery and agreed enhanced cooperation among the MDBs and the IMF played an important role in preventing a wider systemic crisis. They concluded the global economy remains fragile and MDBs will need to continue to play a counter-cyclical role in 2010. In this context they welcomed the agreements on capital increases of the ADB, EIB and IADB and looked forward to the conclusion of negotiations on replenishing resources of the AfDB, EBRD and the World Bank Group. Beyond the immediate demand of responding to the crisis, the MDBs remain focused on crisis prevention, supporting sustainable growth and development and, in particular, the need to combat climate change.

Source: European InvestmentBank