Leaders of 10 multilateral development banks (MDB’s) announced steps to collaborate more effectively to increase the impact and scale of their work, in order to tackle urgent development challenges, including addressing the growing need for disaster risk insurance and in climate risk financing.
The 10 multilateral development banks (MDB’s) behind the announcement were the: African Development Bank (AfDB); Asian Development Bank (ADB); Asian Infrastructure Investment Bank (AIIB); Council of Europe Development Bank (CEB); European Bank for Reconstruction and Development (EBRD); European Investment Bank (EIB); Inter-American Development Bank (IDB); Islamic Development Bank (IsDB); New Development Bank (NDB); World Bank Group (WBG).
A number of these are already heavily involved in disaster and climate risk transfer and insurance efforts, while some have also recognised the need to mobilise private capital to support this and of course the World Bank has already opened up the capital markets to disaster risk for its member countries, through its successful deployment and issuance of catastrophe bonds.
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