Multilateral development banks must create a new funding mechanism and triple sustainable lending by 2030 to eliminate poverty and achieve climate goals, a G20 panel said in a report on Tuesday that called for big changes in the way MDBs operate.
The independent panel, headed by economists Lawrence Summers and N.K. Singh, was commissioned by the Group of 20 nations to propose reforms for MDBs.
Of this, the report said around $1.8 trillion should go towards sustainable infrastructure, a four-fold increase since 2019, while $1.2 trillion would be needed to achieve other goals, including a 75% increase in spending on health and education. It also said that MDBs should provide an incremental $260 billion of additional annual official financing, of which $200 billion should be in non-concessional lending, and help mobilise and catalyse private finance.
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