Second, Multilateral Development Banks should operate at a much higher scale. Thanks to their governance system, MDBs—including the World Bank and regional development banks—can borrow and lend to their member countries at lower interest rates. When MDBs borrow on international markets, they offer more guarantees to lenders than individual countries because the loans are guaranteed by all their members. Yet, MDBs operate at a scale which is largely insufficient.
In any case, greater access to financing from private capital markets, debt relief & restructuration, increased Official Development Assistance, foreign direct investments, and MDB lending must be associated with long-term investment planning, fiscal frameworks, project implementation, financial operations, and relations with partner institutions in developing countries, in order to be able to channel much larger funds into long-term sustainable development.
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