MDB heads pledge stronger development financing amid global challenges

MDB heads pledge stronger development financing amid global challenges MANILA, Philippines, 17 October 2026 — Heads of multilateral development banks (MDBs) have reaffirmed their commitment to providing greater financing and strengthening development impact as developing countries face mounting economic, financial and environmental challenges.

The Heads of MDBs Group met at the Asian Development Bank (ADB) headquarters in Manila on Saturday for its first-ever meeting in the Philippines. The meeting was hosted by the ADB, which holds the group’s chairmanship for 2026. ADB President Masato Kanda, who hosted the meeting as the current Chair of the MDB Heads Group, said conflicts, economic uncertainty, high debt, inflation and disasters were placing increasing pressure on member countries and making development more difficult.

“Our meeting in Manila was an opportunity to turn shared commitments into practical action, so we can help members protect their development gains, attract investment, and build more resilient economies,” Kanda said. Against a backdrop of conflicts, natural disasters, challenging macroeconomic conditions and limited fiscal space, the MDB heads reaffirmed their readiness to provide timely financial and analytical support to vulnerable populations and sustain investment in job creation and resilient, long-term economic growth.

In a joint statement, the leaders welcomed progress made during the year in strengthening collaboration across the MDB system to mobilise private capital and advance shared development priorities. These priorities include job creation, nature conservation, climate action, water security, critical minerals and artificial intelligence, alongside efforts to improve the efficiency of multilateral development institutions and maximise development impact at scale.

The group emphasised that these collaborative efforts would continue in accordance with each institution’s mandate, strategy and operational model. The chairmanship of the Heads of MDBs Group will pass from the ADB to the European Investment Bank Group in December 2026. The Heads of MDBs Group comprises the African Development Bank Group, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank Group, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank and World Bank Group.

The International Monetary Fund also participates in the group’s discussions.