10 MDBs Launched new “Global Collaborative Co-Financing” Platform

Current Context: A coalition of ten Multilateral Development Banks (MDBs) has indeed launched a new co-financing platform on 19th April 2024.

• This platform is designed to channel additional capital for development scale and impact.
• The Global Collaborative Co-Financing Platform consists of two main components:
• The digital Co-Financing Portal: This creates a secure platform for registered co-financiers to share project pipelines. Hosted at the World Bank, this tool will increase efficiency and transparency and make it easier for MDBs to share information and identify opportunities for co-financing.
• The Co-Financing Forum: This provides a space for participants to discuss co-financing opportunities, best practices, and common issues, and will support ongoing efforts to coordinate policies to reduce the burden on partner countries.
• For countries, the new platform will reduce the administrative burden and transaction costs, and enable better coordinated financing in line with their priorities—resulting in greater development impact.
• By leveraging partnerships and promoting transparency, the platform will enable MDBs, partner agencies, and client countries to address global challenges more effectively and efficiently.
• The MDBs that are part of this new co-financing platform include:
• African Development Bank
• Asian Development Bank
• Asian Infrastructure Investment Bank
• Council of Europe Development Bank
• European Bank for Reconstruction and Development
• European Investment Bank
• Inter-American Development Bank
• Islamic Development Bank
• New Development Bank
• World Bank Group

Question:

Q.1 What is the purpose of the digital Co-Financing Portal?
a. To share project pipelines and identify opportunities for co-financing
b. To discuss co-financing opportunities and best practices
c. To coordinate policies to reduce the burden on partner countries
d. To promote transparency and address global challenges