Global development banks agree new priorities on finance, water security and private capital ahead of COP30

Banking chiefs have pledged to deepen cooperation on climate finance, infrastructure and private capital mobilisation, publishing a series of joint reports and new transparency measures as the UAE prepares for COP30 in Brazil

The heads of the world’s leading multilateral development banks (MDBs) met in Washington on Saturday to review progress on joint reform commitments and set new priorities for 2026, agreeing to expand collaboration on financing, risk management and social infrastructure ahead of the next global climate summit.

Chaired this year by the Council of Europe Development Bank (CEB), the group includes the African Development Bank (AfDB), the World Bank, the Asian Development Bank, and others.

The meeting marked a further step in efforts to act “as a system for greater impact at scale”, a commitment first outlined in the MDBs’ Viewpoint Note of 2024.

A key focus was delivery against the G20 Roadmap towards ‘Better, Bigger, and More Effective MDBs’, which calls for increased lending capacity, greater private-sector mobilisation, and stronger operational coordination.

The banks presented a comprehensive joint report to the G20 documenting progress across institutions, alongside a series of new publications designed to improve transparency and accountability.

These included the first MDB Comparison Report, prepared by the newly established Global Risk and Finance Forum (GRaFF), providing a comparative view of the banks’ financial positions and risk frameworks.

The forum also released a briefing note for credit rating agencies to clarify MDBs’ capital structures and asset quality.

In the social and environmental sphere, the group launched two collaborative studies: a Joint Annual MDB Water Security Financing Report, unveiled at the Financing for Development conference in Seville, and Social Infrastructure in Focus, examining investment in health, education, housing and water as drivers of productivity and resilience.

The MDBs also reaffirmed their joint work to mobilise additional private capital through the Global Emerging Markets Risk Database (GEMs), expand originate-to-share models, and scale up regional programmes such as Mission 300.

After the meeting, the heads held discussions with Rafael Grossi, Director General of the International Atomic Energy Agency, on global trends in civil nuclear energy.

The chairmanship of the MDBs Group will pass in December from the Council of Europe Development Bank to the Asian Development Bank. The heads thanked CEB Governor Carlo Monticelli for his leadership during 2025.

READ MORE: ‘The European in the Amazon as COP30 drives global climate decisions’. When the world’s climate leaders gather in Belém this November, The European will be in print at the heart of the Amazon, bringing European business perspectives into the discussions on finance, sustainability and the planet’s future.

Do you have news to share or expertise to contribute? The European welcomes insights from business leaders and sector specialists. Get in touch with our editorial team to find out more.

_{Main image: African Development Bank President Sidi Ould Tah (2nd left) with other multilateral development bank heads. Washington DC October 17, 2025. Credit: African Development Bank Group (AfDB)}