Multilateral development banks need reactivation: Al-Jadaan

Saudi Minister of Finance Mohammed Al-Jadaan

Saudi Minister of Finance Mohammed Al-Jadaan said that multilateral development banks need to reactivate themselves through ambitious, globally-coordinated efforts that are nationally driven, Saudi Press Agency reported.

These banks are one of the main ways to support sustainable development globally, by providing multilateral solutions to development issues. They have evidently made extraordinary efforts to support low- and middle-income countries since 2020.

While COVID-related challenges subsided, the global economy faced multiple overlapping challenges, including food insecurity, inadequate access to water and energy, in addition to the rising debt levels, which directly weighed on the low-income countries, Al-Jadaan noted.

OPEC Fund for International Development made several achievements, despite many global challenges. The fund's current mission is to achieve sustainable growth and deepen its development impact in developing countries.

The minister also noted that the fund grew in terms of development finance, with 48 remarkable and new engagements, and over $1.6 billion in loans. The newly established Development Effectiveness Report shows evidence that projects actually deliver impact and change peoples' lives.