MDB heads meet in Manila to boost development financing

Heads of multilateral development banks (MDBs) met in Manila on 17 October to discuss ways to increase financing and strengthen support for developing economies facing mounting global challenges.

The meeting, held at the Asian Development Bank (ADB) headquarters, was the first gathering of the MDB Heads Group in the Philippines. The ADB hosted the meeting as the group's 2026 chair.

“Conflict, economic uncertainty, high debt, inflation, and disasters are placing growing pressure on our members and making development harder,” ADB president Masato Kanda said.

“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,” he added.

Amid disasters, conflicts, challenging economic conditions and limited fiscal space, the MDB heads reaffirmed their commitment to providing timely financial and analytical support to protect vulnerable populations and sustain investments in jobs and long-term growth.

In a joint statement, the group cited progress in mobilizing private capital and advancing cooperation on jobs, nature, climate, water, critical minerals, artificial intelligence and other shared development priorities.

The MDBs also highlighted efforts to improve system efficiency and expand development impact while respecting each institution's mandate, strategy and operational model.

The ADB will pass the chairmanship of the MDB Heads Group to the European Investment Bank Group in December.

The group comprises the African Development Bank Group, ADB, 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.