Multilateral Development Bank Leaders Meet in Manila to Address Global Financing Challenges

Leaders of the Heads of Multilateral Development Banks (MDBs) Group gathered at the Asian Development Bank (ADB) headquarters in Manila to discuss strategies for increasing financing and impact for developing member countries facing growing global challenges. The gathering marked the group's first-ever meeting held in the Philippines, with ADB hosting the event as the group's 2026 Chair.

According to ADB President Masato Kanda, who serves as the host and current Chair of the MDB Heads Group, challenges such as conflict, economic uncertainty, high debt, inflation, and disasters are increasing pressure on member nations. Kanda stated that the Manila meeting served as an opportunity to translate shared commitments into practical actions aimed at protecting development gains, drawing investment, and strengthening economic resilience.

During the meeting, the MDB heads reaffirmed their commitment to providing timely financial and analytical support. The leaders noted that this assistance is intended to protect vulnerable populations and support long-term investment in employment and growth amid difficult macroeconomic conditions and constrained fiscal environments.

In a joint statement, the group highlighted progress made over the past year in mobilizing private capital and coordinating efforts on common priorities, including climate, nature, jobs, water, critical minerals, and artificial intelligence. The group also reported efforts to improve operational efficiency across their respective institutions.

The leadership role of the Heads of MDBs Group is scheduled to transfer from the ADB to the European Investment Bank Group in December.

The MDB Heads 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 the World Bank Group, with the International Monetary Fund also taking part in discussions.

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