MDB heads strengthen joint action in Manila to deliver more financing, greater impact
MANILA, PHILIPPINES: Heads of the Multilateral Development Banks (MDBs) Group met at the Asian Development Bank (ADB) headquarters in Manila on October 17. They agreed to step up joint action to deliver more financing and greater impact for developing members facing mounting challenges.
The meeting, hosted by ADB as the Group’s 2026 Chair, was the first-ever gathering of the MDB Heads in the Philippines. Delegates discussed ways to help members protect development gains, attract investment and build more resilient economies amid conflict, economic uncertainty, high debt, inflation and frequent disasters.
“Conflict, economic uncertainty, high debt, inflation, and disasters are placing growing pressure on our members and making development harder,” ADB President Masato Kanda, host and current Chair of the MDB Heads Group, 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.”
In a joint statement, the Heads welcomed progress this year in working as a system to mobilise private capital and in coordinating actions on jobs, nature, climate, water, critical minerals and artificial intelligence. They also highlighted efforts to improve system efficiency to achieve greater impact at scale, consistent with each institution’s mandate, strategy and operational model.
The role of Chair of the Heads of MDBs Group will transfer in December from ADB to the European Investment Bank Group.
The Heads of MDBs 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. The International Monetary Fund also takes part in the Heads’ discussions.
