QUITO, ECUADOR – In support of the ‘New Urban Agenda’ adopted this week during the UN-sponsored global Habitat III conference, eight Multilateral Development Banks (MDBs) are putting the agenda’s words into action by issuing a “joint statement” expressing their commitment to promote equitable, sustainable, and productive urbanization and urban communities.

On the occasion of the The New Urban Agenda and the role of the Multilateral Development Banks session at Habitat III, the eight MDBs—the Asian Development Bank (ADB), African Development Bank (AfDB), the Development Bank of Latin America (CAF), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank (IADB), the Islamic Development Bank (ISDB), and the World Bank–presented their plans to work “together to ensure that the programs we support promote a model of urban development that encourages equitable, sustainable, inclusive and productive settlements, including small rural communities, villages, market towns, intermediate cities, and metropolises.”

‘‘Strained transport systems, rising water insecurity, and climate change will be the three biggest urban challenges in Asia and the Pacific in the next 15 years,” said Vijay Padmanabhan, ADB’s Technical Advisor on urban issues. “ADB and Habitat 3's New Urban Agenda aim to fill the huge gaps in infrastructure, services, and institutional effectiveness and lay the foundations for resilient, equitable, and prosperous cities in our region.”

In line with their respective institutional mandates and governance structures, the organizations committed to foster coordination between urban, regional and national development plans, strengthening planning institutions capabilities, and access to finance at all levels of government and in the private sector.

In their joint statement, guided by their institutional mandates and their member countries’ own development goals, they committed to supporting the implementation of the UN New Urban Agenda through direct financing, catalyzing other resources, as well as domestic resource mobilization.  As such, they are determined to continue working to strengthen domestic financial markets, deepen financial inclusion, and attract sources of cofinancing to enable innovative and concessional funding to address the challenges of the poor and most vulnerable urban residents.

For more details, please see the full joint statement.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB in December 2016 will mark 50 years of development partnership in the region. It is owned by 67 members – 48 from the region. In 2015, ADB assistance totaled $27.2 billion, including cofinancing of $10.7 billion.

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