Development banks can help resolve global crises
JIN DING/CHINA DAILY After the survival crisis at the end of the 20th century, the revival and expansion of the multilateral development bank system, led by the World Bank, has become one of the most prominent transformations in the global development financing system since the 2008 global financial crisis. Following the adoption of the United Nations 2030 Agenda for Sustainable Development, multilateral development banks set a goal to increase their capital mobilization capacity from "billions to trillions", reflecting the emergence of a development finance paradigm that lies between government and market forces. It is now part of a broader system of more than 30 regional and sub-regional development banks, including larger ones such as the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the Islamic Development Bank, the European Bank for Reconstruction and Development, and newer institutions like the Asian Infrastructure Investment Bank and the New Development Bank. Besides, the headwinds against economic globalization fundamentally are undermining the global development mission of the MDBs, and developed economies are according priority to trade protectionism, and "de-risking" in their policy agendas.
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