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COMMENT BEYOND20


Developmentfinance foreconomicrecovery


A GLOBAL APPROACH IS NEEDED TO OVERCOME THE GLOBAL PROBLEMOF SUSTAINABILITY


in response to this unique challenge, support- ing our clients and delivering real value for our shareholders. Looking ahead, the Covid-19 crisis has


spurred us on to rethink howwecanimprove in the future. Overcoming the longer-term conse- quences of the pandemic will take money, time and relentless focus. It will also require address- ing fundamental questions, perhaps with more imagination. This includes climate change, ris- ing inequality and the future of trade in a way that makes economies more competitive, resil- ient, inclusive and green at the same time. Harnessing the digital revolution to promote more integration and better governance will also be a key challenge of the next decade. Development institutions will play a crucial


ODILE RENAUD-BASSO


adopted by all United Nations member states in 2015.Whatwas always an ambitious target for a betterworld by 2030 has nowbeen seriously dis- rupted by the coronavirus pandemic. And even with a vaccine in sight, we face


T


both immediate challenges and long-term consequences. Across parts of theworld, the global Covid-19


death rate is continuing to rise. Health services are stretched to the limit and the pandemic has been a global economic shock like no other.How can multilateral development banks, such as the European Bank for Reconstruction and Development (EBRD), help? How do we keep money flowing to sustain economies and ensure that countries build back better? How do we equip and support governments to make sound policychoices intheface ofcompetingdemands?


Getting started The immediate challenge in 2020 has been to provide emergency liquidity support. Multilateral institutions have stepped up their interventions: we have collectively deliv- ered exceptional levels of investment in 2020,


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he clock is ticking. The end of 2020means we have less than a decade to deliver the 17 Sustainable Development Goals


role by providing sustainable public financing, mobilising private capital and delivering objec- tive policy advice that draws on decades of experience. Both political clout and economic firepower are needed to support long-termpro- ductive investments, for example in renewable energy, quality infrastructure or economic inclusion. Moving beyond the crisis phase, we need to ensure we genuinely build back better bymeasuring the quality as much as the quan- tity of what we do.


Keepingmomentum National governments and multilateral institu- tions must work together closely to maximise impact. The institutions need the right skills in the right place at the right time. Alongside this agility, they should monitorandrigorously eval- uate the results of their investments. They must remain accountable to their shareholders. Given the scale of investment required,


development finance in the future should focus even more on crowding in the private sec- tor. According to the Global Infrastructure Hub, the world will face a $15tn gap between pro- jected investment and the amount needed to provide adequate global infrastructure by 2040. Only the private sector has the necessary resources to address this challenge.


Overcomingthe funding gap To rise to the challenge, collective action will also be needed. There are multiplier effects that can be gained from development finance insti- tutions working as a system. For example, we at the EBRD have very good experience in the


www.fDiIntelligence.com December 2020/January 2021


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