Regional development banks call for more coordination

Washington

THE heads of four leading regional development banks, including the Manila-based Asian Development Bank (ADB), issued a statement on Monday pledging closer cooperation and the need for multilateral institutions to take a more "systemic" approach.

Their joint statement was in response to a report from the Centre for Global Development (CGD) in Washington, also issued on Monday, that identifies five recommendations to shareholders of existing and new multilateral development banks

The statement by the heads of ADB, African Development Bank (AfDB), Inter-American Development Bank (IADB) and the European Bank for Reconstruction and Development (EBRD) did not include the recently formed Asian Infrastructure Investment Bank (AIIB), based in Beijing, or the Shanghai-based New Development Ban…