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