Nadia Calvino, President of the European Investment Bank. — Reuters
SEVILLE: Multilateral development banks (MDBs) need to sharpen their focus on delivering climate action and on empowering women, the heads of two major MDBs in Asia and Europe say, as they face calls to be bolder, more flexible and inclusive.
The president of the European Investment Bank (EIB), Nadia Calvino, and of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun, were speaking on the sidelines of the once-a-decade United Nations development financing summit taking place in Seville.
The event is overshadowed by criticisms it has shown a lack of ambition and by the absence of the United States, the biggest provider of international aid until US President Donald Trump returned to office early this year.
Trump has also withdrawn the United States from UN efforts to counter climate change and sought to reverse policy on inclusivity, making many companies and institutions across the globe reticent about championing diversity and sustainability.
The AIIB’s Jin welcomed civil society’s push for MDBs to do more on climate as a “positive force for innovation and greater impact”.
The AIIB supported “climate-resilient” infrastructure under a broader definition that includes digital, health, and education infrastructure, he said.
The EIB’s Calvino said high-level climate commitments must translate into tangible investments and projects, naming as an example an initiative for climate-related debt clauses that allows vulnerable countries to pause repayments after disasters.
The pre-summit outcomes agreement between UN members included a pledge to triple multilateral lending capacity.
The United States said that crossed one of its red lines as it interfered with the MDBs’ independence.
The United States also objected to the use of the word gender in the outcomes document, saying it did not support “sex-based preferences”.
Calvino, the EIB’s first woman president, said empowering women was “both the right and the economically smart choice, a no-brainer”. — Reuters
