NITI Aayog, in partnership with the Indian Council of Research on International Economic Relations (ICRIER), is organising a workshop to facilitate discussions and actions to strengthen the Multilateral Development Banks (MDBs) to leverage greater official and private capital for inclusive and sustainable development, on November 9, 2023 at Taj Palace, Chanakyapuri, New Delhi. The workshop will focus on raising awareness regarding the commitments outlined in the G20 New Delhi Leaders’ Declaration (NDLD) and will set the stage for the formulation of a comprehensive action plan to monitor the progress of these commitments.
The workshop aims to raise awareness of the significance of India’s contribution to the agenda of reforming MDBs as laid down in the NDLD and the 4th FMCBG communique and to encourage an informed discussion on the implications of these reforms on India’s own engagement with the MDBs as well as the role of the various stakeholders – Central government, the State governments, private sector, think tanks and the civil society – to make MDBs better, bigger and more effective. Key objectives of the workshop include understanding India’s role in MDB reforms, exploring the implications of these reforms on India’s engagements with MDBs, and identifying key issues and actionable points to enhance the effectiveness of these critical financial institutions.
The workshop is focused on three distinct sessions with each segment aimed to coalesce into specific action points and strategies that are required to implement the vision laid out in the NDLD:
- Making MDBs accountable, efficient, and responsive to their clients: Explore the shift from individual projects to government-led programs, fostering accountability and collaboration through “Country Platforms.” To streamline processes to make it easier to work with each other and with local and foreign investors.
- Implications for a strengthened and bigger MDB system for India: Examine the effects of tripling MDB lending volumes by 2030, including balancing private investment and aligning with national priorities. In the Indian context, to ensure that a larger MDB system does not stifle private investment but rather complements investment from other sources.
- Reorienting MDBs to leverage greater private capital for green investment: Exploring reforms and practices to help MDBs manage risk effectively and engage with the private sector for green investment. Discussing the potential use of CSR funds and the role of financial regulators like RBI and SEBI in facilitating mobilization of private capital for climate change.
This workshop will be an opportunity for industry, academics, experts, and civil society representatives to collaborate and design a roadmap to strengthen the Multilateral Development Banks (MDBs) for inclusive and sustainable development.