The Collaborative Global Cofinance Platform will consist of:

The Cofinancing Portal, which will provide a secure digital environment for registered entities to share their project portfolios. This tool, which will operate within the World Bank, will allow for greater efficiency and transparency, and will make it easier for multilateral development banks to share information and find co-financing opportunities.

The Cofinancing Forum, which will provide a space for participants to discuss cofinancing opportunities, best practices, and common challenges, and will support ongoing efforts to coordinate policies to reduce the burden on partner countries.

For countries, the new platform will reduce administrative burdens and transaction costs and allow for better coordination of funding in line with their priorities, resulting in greater development impact.

The platform will leverage partnerships and promote transparency so that multilateral development banks, partner agencies and client countries can address global challenges more effectively and efficiently.

Strengthening partnerships is a key component of the World Bank Group's new strategic directions aimed at increasing impact. Co-financing has proven to be an effective way to improve strategic alignment, attract concessional resources, promote efficiency, and strengthen coordination.

The banks that will be part of the new co-financing platform are the following:

• African Development Bank
• Asian Development Bank
• Asian Infrastructure Investment Bank
• Council of Europe Development Bank
• European Investment Bank
• European Bank for Reconstruction and Development
• Inter-American Development Bank
• Islamic Development Bank
• World Bank Group
• New Development Bank

Translated by: A.M