Increased interaction with MDBs is a key element of the Bank's new strategic model, and will be essential to realizing the Bank's ambitious new vision: a world without poverty on a livable planet.

"By working together for a common cause, we can bring more expertise, technical capacity, knowledge, and, above all, more financing to meet the enormous challenges of today's world", said World Bank President Ajay Banga.

The measures that the MDBs have already begun to implement or are considering could generate between $300 billion and $400 billion in additional financing capacity over the next decade.

The potential for impact from deeper collaboration is enormous: people's lives can be improved at a time when countries are facing a perfect storm of interrelated crises, from climate shocks and conflicts to pandemics and rising debt.

MDB leaders agreed to increase collaboration in five key areas:

1. expanding financing capacity through financial innovations, such as portfolio guarantees and hybrid capital, while intensifying joint outreach to credit rating agencies.

2.Expand collective climate-related efforts as MDBs implement joint principles to assess alignment with the Paris Agreement and to improve tracking of climate results and disclosure of relevant information beyond joint reporting on climate finance initiatives.

3.Strengthen collaboration within countries to ensure that joint efforts generate greater impact.

4.Strengthen co-financing by harmonizing and standardizing processes and seeking financing opportunities to achieve greater speed and scope.

5.Catalyze private sector participation through innovative joint mechanisms that generate greater capital mobilization, among other things.

The new agreement comes at a time when the Bank is working with renewed impetus to build partnerships. In addition to working closely with the BMD s, the Bank is seeking partnerships with the private sector, civil society, other multilateral institutions and philanthropic entities.

The banks that have signed up are: African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, Islamic Development Bank and the New Development Bank joined the World Bank.

Translated by: A.M