Under the aegis of India’s G20 Presidency, a G20 Expert Group on “Strengthening Multilateral Development Banks (MDBs) has been constituted.
The objectives of the Expert Group are:
A roadmap for an updated MDB ecosystem for the 21st century, with milestones and timelines, touching upon all aspects of MDB evolution, including but not limited to vision, incentive structure, operational approaches and financial capacity so that MDBs are better equipped to finance a wide range of SDG and transboundary challenges such as climate change and health.
An evaluation of various estimates regarding the scale of funding required by and from MDBs for addressing their and member countries’ increased financing needs for SDG and transboundary challenges, taking into account the additional capacity that can be derived from the CAF recommendations alongside other important sources such as the private sector and public sector funds (AND) Mechanisms for coordination among MDBs for them to address and finance global development and other challenges more effectively.
The composition of the Expert Group is as under:
· Professor Lawrence Summers: President Emeritus, Harvard University
· Mr NK Singh: President, Institute of Economic Growth and Former Chairperson, Fifteenth Finance Commission of India.
· Mr Tharman Shanmugarathnam: Senior Minister, Government of Singapore;
· Ms Maria Ramos: Chairperson of AngloGold Ashanti and former Director-General of the National Treasury of South Africa
· Mr Arminio Fraga: Founder, Co-CIO Hedge Funds and Private Equity, Gávea Investimentos and former Governor, Central Bank of Brazil
· Prof Nicholas Stern: IG Patel Professor of Economics and Government, London School of Economics;
· Mr. Justin Yifu Lin: Professor and Honorary Dean of National School of Development at Peking University and former Senior Vice President & Chief Economist of the World Bank;
· Ms Rachel Kyte: Dean of the Fletcher School of International Affairs at Tufts University and former Vice-President of World Bank;
· Ms Vera Songwe: Non-resident senior fellow in the Africa Growth Initiative at the Brookings Institution and former Executive Secretary, Economic Commission for Africa
The Expert Group will submit its report to the Indian Presidency of the G20 before 30th June 2023.