Finance in Common : Joint Declaration of All Public Development Banks in the World

The Covid-19 pandemic and its subsequent socio-economic crisis is generating profound and enduring impacts for People and the Planet. The crisis reveals and amplifies our vulnerabilities and inequalities, reconsidering our development models. It leads us to rethink and factor in environmental and social issues in our production and consumption modes in order to build more just and resilient societies.

Disruptions generate opportunities for major transformations. How we respond to the crisis will have long-lasting and potentially irreversible consequences. It is essential that we build back better, by protecting our natural capital and working to deliver sustainable, equitable and inclusive outcomes, leaving no one behind. Recovering from Covid-19 and achieving the Sustainable Development Goals (SDGs) and the objectives of the Paris Agreement are one and the same, i.e. interlaced and complementary goals to be pursued together.

Finance is a major trigger for change. Solutions are urgently needed, aligned with the Addis Ababa Action Agenda, 2030 Agenda for Sustainable Development and the Paris Agreement, collectively set in 2015, to unlock the potential of all financial flows, public and private and help shift current development pathways towards sustainability. Short-term decision-making must be aligned with longer-term goals.

The time has now come for consistent action of all global finance players. As Public Development Banks (PDBs), we have always been active in times of crisis, striving to provide and catalyze sustainable finance on a global scale. Serving the public interest, we are uniquely placed to help reconcile recovery and sustainability.

List of signatories:

Regional and International Associations of Public Development Banks:

• Association of African Development Finance Institutions (AADFI)
• Association of Development Financing Institutions in Asia and the Pacific (ADFIAP)
• Association of National Development Finance Institutions in Member Countries of the Islamic

Development Banks (ADFIMI)

• Latin American Association of Development Financing Institutions (ALIDE)
• D20-Long-Term Investors Club (D20-LTIC)
• European Association of Public Banks (EAPB)
• Association of European Development Finance Institutions (EDFI)
• European Long-Term Investors Association (ELTI)
• International Development Finance Club (IDFC)
• World Federation of DFIs (WFDFI)

Multilateral Development Banks:

• African Development Bank Group (AfDB)
• Council of Europe Development Bank (CEB)
• European Bank for Reconstruction and Development (EBRD)
• European Investment Bank (EIB)
• International Fund for Agricultural Development (IFAD)
• Islamic Development Bank Group (IsDB)