QUITO, ECUADOR, October 19, 2016 – In support of the ‘New Urban Agenda’ adopted this week during the UN-sponsored global Habitat III conference, eight Multilateral Development Banks (MDBs) are putting the Agenda’s words into action by issuing a “Joint Statement” expressing their commitment to promote equitable, sustainable, and productive urbanization and urban communities.

On the occasion of the ‘The New Urban Agenda and the role of the Multilateral Development Banks’ session at Habitat III, the eight MDBs — the Asian Development Bank (ADB), African Development Bank (AfDB), the Development Bank of Latin America (CAF), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank (IADB), the Islamic Development Bank (ISDB), and the World Bank – presented their plans to working “together to
ensure that the programs we support promote a model of urban development that encourages equitable, sustainable, inclusive and productive settlements, including small rural communities, villages, market towns, intermediate cities, and metropolises.”

At the Islamic Development Bank, we do pay significant attention to urban development. Our new 10 years-strategic framework puts high emphasis on developing social and economic infrastructure, including urban development. Over the years, IsDB has provided affordable housing to millions of people, and has been very active in providing funding to investments targeting liveability, inclusiveness, and sustainable development of cities. In the next 10 years, the Bank envisages to support the Urban
and Housing Sector with about $5 billion additional financing. This will go a long way in supporting UN’s ‘New urban Agenda,’” said Dr. Mansur Muhtar, IsDB’s Vice President for Sector Operations.

“As an MDB that provides alternative modes of financing, we have additional means of providing resources to support urban development. For instance, through its endowment funds (e.g. Awqaaf), IsDB has made significant investments in the housing sector,” the IsDB Vice President added.

In line with their respective institutional mandates and governance structures, the organizations committed to foster coordination between urban, regional and national development plans, strengthening planning institutions capabilities, and access to finance at all levels of government and in the private sector.

In their Joint Statement, guided by their institutional mandates and their member countries’ own development goals, they committed to supporting the implementation of the UN ‘New Urban Agenda’ through direct financing, catalyzing other resources, as well as domestic resource mobilization. As such, they are determined to continue working to strengthen domestic financial markets, deepen financial inclusion, and attracting sources of co-financing to enable innovative and concessional funding to
address the challenges

For more details, please see the full Joint Statement at:
www.isdb.org
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Contacts for media enquiries:

Islamic Development Bank:
Muhammad Jameel Yusha'u
Senior Communication Specialist
myushau@isdb.org
+966126466492

World Bank:
In Quito:
Kristyn Schrader-King, +1-202-560-0153, kschrader@worldbank.org
Cristina Medina, +593-2-294-3676, cmedina1@worldbank.org

For more information, please visit:
www.isdb.org
www.unhabitat.org
www.habitat3.org

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