Impact Of Multilateral Development Banks Disproportionate To Funding - Official

2024-05-03 03:08:04

(MENAFN- Trend News Agency) TBILISI, Georgia, May 3. The influence ofmultilateral development banks is disproportionate to their amountof funding, Deputy Director General and Chief Procurement Officerof ADB's Procurement, Portfolio and Financial Management Division,Jeff Taylor said, Trend reports.

He made the remark during the panel discussion on "SustainableProcurement - Contributing to ADB's Climate Change Mitigation andAdaptation Goals" at the ADB Annual Meeting.

"The impact of multilateral development banks (MDBs) isdisproportionate to their amount of financing. We pay to lead, leadby example, or advise many of our member countries. And we, asmembers of the MDB community, have a responsibility to take aleadership role in this, not a reactive role, and to be proactive is part of the evolution of the MDBs.

I mentioned the old way of procurement, the risk-free way. As anMDB group, we are all working very hard to move away from that oldmodel. It is not easy, but the process is well underway, and it isirreversible. It started with the concept of value for money. Andnow we realize that sustainability is a value that we mustincorporate into our approaches. And we have a unique understandingof that," he noted.

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