Development Bank Chiefs Meet in Manila to Unlock More Funding as Pressures Mount

“Conflict, economic uncertainty, high debt, inflation and disasters are placing growing pressure on our members and making development harder,” said ADB President Masato Kanda, the meeting’s host and current chair of the MDB Heads Group.

The heads of the world's leading multilateral development banks met in Manila today with a shared challenge: how to get more financing to developing economies facing rising debt, conflict, inflation and disasters, and make that money deliver stronger results for the people who need it.

Hosted at the Asian Development Bank's headquarters, the gathering was the MDB Heads Group's first meeting in the Philippines. ADB convened the discussions as the group's 2026 chair, bringing together institutions whose financial support and expertise can help governments protect essential services and keep investing through difficult times.

Growing pressures put development gains at risk

"Conflict, economic uncertainty, high debt, inflation and disasters are placing growing pressure on our members and making development harder," said ADB President Masato Kanda, the meeting's host and current chair of the MDB Heads Group.

For developing economies, these pressures leave governments with difficult spending choices as debt obligations and urgent needs compete for limited public funds. Protecting vulnerable communities can become harder at the same time that investment in jobs and economic resilience becomes more necessary.

The bank heads reaffirmed their readiness to provide timely financing and analytical support to help members respond to those demands. Their commitment covered both the immediate need to protect vulnerable populations and the investment required to sustain job creation and resilient growth over the longer term.

"Our meeting in Manila was an opportunity to turn shared commitments into practical action, so we can help members protect their development gains, attract investment, and build more resilient economies," Kanda said.

Private investment and closer cooperation take centre stage

A joint statement from the heads welcomed significant progress made this year in working together as a system to mobilise private capital. With public finances under strain, bringing more private investment into development projects formed a central part of the discussions about expanding the financing available to members.

The group also recognised joint work across a broad set of priorities, including jobs, nature, climate, water, critical minerals and artificial intelligence. These areas reflect the range of demands facing developing economies, from creating employment and managing natural resources to responding to technological change.

Getting more from the institutions' combined resources was another focus. The heads highlighted efforts to improve efficiency across the MDB system so their work can deliver greater impact at scale, with cooperation guided by each bank's mandate, strategy and operational model.

ADB prepares to hand the chair to the EIB Group

ADB will pass the chair of the Heads of MDBs Group to the European Investment Bank Group in December, following a year in which the Manila meeting brought shared financing and development commitments into focus.

The group comprises the African Development Bank Group, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank Group, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank and World Bank Group.

The International Monetary Fund also participates in the heads' discussions, which connect development financing priorities with the wider economic pressures shaping members' choices.