EIB European Investment Bank : MDBs on track to deliver on Rio+20 promises

The eight Multilateral Development Banks[i] (MDBs) have published the third joint Progress Report on Sustainable Transport. The report, the result of the MDB Working Group on Sustainable Transport, concludes that the eight organisations collectively provided around USD 23 billion of new funding for sustainable transport projects in 2015, and remain on target to meet the goal of the Commitment to Sustainable Transport.

Of this total, the EIB provided around EUR 5.3 billion for transport projects in developing countries, including the financing of a bus rapid transit system in Laos and a railway project in Bangladesh.

In June 2012, the eight MDBs launched a Commitment to Sustainable Transport. The Rio+20 Commitment, as it has come to be known, set the shared aim of providing more than USD 175 billion in loans and grants to the sector over the following decade. The first Progress Report (2012-2013) of the MDB Working Group on Sustainable Transport showed commitments of USD 20 billion. Added to the USD 25 billion approved in the second year, the MDBs are well on track to meet their financing goals.

The Rio+20 Commitment includes a commitment to report annually on our sustainable transport-related lending. Under a common reporting framework, the institutions have made progress in assessing the sustainability of transport lending, in economic, social and environmental terms.

[i] The eight MDBs are the African Development Bank (AfDB), Asian Development Bank (ADB), CAF - Development Bank of Latin America (CAF), European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Inter-American Development Bank (IADB), Islamic Development Bank (IsDB) and the World Bank (WB)