Group of Multilateral Banks to Create Center to Promote Connectivity and Infrastructure
CAF has partnered with a group of multilateral banks to create the Multilateral Cooperation Center for Development Finance (MCDF), which is intended to promote investments in connectivity and infrastructure in underdeveloped regions within the framework of the Belt and Road Initiative.
CAF signed a memorandum of understanding with the Chinese Ministry of Finance, as well as the Inter-American Development Bank, the Asian Development Bank, the Asian Investment and Infrastructure Bank, the European Bank for Reconstruction and Development, the New Development Bank and the World Bank, to work on the promotion of infrastructure and connectivity development within the framework of the Belt and Road Initiative fostered by Chinese President Xi Jinping.
The signatories, who recognized the importance of the collaboration in tackling global challenges, pledged to promote an environment of transparent, friendly, non-discriminatory and predictable financing, taking into account the sustainability of the debt in fund mobilization.
The MCDF is expected to focus its functions on the exchange of information among its members and other development institutions, as well as on the creation of spaces to improve developing countries’ institutional capacity to control their investment climate and the sustained, transparent debt management and the preparation of projects aimed to fund pre-feasibility studies and environmental and social assessments.
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