by Jenny Lei Ravelo, Devex
Eight multilateral development banks made an unprecendented commitment to transportation infrastructure during the opening of the U.N. Conference on Sustainable Development, which runs June 20-22.
The 10-year commitment — more than $175 billion in loans and grants — was made a day after six presidents of MDBs announced support for nine green growth issues, including sustainable transport. The money will come from the banks represented by the six presidents and two other MDBs: the CAF-Development Bank of Latin America and Islamic Development Bank.
The fund will be used to improve, among others, public transport systems, pavements for walking, bicycle lanes, railways and inland waterways, Tyrrell Duncan, director of transport and communications at the Asian Development Bank, told Bloomberg.