The Caribbean Development Bank (CDB) joined leading multilateral development banks (MDBS) in high-level talks with the world’s three major credit rating agencies (CRAs), advocating for reforms to rating methodologies that better reflect the unique financial structures and risk profiles of development finance institutions.
The roundtable, hosted at the Inter-American Development Bank’s Headquarters in Washington, D.C., took place on the sidelines of the recent Spring Meetings of the International Monetary Fund and World Bank Group. It marked the fifth session in a continuing series launched in response to the G20-sponsored Independent Review of MDBs’ Capital Adequacy Frameworks (CAF), and the first meeting of 2025.
Discussions focused on enhancing technical engagement between MDBs and CRAs. Topics discussed included:
• A review of the progress on implementing the recommendations of the G20-sponsored Independent Review of MDBs’ Capital Adequacy Frameworks (CAF) and the way forward.
• Updates from the Global Emerging Markets Risk Database Consortium, which provides critical data-driven insight for investors and credit rating agencies demonstrating MDBs’ strong credit performance.
• Updates from the credit rating agencies on recent changes to credit rating criteria and market developments relevant to the development finance ecosystem.
MDBs participants reiterated the importance of ensuring that credit rating criteria properly reflect the risk-mitigation mechanisms inherent in MDBs’ business models. CRA’s – Standard & Poor’s Global Ratings, Moody’s Ratings and Fitch Ratings – expressed appreciation for the continued structured dialogue and acknowledged the progress made in strengthening mutual understanding.
MDBs and development finance institutions:
The next roundtable is scheduled for October 2025.
The participating financial institutions were:
Asian Development Bank (ADB)
African Development Bank (AfDB)
Asian Infrastructure Investment Bank (AIIB)
Central American Bank for Economic Integration (CABEI)
Development Bank of Latin America and the Caribbean (CAF)
Caribbean Development Bank (CDB)
Council of Europe Development Bank (CEB)
European Bank for Reconstruction and Development (EBRD)
European Investment Bank (EIB)
European Stability Mechanism (ESM)
Fondo Latinoamericano de Reservas (FLAR)
FONPLATA Development Bank
International Fund for Agricultural Development (IFAD)
Inter-American Development Bank (IDB)
IDB Invest
International Finance Corporation (IFC)
Islamic Development Bank (IsDB)
Multilateral Investment Guarantee Agency (MIGA)
Nordic Investment Bank (NIB)
OPEC Fund for International Development (OPEC Fund)
World Bank