WASHINGTON, CMC – The Barbados-based Caribbean Development Bank (CDB) is among several Multilateral Development Banks (MDBs) that have agreed to closer collaboration on a common approach to measuring the impact of their operations on creating more and better jobs.
A statement issued here noted that to achieve these objectives the MDBs will deepen coordination and partnership across countries, MDBs, the private sector, and other stakeholders.
“The work will be iterative and refined by MDBs based on lessons learned, individual mandates, and the latest best practices. This process will also be informed by dialogue with stakeholders, including the International Labor Organization (ILO), to ensure that discussions reflect the quality of jobs created.
“Our goal is to advance our collective understanding of the best pathways for job creation and workers’ earnings in each region and context, to help drive growth and improve livelihoods in our countries of operation.
“Creating more and better jobs lifts households out of poverty, improves social cohesion, and reduces vulnerability. The quality of jobs is an essential dimension of this effort. Our collaboration will help support better policy dialogue and stronger project design, to deliver more and better jobs,” the MDBs added.
Apart from the CDB, the other finanial institutions involved in the initiative are the African Development Bank (ADB), the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the Council of Europe Development Bank (CEB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IADB), the Islamic Development Bank (IDB), the New Development Bank (NDB) and the World Bank Group (WBG).
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