A G20 expert group on strengthening multilateral development banks (MDBs) was constituted on Tuesday to ensure that the institutes are better equipped to finance a wide range of sustainable development goals (SDG) as well as transboundary challenges.

The objectives of the expert group include creating a roadmap for an updated MDB ecosystem for the 21st century.

The group will evaluate various estimates regarding the scale of funding required by and from the multilateral development banks. It will also overlook the mechanisms for coordination among the MDBs for them to address and finance global development and other challenges.

The expert group will submit its report to the Indian Presidency of the G20 before June 30, 2023.

Members of the group

Former US secretary of the Treasury Lawrence Summers and the former chairperson of the 15th finance commission in India NK Singh are the co-conveners of the group.

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Summers is also the President Emeritus of Harvard University and NK Singh is also the president of the Institute of Economic Growth.

The other members of the group include:

Tharman Shanmugarathnam: Singaporean political leader and economist

Maria Ramos: South African businesswoman and former CEO of the country's third-largest bank Absa.

Arminio Fraga: Brazilian economist

Nicholas Stern: Member of UK's House of Lords, economist and banker.

Justin Yifu Lin: Chinese economist

Rachel Kyte: British academic who is also the dean of Tufts University's Fletcher School.

Vera Songwe: Banking executive and economist from Cameroon

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