The Multilateral Cooperation Center for Development Finance (MCDF) has published its 2024 annual report and audited financial statements, as approved by the MCDF Governing Committee.
Click to Download the MCDF 2024 Annual Report and Audited Financial Statements
The annual report describes how MCDF continued to harness new opportunities to promote sustainable, high-quality connectivity infrastructure investment in developing countries through partnerships and rapidly expanded its operations during its fourth year of operations, despite emerging global challenges.
It highlights the significant increase in MCDF grants supporting high-quality connectivity infrastructure projects in Africa, Asia, and Latin America and the Caribbean, from 18 in 2023 to 38 in 2024, totaling USD42.97 million or a nearly 57% rise. This includes the first transboundary water resource management project and the first public-private partnership (PPP) transaction advisory services project to receive MCDF grant support.
The annual report notes the addition of two new MCDF Implementing Partners, the International Fund for Agricultural Development and Islamic Development Bank, while the Caribbean Development Bank was accredited to become the seventh MCDF Implementing Partner. This sets the stage for an even more robust and geographically broad range of connectivity projects that can benefit from MCDF grants covering project preparation, capacity building, and information sharing.
The annual report highlights the continued progress of MCDF’s information and knowledge-sharing activities to facilitate the application of International Financial Institution (IFI) standards and good practices in connectivity projects, supported by the strategic guidance of IFI partners under the MCDF Collaboration Platform.
This includes welcoming nearly 2,000 people from approximately 70 countries and over 40 New Partners (developing country financiers) as participants in MCDF events in 2024, examining pertinent topics such as procurement, PPPs, anticorruption and integrity, and land and asset valuation in involuntary resettlement.
The annual report presents MCDF’s first residential training program, on debt sustainability for Central and West Asian countries, held in partnership with the Central Asia Regional Economic Cooperation (CAREC) Institute in Urumqi, China. It also looks at the MCDF workshop organized for a New Partner, the Export-Import Bank of China (CEXIM), at which the World Bank introduced its policies and practices to strengthen CEXIM’s sustainable development impact through infrastructure support.
The annual report goes on to explain how MCDF was strengthened by the leadership of the MCDF Governing Committee, whose MCDF donor country members were chaired by Saudi Arabia, the strategic guidance of the MCDF Coordination Committee, chaired by AIIB, and the support of the MCDF Administrator, AIIB.
It further notes how this support helped the MCDF Secretariat to continue to enhance its operational capacity and more actively engage current and prospective partners needed to build on MCDF’s progress.
“As MCDF prepares for its next phase, spanning 2027-2031, the MCDF 2024 Annual Report provides a timely and comprehensive look at how far MCDF and partners have traveled over the past year,” said MCDF CEO Zhongjing Wang. “It also provides insights to help guide the next stage of MCDF’s journey so that it can effectively navigate through tough times and toward greater connectivity that can make the world a better place.”
The annual report concludes by presenting MCDF’s financial results in 2024, as audited by MCDF’s external auditor.
Contact
David Hendrickson
Senior Communications Officer
Mobile: +86 185 0114 6758
david.hendrickson@themcdf.org
