PURPOSE: The United Nations General Assembly designated 4 December as International Day of Banks to recognize of the significant potential of multilateral development banks and other international development banks in financing sustainable development and. also in recognition of the vital role of the banking systems in the United Nations Member States in contributing to the improvement of the standard of living.
FORUM:“Enhancing Collaboration between national development banks and multilateral banks.” International Day of Bank 2024. On December 4th, we celebrate the International Day of Bank 2024 in recognition of the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how; and also in recognition of the vital role of the banking systems in Member States in contributing to the improvement of the standard of living. The global economy is facing heightened risks and financial volatility, with global growth likely to have peaked. Geopolitical factors, trade disputes, financial market volatility and non-economic factors, such as climate change risk further impeding growth, stability and development and worsening poverty, inequality and vulnerabilities. It is becoming increasingly urgent to address the systemic economic and financial risks and architectural gaps that threaten the implementation of the 2030 Agenda. To achieve sustainable development in particular eradicating poverty, reducing inequality and combating climate change we need to develop a long-term perspective, with Governments, the private sector and civil society to tackle global challenges. However, a more uncertain world favours more short-term behaviour. Therefore, private businesses, many of whom already face a range of short-term incentives, hesitate to commit funds to long-term investment projects. During periods of financial insecurity, households often focus on their immediate needs. And policymakers are often guided by short-term political cycles. Hence, effort is needed at all levels to ensure that strengthened collective action can help reduce global uncertainty, while financial innovation can generate significant progress across the 2030 Agenda and the Addis Ababa Action Agenda. Follow the conversations with the hashtags: #multilateralBanks, #Developmentbanks #4December, #InternationalDayofBanks, #bankingsystems, #digitalbanking.
EVENTS: On December 4th, a webinar will be held to mark the International Day of Banks 2024. The United Nations General Assembly have invited all Member States, the organizations of the United Nations system, the Multilateral Development Banks and non-governmental organizations to observe the International Day of Banks 2023, in a manner consistent with national priorities, in order to highlight the role of banks in contributing to achieving sustainable development; The UNGA have also Invited the Department of Economic and Social Affairs of the Secretariat,the United Nations Development Programme, the United Nations Conference on Trade and Development and other relevant United Nations entities to facilitate the observance of the International Day of Banks in collaboration with other relevant organizations.
ACTIONS: Given the complex and ambitious set of transformations needed to deliver on the 2030 Agenda, coherence across policy areas is critical. There is a growing understanding of how financial regulations are affecting incentives for sustainable development investment. There is less understanding of the impacts of social and environmental risks on credit quality and the stability of the financial system. Policies and regulations need to act together in order to create a sustainable financial system. The regulatory system needs to be congruent with the measures used to boost the sustainability of the private financial system, such as sustainability reporting and impact measurement. Well-run national development banks can help countries develop financing options for Sustainable Development Goal-related investments. Such banks should be aligned with the Goals in a holistic way and be considered in integrated national financing frameworks. Collaboration between national development banks and multilateral banks, through co-financing or on-lending arrangements, can enhance Goal-related finance through the complementarity of international resources and local market knowledge.
PODCASTS: The UNEPFI work with the banking community through the UN Principles for Responsible Banking to accelerate a positive global transition for people and the planet. With over 300 signatory banks representing almost half of the global banking industry, the Principles are the world’s foremost sustainable banking framework. These podcasts talk about Macroeconomic policy questions: international financial system and development. Listen to the audio-podcasts!
CAMPAIGN MATERIALS: Under the Principles for Responsible Banking, groups of banks come together to build robust and ambitious commitments, alliances and communities to fast-track action on priority topics. Through the Principles, banks take action to align their core strategy, decision-making, lending and investment with the United Nations Sustainable Development Goals, and international agreements such as the Paris Climate Agreement. Get the campaign materials!
WHY WE CELEBRATE THE DAY?
HOW TO GET INVOLVED!
PARTNERSHIPS
The International Day of Banks is commemorated all over the world annually December 4th, to acknowledge the role of banks in providing people with important information for their financial security. Integrated national financing frameworks are a tool to finance national priorities and operationalize the Addis Agenda at the national level. A country's sustainable development strategy lays out what needs to be financed. Integrated financing frameworks should not only respond to financing challenges, but also to the realities of a changing global landscape. For example, to combat inequality, including gender inequalities, national policies will need to address the falling wage share, growing vulnerabilities, digitization and increasing market concentration, among other issues. Governments should revisit their labour market policies, social protection systems, fiscal policies, competition policies, trade policies and financial sector regulations and strategies to ensure that they are in line with the new realities. The Collaboration between national development banks and multilateral banks, through co-financing or on-lending arrangements, can enhance Goal-related finance through the complementarity of international resources and local market knowledge.
Promote universal financial inclusion and foster a banking sector that supports the financial health of customers.
Highlight the banking system and the financial sector contributions in the improvement of the standard of living.
Facilitate transitions and reorient the economy towards achieving the Sustainable Development Goals.
Emphasize the relevance of inclusion in the international financial system at all levels.
Underscore the importance of strengthened international cooperation in ensuring adequate resources and comprehensive coverage in the global financial safety net.
Emphasize the importance of considering financial inclusion as a policy objective in financial regulation, in accordance with national priorities and legislation.
Recognize the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how.
The International Day of Banks is hosted by the United Nations Economic and Social Council, the United Nations system, the Department of Economic and Social Affairs, the United Nations Development Programme, the United Nations Conference on Trade and Development (UNCTAD) the United Nations Environment Programme Finance Initiative (UNEPFI), the International Monetary Fund (IMF), the World Bank Group. With the collaboration of Mutilateral and Bilateral Banks and agencies, the United Nations Technology Bank for Least Developed Countries, the African Development Bank (AfDB), The Asian Development Bank (ADB), The Inter-American Development Bank (IDB), the Development Bank of Latin America (CAF), the Central American Bank for Economic Integration (CABEI), and the Caribbean Development Bank (CDB). With the participation of National Development Banks, the USAID in USA, The FCDO in UK, the Italian Cassa depositi e prestiti, the AECID in Spain, the Swedish agency SIDA, the German agency GIZ, the Belgian agency BTC, and the Luxembourg agency LuxDev. the BNDES in Brazil, TSKB in Turkey, DBSA in South Africa, NAFIN in Mexico, and CDG in Morocco. the KfW in Germany, JICA in Japan, the AFD in France, the BOAD (West Africa), and the International Development Finance Club (IDFC), which brings 23 of the world’s major development banks into a network.
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