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The rise of China as a major bilateral development partner and the emergence of new development agencies raises the question of whether the existing multilateral financing system is fit for purpose. In addition, nations face shared problems—such as climate change, the threat of pandemics, and unregulated cross-border movements of people—that can only be addressed through international cooperation.
With aid a declining share of development finance, CGD is asking what institutional changes are needed within the multilateral development banks and other international financial institutions to reflect new realities and rise to the challenge of funding the SDGs? And how can those changes be made most effectively?