Development banks expand funds for sustainable development projects
Oil refineries emit heavy smokes. Investments in sustainable development projects worldwide have been the focus of discussions by six multilateral development banks (MDBs) at the Rio+20 summit in Rio de Janeiro, Brazil. Currently, total investments for sustainable development project totals $93 billion annually, and the six MDBs have expressed interest to expand their investments in support of global development priorities that are expected to be agreed upon at this week's Rio+20 summit meeting in Brazil, a press statement from the ADB said. According to Bindu Lohani, ADB's vice president for knowledge management and sustainable development, one of the greatest challenges facing developing countries is how to find ways to promote growth that will address the negative impacts of climate change, food security and water scarcity while at the same time, eradicating poverty. "Working together is the best way for multilateral development banks to leverage funds, technology