Tag: Foreign Office

The press release issued by the Foreign Office on 17 April 2024.

At the Foreign Ministers’ Meeting in Italy the Foreign Secretary will urge G7 partners to keep up pressure on Putin as he continues his illegal war with Ukraine.

• the Foreign Secretary will call on his G7 counterparts to increase support for Ukraine
• G7 foreign ministers will reaffirm the need to prevent a regional war following Iran’s malign and dangerous attack on Israel
• G7’s collective response to the escalating conflict in the Middle East, a more assertive China and irregular migration will also be on the agenda

The Foreign Secretary is travelling to the G7 Foreign Ministers’ Meeting in Italy today to urge his counterparts to keep up the pressure on Putin as he continues to wage his illegal war with Ukraine. The Foreign Secretary will reiterate to the G7 the UK’s commitment to Israel’s security and discuss with his counterparts how to de-escalate regional tensions.

The Foreign Secretary will make clear that partners in Europe and the G7 must spend more, produce more and deliver more to ensure that Ukraine can secure the victory that it deserves. He will call on G7 partners to work together to agree a clear and ambitious way forward to use sanctioned Russian assets to support Ukraine. This builds on messaging delivered at the NATO Foreign Ministers’ Meeting in Brussels earlier this month.

The G7 has collectively sanctioned close to $300 billion of Russian assets. Without sanctions, it is estimated that Russia would have over $400 billion to finance its war, enough to fund Putin’s invasion for another 4 years.

The Foreign Secretary, David Cameron, said:

Ukraine has our unequivocal support until it is victorious and achieves a just peace.  It is vital that we agree a way forward to use sanctioned Russian assets to support Ukraine and ensure Russia pays for the destruction it has wreaked.

The Foreign Secretary will continue to call for the G7 to pilot more ambitious efforts to undermine Russia’s defence industrial complex, including by pushing third countries to counter attempts to circumvent sanctions. He will urge partners to be prepared to act against those who help Russia to supply its war machine.

Responding to Iran’s failed and dangerous attack on Israel over the weekend, Mr Cameron and his counterparts will continue to call for restraint, asking those involved to consider the devastating consequences of an escalation in the conflict. The Foreign Secretary will campaign for coordinated sanctions against Iran, ensuring the G7 shows a united front against Iran’s malign activity in the region. The Foreign Secretary and the rest of the G7 will continue to work with allies in Europe and across the Middle East to stop the fighting in Gaza, pushing for an immediate pause to get aid in and hostages out, so there can be progress towards a sustainable, permanent ceasefire.

Meetings will also cover a range of other priorities around the world, including a more assertive China, reform of financial systems and irregular migration.

The G7 represents around 50% of global GDP and its shared economic strength is helping to make the world a fairer, more stable and prosperous place. Discussions will look into reforms to the international financial system, investment in developing nations and new partnerships that work towards conflict resolution and resilience to global challenges – particularly climate change. The G7 will further strengthen ties with nations in Africa at the meeting, promoting economic prosperity on the continent through trade and unlocking private sector cash to support their green transition – a campaign which is in everyone’s interest.

Irregular migration, propped up by transnational organised crime groups, actively stands in the way of the G7’s efforts to encourage international prosperity. The Foreign Secretary will encourage his G7 counterparts to prioritise international engagement to tackle illegal migration at its root causes, so we can reduce irregular and dangerous journeys, protect lives and create growth.

The press release issued by the Foreign Office on 17 April 2024.

The Foreign Secretary is in Israel and the Occupied Palestinian Territories for talks with Prime Minister Netanyahu, President Herzog and Foreign Minister Katz.

• the Foreign Secretary is in Israel with German Foreign Minister Baerbock to discuss regional tensions and the conflict in Gaza
• he has meetings with Israeli Prime Minister Netanyahu, President Herzog Foreign Minister Katz to reiterate the UK’s commitment to Israel’s security
• the Foreign Secretary is in the OPTs to meet Prime Minister of the Palestinian Authority Mohammad Mustafa

The Foreign Secretary is in Israel and the Occupied Palestinian Territories today (17 April) for high-level talks with Prime Minister Netanyahu, President Herzog and Foreign Minister Katz.

During the visit to Israel, he will reiterate the Prime Minister’s message to Prime Minister Netanyahu that “calm heads must prevail.” He will stress UK support for Israel’s security and say that significant escalation is in no one’s interest, and would only deepen insecurity in the Middle East.

The UK is calling for coordinated sanctions against Iran, who are responsible for so much of the malign activity in this region by backing Hamas, backing Hezbollah and backing the Houthi rebels.

Lord Cameron will also continue to urge an immediate pause in the fighting in Gaza to get aid in and hostages out, to allow progress towards a sustainable ceasefire. The UK is playing a leading role in alleviating the suffering of the Palestinian people and diplomatic efforts to secure the safe release of hostages, including British nationals.

The UK is now providing £3 million of additional funding for equipment to support UN and aid agencies at new and existing land crossings to get more aid into Gaza. The UK’s contribution will include trucks, forklifts, generators, fuel stores and lighting towers.

Foreign Secretary David Cameron said:

The situation is very concerning. It’s right to show solidarity with Israel. It’s right to have made our views clear about what should happen next.

But it’s clear the Israelis are making a decision to act. We hope they do so in a way that does as little to escalate this as possible.”

On the conflict in Gaza, he said:

More than 6 months have passed since Hamas’ brutal terror attack on innocent civilians. I’m here to focus back the eyes of the world onto the hostage situation.

192 days those people have been held Hamas should release them now and there is a good deal for them on the table. We need to see a pause in the fighting to get aid in and hostages out.

The Foreign Secretary and Foreign Minister Baerbock will urge Israel to deliver on its promises of delivering more aid into Gaza through as many routes possible by land, sea and air. The Foreign Secretary will strongly press Israel to open Ashdod Port for aid deliveries, as they promised to do, so that thousands of tonnes of aid can be delivered. The UK is also focused on ensuring more aid can enter Gaza by land, particularly through the Erez crossing and increased hours at Kerem Shalom.

Throughout this crisis, the UK and Germany have been united in their condemnation of Hamas’ atrocious terror attacks and support for Israel’s right to self-defence within international humanitarian law. The UK government has been working with partners across the region to secure the release of hostages, including British nationals and their families.

The Foreign Secretary is in the OPTs to meet with the newly appointed Prime Minister of the Palestinian Authority, Dr Mohammad Mustafa, to reiterate his support for the new Palestinian Authority government and the Palestinian people. In the West Bank, record numbers of Palestinians have been killed by settlers and Israeli forces while the economy grinds to a halt due to Israeli restrictions.

The UK remains committed to providing serious, practical and enduring support to the Palestinian Authority as they take much-needed steps on reform, including setting out a pathway to democratic progress. And to working together to progress our shared objective of a two-state solution that guarantees security and stability for both the Israeli and Palestinian people.

The press release issued by the Foreign Office on 17 April 2024.

Minister Mitchell announces £100 million hybrid capital contribution to help tackle urgent development issues, as he is due to attend the World Bank Spring Meetings.

• UK to pledge £100 million to the World Bank to help unlock £1 billion of support in the next decade
• Minister Mitchell, the UK’s Governor to the World Bank, will announce the UK’s contribution at the Spring Meetings in Washington DC today (Wednesday 17 April)
• UK support will help developing countries tackle urgent development issues, such as climate change, food insecurity, pandemics, and poverty

The UK will today (Wednesday 17 April) announce a £100 million hybrid capital contribution to boost the World Bank’s International Bank for Reconstruction & Development (IBRD), which will help tackle some of the world’s most pressing challenges in the next decade.

The World Bank’s financial model means for every £1 it receives it can lend £10. The UK’s contribution of £100 million will unlock ten times as much lending – £1 billion – to tackle issues such as climate change, food insecurity, pandemics, and poverty in the next decade – and help achieve the UN’s Sustainable Development Goals.

Hybrid capital is a financial innovation that allows World Bank shareholders, including the UK, to significantly expand the IBRD’s lending capacity through unilateral voluntary contributions of new funds at any time.

Deputy Foreign Secretary and Minister for Development and Africa Andrew Mitchell said:

Our pledge of £100 million for hybrid capital, which will unlock £1 billion of additional financing capacity over the next decade, recognises the need for urgent action to deliver real impact.

Over half of low-income countries are at high risk of debt distress and unable to access affordable finance to grow their economies. At the same time, shifting the dial on the UN’s Sustainable Development Goals and tackling global challenges, such as climate change, requires significantly higher volumes of finance.

The UK will be one of the first countries to make a hybrid capital contribution to the World Bank and is working in close coordination with its G7 partners to achieve the shared goal of building a bigger and better World Bank.

As set out in the UK’s white paper, the UK is also pushing Multilateral Development Banks (MDBs), including the World Bank, to stretch their existing capital and implement reforms to make it easier for low-income countries to access the finance they need. Each year MDBs provide around £120 billion to support development and tackle climate change.

Background

• Hybrid Capital combines features of both debt and equity. It takes the form of a loan with no stated maturity date that pays a coupon (annual interest payment) and usually has no voting rights (ie it does not impact on the shareholding of the MDB)
• all 189 member countries of the World Bank, including the UK, are shareholders

The press release issued by 10 Downing Street on 16 April 2024.

The Prime Minister spoke to Israeli Prime Minister Benjamin Netanyahu this afternoon.

He reiterated the UK’s steadfast support for Israel’s security and for wider regional stability. Prime Minister Netanyahu thanked the UK for its rapid and robust support in the face of Iran’s reckless and dangerous attack on Saturday.

The Prime Minister said Iran had badly miscalculated and was increasingly isolated on the global stage, with the G7 coordinating a diplomatic response. He stressed that significant escalation was in no one’s interest and would only deepen insecurity in the Middle East. This was a moment for calm heads to prevail.

On Gaza, the Prime Minister said he remained gravely concerned about the deepening humanitarian crisis. The UK wanted to see a massive step change in aid access to flood Gaza with vital supplies, including Israel opening up new aid routes as quickly as possible.

The Prime Minister said it was deeply disappointing that Hamas blocked a deal at the weekend that would have saved Palestinian lives and secured the safe release of hostages.

The press release issued by the Foreign Office on 16 April 2024.

Statement at the United Nations General Assembly Permanent Forum on People of African Descent.

Thank you, Madam Chair,

The United Kingdom is proud of our diversity and of the successful multi-national, multi-ethnic, and multi-faith country that we have become.

While we are making great progress towards establishing a fairer and more inclusive society, we understand the importance of continuing to work to address negative ethnic and racial disparities that affect certain groups, particularly for those of African and Caribbean descent.

We published our landmark Inclusive Britain action plan in March 2022 which aims to tackle long-standing ethnic disparities in health, education, employment, and the justice system. We have made significant progress implementing the 74 actions in the plan, including:

• developing a new, national framework for how the use of police powers can be scrutinised more effectively by local communities;
• publishing new guidance for employers on how to use positive action in the workplace and how to measure and address ethnicity pay gaps;
• and taking steps to address health disparities.

As we track our own unwavering dedication to eradicating all forms of racism, racial discrimination, and xenophobia, for example, through our continued progress in the World Values Survey, we also reflect on our complex national path. From an era of empire and colonialism to one of pride in a multicultural, modern, and diverse society. Recognising that the appalling atrocity of slavery marks our history, we express our sincere regret that it could have occurred.

We believe that the most effective way for the UK to respond to the wrongs of the past is to ensure that current and future generations learn from it. For that reason, we are dedicated to establishing a fairer world today.

Thank you.

The press release issued by the Foreign Office on 16 April 2024.

UK announces further support for the United Nations Support Office in Somalia (UNSOS) to provide non-lethal support to Somali Security Forces in their fight against al-Shabaab.

The United Kingdom has given an additional £2.75 million to the UN Support Office in Somalia (UNSOS) Trust Fund in support of Somali Security Forces (SSF).

The Trust Fund is administered by UNSOS and supports SSF logistical priorities as set out by the Federal Government of Somalia. The new UK funding will support the provision and transport of resources such as food rations, communication equipment, and tents, and will with assist medical evacuations of SSF troops conducting operations.

Additionally, the contribution makes it possible to further invest in capacity building and ensuring the sustainability of the SSF and its operations. For example, the UK funding means in addition to the acquisition of Very High Frequency (VHF) communication equipment, through the Trust Fund, the SSF will be given the technical skills to maintain the VHF system and enable future installation work. This will support interoperability, communications and effective operations in Somalia.

This latest donation reaffirms the UK’s commitment to achieving a secure and stable Somalia. The UK made significant contributions of £5 million in January 2024 and £5 million in December 2023 and, since 2022, has provided over £20 million in voluntary contributions to UNSOS in support of SSF.

Head of UNSOS, Dr Aisa Kirabo Kacyira said:

Over the years, the UK has been the central donor to the Trust Fund in support of SSF. This most recent contribution shows their unwavering commitment in support of strengthening logistical support and capacity building to the benefit of Somalia’s brave men and women.

Currently, UNSOS supports 14,900 Somali National Army (SNA) and 1,000 Somali Police Force (SPF) personnel in joint or coordinated operations with the African Union Transition Mission in Somalia (ATMIS). Efforts are ongoing to increase support to 18,900 personnel. This latest funding contribution will help enhance personnel training.

Voluntary contributions by Member States to the Trust Fund will remain critical as the SSF takes further security responsibilities in the context of the ATMIS drawdown.

Background for editors

• You can follow UK activity in Somalia on Twitter/X, Facebook and on our website
• The UK has provided £23.425m of voluntary contributions in support of UNSOS since 2022. It also provides significant financial support to the African Union Transition Mission in Somalia (ATMIS).

The press release issued by the Foreign Office on 16 April 2024.

Minister Mitchell announces global call to action to tackle illicit finance through increased transparency of company ownership, ahead of World Bank Spring Meetings.

• UK Government to work with international community to tackle illicit flows of money through increased transparency of company ownership.
• UK Deputy Foreign Secretary and Minister for Development and Africa Andrew Mitchell will announce a call to action on this issue during the World Bank Spring Meetings.
• He will also announce a £2 million funding contribution to tackle corruption in support of the call to action.

Today (Tuesday 16 April), the UK Government will announce a global call to action for greater transparency on company ownership to tackle global illicit flows of money.

Transparency about who owns, controls, or benefits from companies is a cornerstone of preventing and combatting corruption, organised crime, and tax evasion.

The UK is leading the call to action with contributions of £2 million to trust funds managed by the World Bank and the International Monetary Fund (IMF) to tackle corruption, money laundering, and illicit finance. The work funded by this contribution will support low-income countries to implement registers of company ownership, building on existing work with countries such as Nigeria and Kenya.

Attending the World Bank Spring Meetings in Washington D.C. this week, Andrew Mitchell, the UK’s Deputy Foreign Secretary and Minister for Development and Africa, will announce the call to action in his capacity as the UK’s Governor to the World Bank.

Every year, Africa loses an estimated almost $90 billion due to the ease with which corrupt individuals can move money transnationally through anonymous shell companies. This drains important financial resources away from low-income countries and weakens their ability to achieve economic stability and financial independence.

Global financial corruption undermines progress towards the UN’s Sustainable Development Goals and tackling climate change, and directly affects the UK’s security and opportunities for trade.

Greater transparency will enable low-income countries to stem the flow of illicit finance, hold the corrupt to account, and enable them to deliver the services and public investment necessary for their long-term prosperity.

Deputy Foreign Secretary and Minister for Development and Africa Andrew Mitchell said:

We must mobilise a global coalition of countries and international organisations to drive greater transparency about who really owns anonymous shell companies.

More and more transparency will mean fewer and fewer places for dirty money to hide, ensuring low-income countries can channel their resources into tackling urgent development issues, such as climate change and boosting economic growth. This will ultimately benefit us all.

The UK’s support announced today forms part of wider work with the World Bank and IMF to strengthen anti-corruption and illicit finance measures in their policy advice, financial instruments, and programmes. It also delivers on the UK’s commitment in the International Development White Paper to support low-income countries in building their long-term resilience to corruption and illicit finance risks.

Through the call to action, the UK aims to work with other countries and international organisations to standardise information on company ownership, making it easier to use, and to open registers to journalists and civil society organisations involved in exposing money laundering, terrorist financing, and other illicit financial flows, and will help catalyse law enforcement investigations and prevent corruption.

Background

• Over 70 countries currently have live registers of company ownership, approximately 30 of which are public, including in the UK.
• Over the next few months, the UK will consult other countries to agree the commitments in the call to action. They will focus on increasing access to company ownership information and improving the quality of the information so it can be used effectively.
• The UK is contributing £1 million to the World Bank Group’s Governance & Institutions Umbrella Trust Fund and £1 million to the International Monetary Fund’s Anti-Money Laundering & Combatting the Financing of Terrorism Thematic Trust Fund.
• According to the United Nation’s Conference on Trade and Development (UNCTAD), capital flight from Africa amounted to roughly $88.6 billion per year on average in 2013–2015. Source: Economic Development in Africa Report 2020: Tackling Illicit Financial Flows for Sustainable Development in Africa, available at https://unctad.org/system/files/official-document/aldcafrica2020_en.pdf

The press release issued by the Foreign Office on 16 April 2024.

Justin Bedford, UK Modern Slavery Envoy, shares info on UK’s modern slavery programme, Work in Freedom, at OSCE Alliance conference.

Thank you, moderator, and to the panellists for such insightful presentations.

The UK recognises that prevention is the cornerstone of an effective response to modern slavery and human trafficking.

As we have heard from our panel, it’s clear that crises – whether man-made, such as that caused by Russia’s war of aggression against Ukraine – or those caused by natural disasters or by climate change – exacerbate the risk of modern slavery and human trafficking taking place.

We have heard during this session about the challenges faced by individual people in vulnerable circumstances, including women and children. Over the past 10 years the UK’s flagship modern slavery programme, Work in Freedom, has striven to prevent the trafficking of women and girls across migration pathways. This has helped to generate a valuable body of evidence on how to address the the drivers of exploitation, which we are now sharing with the international community, including in the OSCE region.

It is vital that all OSCE participating states continue to work together, both bilaterally – and I am pleased to see several of our valued partners here today – multilaterally, and with civil society, including Alliance 8.7 and the new Global Commission on Modern Slavery and Human Trafficking. By harnessing these partnerships, we can further develop the evidence base on what kinds of approaches work to prevent modern slavery and human trafficking.

Central to this is ensuring that the voices of survivors and affected communities are closely involved. And it is for this reason that the UK, on the 75th anniversary of the Universal Declaration of Human Rights, pledged to support survivor-led organisations and civil society working to end modern slavery in our funding to international programmes.

Finally, I would like to thank you Special Representative for your international leadership and the pivotal role your office has played in understanding vulnerability and shining a light on emerging and overlooked forms of trafficking. This is something we must all be alive to.

Thank you.

The press release issued by the Foreign Office on 16 April 2024.

Statement from the Foreign, Commonwealth and Development Office (FCDO) on escalating violence in the Occupied West Bank.

A Foreign, Commonwealth and Development Office (FCDO) spokesperson said:

The UK is alarmed by the shocking levels of violence in the Occupied West Bank, sparked by the appalling killing of 14 year-old Israeli Binyamin Achimair on Saturday.

Violent attacks by extremist Israeli settlers have since led to the killing of 4 Palestinians Jihad Abu Alia, Omar Ahmad Abdulghani Hamed, Abdulrahman Fadel, and Mohammed Jame in the last 3 days, as well as injury to more than 75 others and serious damage to property. Such violence towards civilians is completely unacceptable and must stop immediately. The UK has previously sanctioned extremist Israeli settlers who perpetrate such attacks, and remains committed to acting robustly and swiftly in support of peace and stability in the West Bank.

These killings, and subsequent actions, are escalating violence in the Occupied West Bank and the wider region at a critical time. It is vital that Israeli authorities restore calm and conduct urgent and transparent investigations into all deaths, and ensure all violent perpetrators are brought to justice and held accountable for their actions.

The press release issued by the Foreign Office on 16 April 2024.

The UK participated in a shareholder statement on Multilateral Development Bank Callable Capital, responding to the G20 Review of MDB Capital Adequacy Frameworks.

The G20 Independent Review of Multilateral Development Banks’ (MDB) Capital Adequacy Frameworks (G20 CAF Review) provided thoughtful recommendations for boosting MDB financial capacity by stretching existing resources and pursuing innovative measures. The G20 Presidencies of Italy, Indonesia, and India were all key to launching and driving forward the G20 CAF Review. The implementation of several of its recommendations by the MDBs has already generated significant additional MDB financing capacity.

In a strong demonstration of our support for the MDBs, shareholders have collectively committed a combined $796 billion in callable capital to these institutions, which can be drawn on or “called” in the extremely remote scenario that an MDB is unable to meet its financial obligations. In the 80 years since the Bretton Woods Conference, there has never been a call on the callable capital of the MDBs due in part to their preferred creditor status. The G20 CAF Review found that the processes for these institutions making and shareholders responding to a call are not well-understood. The G20 CAF Review also recognised that clarifying these processes has value, and this clarity is an important part of implementing the review’s recommendation on callable capital.

Over the last 6 months, shareholders accounting for over half of the callable capital at the MDBs worked with the institutions themselves to clarify the processes for the MDBs making and shareholders responding to a call on callable capital (in the highly unlikely event a call were ever necessary). Through this work, the MDBs have shown how unlikely a call on callable capital would be, and we have demonstrated strong shareholder capacity to respond to a call if ever necessary. We have also demonstrated the strong legal foundations upon which our callable capital subscriptions rest, and we have reaffirmed our full recognition of and strong backing for those subscriptions (see links to AfDB, ADB, EBRD, IDB, and IBRD callable capital reports).

Based on the work done, we see scope for additional efforts that involve outreach on the results of this exercise and exploration of ways to possibly reflect the value of callable capital in MDB financial policies, in collaboration with the MDBs and independent experts.

Shareholders participating in the exercise had the following comments about the results:

Janet Yellen, Treasury Secretary, United States:

Based on this important work, shareholders and the MDBs have gained a fuller understanding of their callable capital subscriptions and appreciation for their value.  We firmly stand behind our callable capital commitments, which are backed by the full faith and credit of the United States.

SUZUKI Shunichi, Minister of Finance, Japan:

Japan praises the progress of this important work to uncover the value of the callable capital in line with the G20 CAF review recommendations.  As one of the major shareholders of the MDBs, Japan firmly stands behind our callable capital commitments and calls on all stakeholders to continue dialogue to better reflect the value of the callable capital in the financial capacity of the MDBs based on this exercise.

Svenja Schulze, Federal Minister for Economic Cooperation and Development, Germany:

Germany is and always will be a strong partner of the multilateral banking system.  We stand firmly behind our commitments on callable capital.

Jeremy Hunt, Chancellor of the Exchequer, and Andrew Mitchell, Minister of State for Development and Africa, United Kingdom:

We fully support the continued implementation of the G20 CAF Review including the recommendation on callable capital, which will increase MDB lending volumes to achieve further progress against the Sustainable Development Goals.  The UK continues to stand behind our callable capital commitments, an important component of our support to the MDBs.

Nirmala Sitharaman, Finance Minister, India:

As called upon by the G20 leaders in their New Delhi Declaration 2023, India is committed to the MDBs’ exercise on callable capital.  This can facilitate MDBs to become better, bigger and more effective in meeting the development financing needs of low income and developing economies.

Sang Mok Choi, Deputy Prime Minister and Minister of Economy and Finance, Republic of Korea:

The Republic of Korea appreciates the work done in the callable capital exercise, which led to shareholders and MDBs gaining better understanding of the value of callable capital and confirming their capacity to respond to calls.

Carlos Cuerpo, Minister of Economy, Trade, and Business, Spain:

Spain is honoured to participate and contribute towards a better understanding of callable capital in Multilateral Development Banks, and stands firmly behind its commitments of subscribed capital in MDBs.

Guy Parmelin, Federal Councillor, Switzerland:

Switzerland strongly supports the very important work done to better understand the value of callable capital and how shareholders may respond to a call.

Vincent VAN PETEGHEM, Deputy Prime Minister and Minister of Finance, and Caroline GENNEZ, Minister of Development Cooperation and of Major Cities, Belgium:

Belgium strongly supports the very important work done to better understand the value of callable capital and how shareholders could respond to a call.

Dan Jørgensen, Minister for Development Cooperation and Global Climate, Denmark:

We need to move from billions to trillions and deliver on much needed climate and development finance.  The MDB’s have made impressive progress so far in delivering increased finance and Denmark will continue our strong support for the MDB’s in their continued efforts.  The callable capital exercise and the continued implementation of the CAF recommendations are instrumental in reaching our joint goal of delivering on bigger, better and bolder banks.

Nicola Willis, Minister of Finance, New Zealand:

New Zealand welcomes the MDB Callable Capital Exercise.  This exercise is important as it provides stakeholders with a greater understanding of the process around callable capital and its potential value to boost MDBs’ financial capacity.  New Zealand stands behind our callable capital commitments to the MBDs we are shareholders of.

Background

Throughout this statement, the MDBs refer to the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction (EBRD), Inter-American Development Bank (IDB), and International Bank for Reconstruction and Development (IBRD).