KAMPALA, April 18, 2026 — A coalition of leading multilateral development banks [ MDBs ] has announced a landmark agreement to adopt a common approach to measuring how their investments contribute to creating more and better jobs worldwide.
The initiative, unveiled on Thursday, brings together major global financial institutions including the World Bank Group [WBG], African Development Bank [AfDB], Asian Development Bank [ADB] and European Investment Bank, among others, in a coordinated effort to strengthen the impact of development financing on employment outcomes.
Under the new framework, MDBs will deepen collaboration across countries, the private sector, and development stakeholders to better track how projects generate jobs and improve workers’ earnings. The approach is expected to evolve over time, drawing on lessons learned, institutional mandates, and emerging global best practices.
The banks emphasised that the initiative will be guided by ongoing dialogue with key partners such as the International Labour Organisation, ensuring that the focus extends beyond job numbers to include the quality and sustainability of employment created.
“Our shared objective is to build a clearer understanding of what drives meaningful job creation across different regions and economic contexts,” the MDBs said in a joint statement. “By doing so, we aim to support stronger economic growth, improved livelihoods, and greater resilience among vulnerable populations.”
Development experts have long argued that job quality, including fair wages, security, and working conditions, is as critical as job quantity in reducing poverty and fostering social cohesion. The new joint approach is expected to enhance policy dialogue with governments and improve the design of development projects.
Participating institutions also include the Asian Infrastructure Investment Bank [AIIB], European Bank for Reconstruction and Development [EBRD], Islamic Development Bank [IsDB], Inter-American Development Bank Group [IDB], Caribbean Development Bank [CDB], Council of Europe Development Bank [CEB], and the New Development Bank [NDB].
Analysts say the move signals a growing recognition among global lenders that employment outcomes must be central to development finance, particularly as countries grapple with rising unemployment, inequality, and economic uncertainty.
If effectively implemented, the joint framework could set a new global standard for assessing the real-world impact of development investments, shifting the focus from inputs and outputs to tangible improvements in people’s lives.
Buy your copy of thecooperator magazine from one of our country-wide vending points or an e-copy on emag.thecooperator.news
