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Maximising the developmental value of MDB callable capital

Time (GMT +01) 11:30 12:45
Image credit:World Bank/IMF Spring Meetings 2023. World Bank / Riccardo Savi Image license:CC BY-NC-ND 2.0

Please note that registration for this event is now closed.

ODI at the Annual Meetings

ODI is convening a series of events in Marrakech, Morocco during the week of the 2023 World Bank/IMF Annual Meetings.

For more information, including details on how to register, please visit our dedicated Annual Meetings webpage.


The world’s major multilateral development banks (MDBs) collectively hold $1.2 trillion in callable capital – a unique type of guarantee provided by shareholder governments. The G20-mandated Independent Review of MDBs’ Capital Adequacy Frameworks recommended in July 2022 that MDBs ‘incorporate a prudent share of callable capital into their own calculation of capital adequacy’, but a number of practical and conceptual issues must be addressed before this can be achieved.

How should MDBs, shareholders and capital market actors understand the value of callable capital? The answer is not obvious. No major MDB has ever come close to making a capital call, so the instrument is untested. MDB statutes describe callable capital only in broad terms, without clarifying procedures or timeframes, while shareholder governments vary widely in how they incorporate callable capital commitments into their budgetary frameworks.

ODI is leading a project on MDB callable capital in collaboration with the MDB Challenge Fund. The aim of this workshop is to highlight the project’s preliminary research findings, build awareness of the callable capital agenda, engage relevant stakeholders and receive feedback to inform the next phase of the research project.

The key topics to be discussed in the workshop include:

- The legal and financial parameters of callable capital

- Credit rating agency evaluation of callable capital

- Modelling the circumstances that could lead an MDB to make a capital call, as well as timings and probabilities

- How MDB shareholders account for callable capital in their budgetary frameworks

- How callable capital fits into the broader toolkit to help MDBs face financial stress

The workshop will start with a brief presentation by project team members, followed by comments from the four panellists and an extended Q&A session with the audience.

Attendees are warmly invited to an ODI-sponsored lunch that will follow the workshop.

Please note: this workshop will take place in person only at the Adam Park Hotel, Zone Touristique de l'Agdal, Agdal, 40000 Marrakech, Morocco.


  • Chris Humphrey

    Chris Humphrey

    Senior Research Associate, ODI (Chair/moderator and project team lead)

  • Bianca Getzel

    Bianca Getzel

    Research Officer, ODI (Project team member)

  • Chris McHugh

    Chris McHugh

    Consultant, ODI (Project team member)

  • Eamonn White

    Eamonn White

    Consultant, ODI (Project team member)

  • Erik Berglöf

    Erik Berglöf

    Chief Economist, Asian Infrastructure Investment Bank (Panellist)

  • KathrinMuehlbroner

    Kathrin Muehlbronner

    Senior Vice President, Sovereign Risk Group, Moody’s Investors Service (Panellist)

  • Ivan Oliveira

    Ivan Oliveira

    Deputy Secretary for Sustainable Finance, Brazil Ministry of Finance (Panellist)

  • Phil Stevens

    Phil Stevens

    Director, International Finance Division, UK Foreign, Commonwealth and Development Office (Panellist)