We also recognize the need to devise methodologies to better account for the complex and diverse realities of middle-income countries. We note with concern that access to concessional finance is reduced as countries’ incomes grow and that countries may not be able to access sufficient affordable financing from other sources to meet their needs. We encourage shareholders in multilateral development banks to develop graduation policies that are sequenced, phased and gradual. We also encourage multilateral development banks to explore ways to ensure that their assistance best addresses the opportunities and challenges presented by the diverse circumstances of middle-income countries. In this regard, we acknowledge the World Bank’s small island State exception as a noteworthy response to the financing challenges of small island developing States. We also underscore the importance of risk mitigation mechanisms, including through the Multilateral Investment Guarantee Agency.

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