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A perfect summary of lessons learned from decades of financing development. Development banks are key players in fostering economic growth and sustainable development, including through the financing long-term projects with large developmental impacts underserved by the private sector and through the provision of countercyclical support during crises. They are receiving renewed attention by policy makers and new institutions have been created in the last two decades. This book consolidates information on public development banks, exploring what characteristics support their effectiveness and their role in financing sustainable development. It emphasizes the importance of maintaining profitability, strong governance, risk management, effective monitoring and evaluation systems, and cooperation for maximizing impact. Development banks address market failures and catalyze private sector finance, generating "additionality" through impactful projects. The book builds on the Finance in Common System (FiCS) a global initiative conceived to promote stronger collaboration among development banks to boost and align financial flows to the benefit of the SDGs. "A new era for public development banks." Joseph Stigliz, Nobel Prize in Economics «An essential resource for those seeking to better understand and harness the transformative power of public development banks.» Li Junhua, Under-Secretary-General of UNDESA «PDBs provide a unique service: they bridge governments and the private sector, translating national and international policies into local solutions.» Rémy Rioux, Chairman of FiCS and CEO of Agence Française de Développement (AFD)

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