That was the message from eight multilateral development banks, which came together to issue a joint statement on sustainable urbanisation, pledging their support for equitable and inclusive settlements.

Ede Ijjasz-Vasquez, senior director of the World Bank’s social, urban, rural and resilience global practice, said: “With urban infrastructure financing needs at over $4.5 trillion per year – an amount that cannot be met solely on the basis of existing [Official Development Assistance] flows – the urban challenges need innovative financing solutions from all sources: national and local sources, citizens, philanthropies, and MDBs.

“By working together with governments and partners to develop effective and innovative ways to plan, connect, and finance cities, the World Bank believes we can contribute effectively to shaping sustainable long-term urban development.”

The joint statement commits the organisations to co-ordinating their urban, regional and national development plans, as well as access to government and private sector finance.

The eight banks endorsing the statement are: the Asian Development Bank; the African Development Bank; the Development Bank of Latin America; the European Bank for Reconstruction and Development; the European Investment Bank; the Inter-American Development Bank; the Islamic Development Bank; and the World Bank.