The Comparison Report is an exercise carried out by the Global Risk and Finance Forum (GRaFF), which brings together Chief Risk Officers (CROs) and Chief Financial Officers (CFOs) from thirteen multilateral development banks (MDBs).

The aim of the Comparison Report is to provide shareholders and G20 members with key insights, metrics and data relating to MDBs’ financial positions in a standardized manner. Where possible, the report incorporates harmonized definitions, ensuring consistency and comparability across institutions. The report responds to recommendation 5b from the G20 Independent Review of MDB Capital Adequacy Frameworks (CAF), which called for MDBs to work together on establishing yearly capital benchmarking reports.

This year’s report was coordinated by the Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD) and is the result of a collaborative effort among all GRaFF members. The banks participating in the report are: African Development Bank (AfDB), ADB, Asian Infrastructure Investment Bank (AIIB), Caribbean Development Bank (CDB), Council of Europe Development Bank (CEB), EBRD, European Investment Bank (EIB), Inter-American Development Bank (IDB), IDB Invest, International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Islamic Development Bank (IsDB), New Development Bank (NDB), and Nordic Investment Bank (NIB).

Unless otherwise disclosed, the data used throughout this report is based on 2025 year-end figures, reflecting the most recent available information across institutions. Reporting periods have been aligned where possible but still reflect variation in year-end reporting timelines. All figures are compiled by ADB based on MDB data from Appendix 1, except Figures 11–14 which are from the respective credit rating agencies.

The Comparison Report covers a range of metrics that describe the business profile and financial position of the MDBs, covering client and product exposure, portfolio characteristics, capital structure, and liquidity profile as well as risk transfers and credit rating agency assessments.

Participating banks agreed to a relatively broad selection of metrics to provide a rounded perspective of financial health. However, capital adequacy interacts with all these measures and cannot be viewed in isolation. Point-in-time metrics fail to capture the trend and expected business performance. For these reasons, we would discourage comparing a single parameter at a point in time to assess the financial strength of an institution relative to its peers. A trend analysis on selected financial ratios was introduced in this year’s report.

Report by the African Development Bank