Addis Ababa Action Agenda of the Third International Conference on Financing for Development (Addis Ababa Action Agenda) A/RES/69/313 consideration of how existing mechanisms, such as the International Finance Facility for Immunization, might be replicated to address broader development needs. We also encourage exploring additional innovative mechanisms based on models combining public and private resources such as green bonds, vaccine bonds, triangular loans and pull mechanisms and carbon pricing mechanisms. 70. We recognize the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how. Multilateral development banks can provide countercyclical lending, including on concessional terms as appropriate, to complement national resources for financial and economic shocks, natural disasters and pandemics. We invite the multilateral development banks and other international development banks to continue providing both concessional and non-concessional stable, longterm development finance by leveraging contributions and capital and by mobilizing resources from capital markets. We stress that development banks should make optimal use of their resources and balance sheets, consistent with maintaining their financial integrity, and should update and develop their policies in support of the post-2015 development agenda, including the sustainable development goals. We encourage the multilateral development finance institutions to establish a process to examine their own role, scale and functioning to enable them to adapt and be fully responsive to the sustainable development agenda. 71. We recognize that middle-income countries still face significant challenges to achieve sustainable development. In order to ensure that achievements made to date are sustained, efforts to address ongoing challenges should be strengthened through the exchange of experiences, improved coordination and better and focused support of the United Nations development system, the international financial institutions, regional organizations and other stakeholders. We therefore request those stakeholders to ensure that the diverse and specific development needs of middleincome countries are appropriately considered and addressed, in a tailored fashion, in their relevant strategies and policies with a view to promoting a coherent and comprehensive approach towards individual countries. We also acknowledge that ODA and other concessional finance is still important for a number of these countries and has a role to play for targeted results, taking into account the specific needs of these countries. 72. 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. 73. We recognize that the graduation process of least developed countries should be coupled with appropriate measures, so that the development process will not be jeopardized and that progress towards the sustainable development goals will be sustained. We further note that the level of concessionality of international public finance should take into account the level of development of each recipient, 21/37