and implementation of reforms. in this respect, detailed and timely information should be made available to analysts, in order for such an assessment to be undertaken. an exercise in transparency that would also boost european citizens ’ confidence in their institutions. to conclude, innovation is the pillar of growth, but it requires determined action by public policies in a series of key areas. diversifying firms ’ funding sources, simplifying regulations, prioritising the development of human capital and harnessing the potential of the european funds are all essential steps towards an innovative and prosperous future for business in spain. this relative bias to wards larger firms in ngeu fund allo catio ns is as o pposed to firms that are no t awarded public funds and also to firms that are awarded public funds o ther than ngeu funds. albrizio and geli ( 2021 ) analyse the eco no mic impact o f the european regional develo pment fund over the last 20 years, given the similarity between the aims o f the euro pean regio nal develo pment funds and the ngeu funds.

##equacy framework ( caf ) review, launched under the italian g20 presidency, which has increased the ibrd's financing capacity by up to $ 150 billion over the next decade. we congratulate the bank for the newly adopted ibrd framework of restoration measures, while calling for rapid approval of remaining reforms to ensure its full functionality and alignment with major regional mdbs. 1 / 4 bis - central bankers'speeches we also applaud the work that the mdbs are jointly making to better recognize the value of existing callable capital. while continuing the dialogue with credit rating agencies, we urge management to integrate a part of callable capital into the wb's capital adequacy metrics. we also appreciate the newly established enhanced callable capital, and we call for the most inclusive approach in recognizing the financial leverage of shareholders'voluntary contributions in a way that is consistent with the credit rating agencies'practice. we should be very cautious in designing any reform of ibrd pricing which may have negative impacts on ibrd and ida financial capacity, which we have been striving to expand. moreover, we should be aware of any conflicting effects on the newly established framework for financial incentives. we also call for greater analysis of spillovers of price changes for the broader mdbs system, as well as on their implications for the bank budget anchor and the incentives for country graduation and private sector financing. we urge mdbs to develop effective partnerships with climate and environmental vertical funds so as to maximize scarce concessional resources. mdbs can greatly help improve access to these funds at scale and speed. thanks to their financial leverage, mdbs can also augment the resources available in vertical funds, by associating programmatic approaches with their parallel subscription of wbg hybrid capital and portfolio guarantees, to strengthen predictability of resources for beneficiary countries. we look forward to continuing work with the wbg to implement the conclusions of the forthcoming g20 independent high - level expert group review on the vertical climate and environmental funds. we appreciate the wbg's new approach to private capital mobilization. enhanced country diagnostics, stronger country dialogue, and closer collaboration among the wbg institutions are needed to increase the supply of effective projects. the wbg guarantees platform, the publication of gems data, the introduction of new products to mitigate foreign exchange risks, and the promotion of policy reforms specifically designed to improve the business environment will all help lower the actual and perceived risks of private investment in developing countries.