This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) Nov. 6, 2026--Multilateral lending has grown substantially, and the number of rated multilateral Institutions'(MLI) has increased, according to S&P Global Ratings in"Supranationals Special Edition November 2026 ,"published this week. With shareholder directives and changes to other risk-based limits beyond the S&P Global Ratings risk-adjusted capital ratios, we expect this trend of increased multilateral lending to continue. Lending grew substantially in 2025, with disbursements growing by 16% to US$250 billion, beyond 2020 levels. The sector continues to enjoy ample capital buffers despite declining marginally from, on average, high levels."We think capital levels remain robust and support further growth, driven by the expanded use of
