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We use loan-level data on syndicated lending to a large sample of developing countries between 1993 and 2017 to estimate the mobilization effects of multilateral development banks (MDBs), controlling for a large set of fixed effects. We find evidence of positive and significant direct and indirect mobilization effects of multilateral lending on the number of deals and on the total size of bank inflows. The number of lending banks and the average maturity of syndicated loans also increase after MDB lending. These effects are present not only on impact, but they last up to three years and are not offset by a decline in bond financing. There is no evidence of anticipation effects and the results are not driven by confounding factors, such as the presence of large global banks, Chinese lending and aid flows. Finally, the economic effects are sizable, suggesting that MBDs can play a vital role to mobilize private sector financing to achieve the goals of the 2030 Development Agenda.

Capital Flows --- Capital Markets and Capital Flows --- Crowd-In Capital --- Development Finance --- Finance and Development --- Finance and Financial Sector Development --- Foreign Direct Investment --- International Economics and Trade --- International Financial Markets --- Multilateral Development Bank --- Private Investment --- Resource Mobilization --- Sustainable Development Goals --- Syndicated Loans --- Macroeconomics --- Money and Monetary Policy --- Industries: Financial Services --- International Investment --- Long-term Capital Movements --- International Lending and Debt Problems --- Governmental Loans, Loan Guarantees, Credits, and Grants --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Fiscal Policy --- Financial Institutions and Services: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Finance --- Monetary economics --- Syndicated loans --- Revenue mobilization --- Loans --- Multilateral development institutions --- Bank credit --- Financial institutions --- Fiscal policy --- Money --- Development banks --- Credit --- India