Multilateral development banks (MDBs) must undergo big changes in the way they operate to eliminate poverty, triple sustainable lending levels by 2030 and create a new funding mechanism to further its agenda, a G20 panel said in a report on Tuesday. The independent panel, headed by economists Lawrence Summers and N.K. Singh, was commissioned by the Group of 20 nations to propose reforms for MDBs with a focus on increasing funding for sustainable developments goals and climate change, among others. "Individually and collectively, MDBs must become effective agents in all developing countries for integrating the development and climate change agendas," said the report, which was tabled during the G20 finance meeting in the western Indian state of Gujarat.