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How can multilateral development banks better leverage existing resources, and act more cohesively as a system? How should they better align allocation with financing needs and the emergence of global problems that require international solutions?
When the Chinese government launched a new multilateral development bank (MDB) with “infrastructure” in the name—the Asian Infrastructure Investment Bank (AIIB)—it hardly seemed far-fetched to assume a strong Chinese preference for infrastructure-related MDB financing. Everything we know about China’s bilateral development financing suggests the same. Yet, a closer look at the AIIB’s charter suggests openness to a broader range of sectors and activities, pointing to potential for investments in “other productive sectors.”
The African Development Bank is widely praised these days as one of the premier financial institutions in Africa. The past decade saw it place much greater emphasis on infrastructure financing, a change brought about in part by the instincts of its former president Donald Kaberuka. In this week's podcast, Kaberuka discusses how the AfDB’s success came about.
Kaberuka is currently a Hauser Leader-in-Residence at the John F. Kennedy School of Government at Harvard University. At CGD he will be working on finance and development issues, including serving as a member of our High-Level Panel on Multilateral Banking, which will issue its report in the coming months.
The very first Global Goal on the new UN development agenda, formally adopted earlier this month, is to “end poverty in all its forms everywhere.” On this week’s CGD podcast, economist Montek Singh Ahluwalia, who also serves as Co-Chair of CGD’s new High Level Panel on the Future of Multilateral Development Banks (MDBs), shares his experiences of and hopes for combating poverty in India.