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October 13, 2015

The Future of the Multilateral Development Banks

From the testimony: “And while the United States was roundly criticized for its handling of this episode, I think much of that criticism was misguided in putting the focus on the short term bungling of diplomatic outreach, or Congress’s failure to pass IMF reform. Both are relevant, and I very much believe that action on the IMF quota package is critical in its own right, but the challenges to US leadership in the MDBs – institutions like the World Bank and Asian Development Bank where the US is the largest shareholder – run deeper and are longer term in nature.”

July 20, 2015

Realizing the Power of Multilateralism in US Development Policy

US leadership in multilateral institutions such as the World Bank and regional development banks is flagging. These institutions, rated as some of the most effective development actors globally, provide clear advantages to the United States in terms of geostrategic interests, cost-effectiveness, and results on the ground. Restoring US leadership in institutions like the World Bank will mean giving a greater priority to MDB funding, which today accounts for less than 10 percent of the total US foreign assistance budget and less than 0.1 percent of the total federal budget. Prioritizing multilateral assistance in an era of flat or declining foreign assistance budgets will necessarily mean some reallocation from other pots of foreign assistance money, as well as an effort to address the structural impediments to considering reallocations.

The ADB's Bold Move and What It Can Mean for the MDBs
May 4, 2015

The ADB's Bold Move and What It Can Mean for the MDBs

Last year, the Asian Development Bank (ADB) management proposed a major financial restructuring that would increase the amount of bank capital available for investment. This proposal offers many benefits in and of itself. But it also creates an opening for additional and complementary changes in governance that would greatly strengthen the bank and would ensure all of the benefits of the restructuring are fully captured. The merger proposal represents a highly credible down payment by the ADB on a set of innovations that can greatly expand the institution’s ability to respond to the region’s needs and opportunities—and in the process, stimulate similar dynamics at other MDBs.

CGD Policy Paper 58 - The World Bank at 75
March 31, 2015

The World Bank at 75

This paper examines courses of action that could help the bank could adapt to shifting development priorities. It investigates how country eligibility standards might evolve and how the bank might start to break away from its traditional “loans to countries” model.

January 27, 2014

Rethinking the Financial Design of the World Bank - Working Paper 352

Since their inception, through 2012, the institutions comprising the World Bank group have been involved in lending nearly a trillion dollars. In this paper, we focus on the IBRD, which is the core of the World Bank. The IBRD has the potential to continue to grow and be an important player in official financial flows, supporting critical long-term development projects with large social returns, in sectors ranging from infrastructure, social sectors, or environment. 

Devesh Kapur and Arjun Raychaudhuri
January 7, 2014

Shaking Up the Donor Shakedown at the World Bank

The World Bank should declare the IDA-17 replenishment its last and move to replace it with a broader bank resource review. Sticking with the status quo risks an underfunded institution and one that is increasingly isolated from its shareholders (yes, that would be a bad thing).

December 2, 2013

Is Anyone Listening? Does US Foreign Assistance Target People’s Top Priorities? - Working Paper 348

The United States government has made repeated declarations over the last decade to align its assistance programs behind developing countries’ priorities. By utilizing public attitude surveys for 42 African and Latin American countries, this paper examines how well the US has implemented this guiding principle. Building upon the Quality of Official Development Assistance Assessment (QuODA) approach, I identify what people cite most frequently as the ‘most pressing problems’ facing their nations and then measure the percentage of US assistance commitments that are directed towards addressing them. 

August 20, 2013

Moving Beyond Mines and Mobiles: How Can IFC Add Value in Fragile States?

The International Finance Corporation wants to increase its development impact in fragile states. Currently, the IFC’s fragile-state portfolio mirrors that of overall foreign direct investment stocks in such countries: focused in extractive industries and mobile telephony. That suggests potentially limited value-added from the Corporation’s investments in terms of crowding in private capital. If the IFC is trying to increase its portfolio and development impact in fragile states, it should look for sectoral opportunities that share some of the features of mines and mobile investments but currently attract limited FDI.

July 12, 2013

Thinking Through When the World Bank Should Fund Coal Projects

The World Bank should be ambitious in working toward clean energy approaches in its development strategies, but it would be a mistake to definitively rule out coal in all circumstances. Such a decision would be bad for development and would also undermine the very goals that the bank’s coal critics espouse by further pitting developing and developed countries against each other in the climate debate occurring within the bank. The key challenges are to identify the relevant development needs related to coal-fired generation, to define the role of the bank, and to elaborate guidelines to direct decisions. In this essay, we discuss the broad issues and then summarize what the guidelines likely would mean in practice.

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