Last week the Asian Infrastructure Investment Bank’s (AIIB) board of directors approved financing for three projects, including, for the first time, a project in China. Looking back at AIIB operations to date, these are my three takeaways.
The purpose of this presentation was to use two cases of IMF-supported program conditionality to animate a discussion of the bridge between first-best policy advice and on-the-ground development policy in country-specific political economy contexts. Having been involved as Minister of Finance in the Liberia case, and as Director of the Fund’s African Department in the Mozambique case, I approach the issue from both an outside- and an inside-the-IMF perspective.
Development finance institutions (DFIs) have long resisted the idea that they ought to support coordinated national development strategies in the countries that they invest in, but if conversations around private roundtables at the recent World Bank/IMF meetings are anything to go by, that’s where they may be heading. And if so, it may be the private sector itself that leads them there.
The purpose of this note is to provide a realistic analysis of where MDBs have made progress in improving performance and governance, the risks and challenges they and their shareholders confront today, possible areas of US-China collaboration, and a specific recommendation for a joint effort.
Recently the UN warned that 20 million people are facing famine in four countries. How can the International Fund for Agricultural Development (IFAD) help? Gilbert Houngbo, former Prime Minister of Togo and new IFAD president, joins the CGD podcast to discuss IFAD's impact and unique mandate.
With last week’s decision by the Trump Administration to extend the review period for permanent removal of long-standing sanctions on Sudan, the debate over the nature of future US engagement with Sudan will continue. As this month’s report of the Atlantic Council’s Sudan Task Force points out, US support for debt relief will be high on the Sudanese government’s agenda; such relief would unlock international financing that supports economic development and poverty reduction. What the report does not mention is that such relief would likely require significant new funds being appropriated by Congress.
For the US Development Policy Initiative’s inaugural Voices of Experienceevent, three former Treasury Under Secretaries for International Affairs took the stage: Tim Adams of the Institute of International Finance, Lael Brainard of the Federal Reserve, and Nathan Sheets of Peterson Institute for International Economics. The conversation, moderated by CGD Board Member Tony Fratto, revealed the “esprit de corps” of the International Affairs team, and covered everything from the central yet oft under-the-radar role the Office of International Affairs plays in the formulation and execution of international economic policy, to each Under Secretaries’ proudest moments.
The African Development Bank recently turned 50. In that time it's made more than 4,000 grants and loans, totaling more than $71 billion. So what might its next half-century look like? Bank President Dr. Akinwumi Adesina joins me on this week's podcast to share his vision for Africa's future.
This week, CGD hosted a discussion with Philippe Le Houérou, the CEO of IFC, the private sector arm of the World Bank. He was enthusiastic about his institution’s role in leveraging private capital and getting from billions to trillions of dollars for development, but he also presented a nuanced and critical judgment about the limitations of the IFC model to date, pointing to a number of ways it needs to change.
OPIC and CDC are among the largest bilateral development finance institutions (DFIs). They are designed to use their funds to attract more private capital into developing markets through, for example, lending or insuring projects against political risk. CEOs Elizabeth Littlefield and Diana Noble discuss why the DFIs' business model is successful and how their institutions can do more.