The Chinese government has published the Asian Infrastructure Investment Bank’s (AIIB) newly adopted articles of agreement. That’s an encouraging early sign of transparency, and more importantly, of timely transparency. Much of what’s in the articles was foreshadowed by previous comments and reporting, but there are surprises, such as stronger-than-expected veto powers for the Chinese and the possibility for non-sovereign membership.
CGD Policy Blogs
The US failure to approve governance reforms at the IMF is what led China to create the Asian Infrastructure Investment Bank. Ben Bernanke is the latest prominent voice to employ this narrative.
Good news from the Asian Development Bank's annual meetings in Baku, Azerbaijan this past weekend, where shareholders approved a plan to almost double the amount of financing available to developing countries. Bank president Takehiko Nakao's proposal to merge the ADB's concessional and non-concessional lending was nearly two years in the making.
“It’s nice to have a list,” CGD senior associate Scott Morris told me about the shortlist of eight candidates for the Presidency of the African Development Bank.
When President Takehiko Nakao of the Asian Development Bank (ADB) visited CGD earlier last year, he described management’s groundbreaking proposal for a major restructuring of the bank’s financial model that we view as both sensible and creative.
The United States has enjoyed the privileged position of largest shareholder and donor at the World Bank and IMF since the institutions’ founding 70 years ago.
Clare Walsh, a senior official in the Australian Department of Foreign Affairs and Trade and the chair of the Development Working Group of the G-20, recently visited CGD for a round-table discussion with CGD senior staff. Afterwards I hosted her and CGD senior associate, Scott Morris, a former senior US Treasury official, on the Wonkcast.
The EBRD has a charter mandate to work in countries “committed to and applying the principles of multiparty democracy, pluralism, and market economics.” And what could be more compelling than Ukraine today?