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A Guide to Multilateral Development Banks

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A Guide to Multilateral Development Banks A guide to multilateral development banks 2018 EDITION Lars Engen and April 2018 Annalisa Prizzon Acknowledgements This guide was prepared under the supervision of Mikaela Gavas, Head of Programme Development Strategy and Finance. We would like to thank Raphaëlle Faure, Nilima Gulrajani and Kiyoshi Kodera for their comments on the outline of this report. We would also like to thank colleagues at the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank and Black Sea Trade and Development Bank for their comments and feedback on Section 2 of the guide and on the fact sheets. Their comments imply neither endorsement nor validation. The authors are grateful for the generous financial support from the Bill and Melinda Gates Foundation. The views in this guide are those of the authors and do not necessarily reflect those of the funder, the Overseas Development Institute or the multilateral development banks reviewed in this report. The information covered in this guide is based on information collected between July and October 2017. Information on the Asian Infrastructure Investment Bank was last updated as of February 2018. ODI is the UK’s leading independent think tank on international development and humanitarian issues. Overseas Development Institute 203 Blackfriars Road London SE1 8NJ Tel: +44 (0)20 7922 0300 Email: [email protected] Twitter: @ODIdev odi.org Contents Section 1 Introduction 7 Financing development: what role for multilateral development banks? 8 Why a topic guide on multilateral development banks? 8 Comparative analysis: 10 dimensions of 11 Section 2 multilateral development bank operations 1. The multilateral development bank landscape: global, regional 12 and sub-regional institutions The establishment of MDBs: an overview 12 The geographical location of MDBs 14 MDB presence at country level 15 2. Mandates 16 3. Governance and membership 17 Shareholders 17 Board composition 21 Borrowing countries: an overview 22 Characteristics of borrowing countries 23 4. Financial and human resources 26 Capital 26 Reserves 27 Income 27 General capital increase 28 Credit ratings 28 Replenishments 29 Human resources 29 5. Financial activities and knowledge products 30 Financial activities 30 Knowledge products 36 6. Financial instruments 37 Instruments offered 37 3 7. Eligibility criteria and graduation policies 38 8. Sector focus and contribution to Sustainable Development Goals 41 Sectoral breakdown of disbursements 41 Global and regional public goods 42 Disbursements that support the SDGs 43 9. Safeguard and procurement policies 45 Main elements of safeguard policies 45 Procurement policies 46 10. Approach to measuring development effectiveness 47 The measurement of development effectiveness 47 Independent evaluation 49 Value for money 49 Transparency and accountability 50 Conclusions: towards an effective multilateral development 51 banking system Section 3 Multilateral development banks: factsheets 53 Global development banks 54 1. European Investment Bank (EIB) 54 2. International Fund for Agricultural Development (IFAD) 55 3. International Investment Bank (IIB) 56 4. New Development Bank (NDB) 57 5. OPEC Fund for International Development (OFID) 58 6. World Bank Group: a) International Bank for Reconstruction and Development (IBRD) 59 b) International Development Association (IDA) 60 Regional development banks 61 7. African Development Bank (AfDB) 61 8. Asian Development Bank (AsDB) 62 9. Asian Infrastructure Investment Bank (AIIB) 63 10. European Bank for Reconstruction and Development (EBRD) 64 11. Inter-American Development Bank (IADB) 65 12. Islamic Development Bank (IsDB) 66 4 A guide to multilateral development banks Sub-regional banks 67 13. Arab Bank for Economic Development in Africa (BADEA) 67 14. Arab Fund for Economic and Social Development (AFESD) 68 15. Black Sea Trade and Development Bank (BSTDB) 69 16. Caribbean Development Bank (CDB) 70 17. Central American Bank for Economic Integration (CABEI) 71 18. Development Bank of the Central African States (BDEAC) 72 19. Development Bank of Latin America (CAF) 73 20. East African Development Bank (EADB) 74 21. Eastern and Southern African Trade and Development Bank (TDB) 75 22. ECO Trade and Development Bank (ETDB) 76 23. ECOWAS Bank for Investment and Development (EBID) 77 24. Eurasian Development Bank (EDB) 78 25. West African Development Bank (BOAD) 79 Section 4 Sources, bibliography, glossary and endnotes 80 Sources 81 Bibliography 87 Glossary 87 Endnotes 89 5 Acronyms AfDB African Development Bank IATI International Aid Transparency Initiative AfDF African Development Fund IBRD International Bank for Reconstruction and Development (World Bank Group) AFESD Arab Fund for Economic and Social Development IDA International Development Association AIIB Asian Infrastructure Investment Bank (World Bank Group) AsDB Asian Development Bank IFAD International Fund for Agricultural Development AsDF Asian Development Fund IFC International Finance Corporation BADEA Arab Bank for Economic Development in Africa (World Bank Group) BCEAO Central Bank of West African States (La Banque IFI International financial institution Centrale des États de l’Afrique de l’Ouest) IIB International Investment Bank BDEAC Development Bank of the Central African IMF International Monetary Fund States (Banque de Développement des Etats de l’Afrique Centrale) IsDB Islamic Development Bank BEAC Bank of Central African States (Banque des KfW Kreditanstalt für Wiederaufbau (German États de l'Afrique Centrale) development bank) BOAD West African Development Bank (Banque KPI Key performance indicator Ouest Africaine de Développement) LIC Low-income country BRICS Brazil, Russia, India, China, South Africa LMIC Lower-middle-income country BSTDB Black Sea Trade and Development Bank MDB Multilateral development bank CABEI Central American Bank for Economic Integration MDGs Millennium Development Goals CAF Development Bank of Latin America NDB New Development Bank CDB Caribbean Development Bank ODA Official development assistance CIS Commonwealth of Independent States OECD Organisation for Economic Co-operation CRS Creditor Reporting System and Development DAC Development Assistance Committee (OECD) OFID OPEC Fund for International Development (Organization of the Petroleum Exporting DEG German Investment and Development Countries) Company (Deutsche Investitions- und Entwicklungsgesellschaft) OIC Organisation of Islamic Cooperation DFI Development finance institution OOF Other official flows DMC Developing member country PPP Public-private partnership DSA Debt sustainability analysis RECs Regional Economic Communities EADB East African Development Bank ReM Results Measurement EBID ECOWAS Bank for Investment and Development RDB Regional development bank EBRD European Bank for Reconstruction RMF Results Management Framework and Development RPG Regional public good ECO Economic Cooperation Organisation SDGs Sustainable Development Goals ECOWAS Economic Community of West African States SIDS Small-island developing states EDB Eurasian Development Bank SSA Sub-Saharan Africa EIB European Investment Bank TDB Eastern and Southern African Trade ETDB Economic Cooperation Organization and Development Bank Trade and Development Bank UAE United Arab Emirates EU European Union UK United Kingdom FSO Fund for Special Operations UMIC Upper-middle-income country GCI General capital increase US United States GNI Gross national income VfM Value for money GPG Global public good WAEMU West African Economic and Monetary Union HIC High-income country WASH Water, sanitation and hygiene IADB Inter-American Development Bank 6 A guide to multilateral development banks Section 1 INTRODUCTION Financing development: what role for multilateral development banks? Multilateral development banks are caught between a rock and a hard place: increasing mandates and stagnating resources The mandates and operations of multilateral low-income halved in 15 years – from 63 in 2000 to development banks (MDBs) have evolved and expanded 31 in 2015. At the same time, recipient countries have in recent decades. Many were created in the 1960s, far more financing options to choose from to support during the period of decolonisation, while others came their national development strategies. More choice also into being after the end of the Cold War to support means that several recipient-country governments have reconstruction, development and regional integration. become far more assertive in negotiating and managing MDBs were called upon to step up these efforts in the different providers and sources of finance, beyond pursuit of the Millennium Development Goals (MDGs) to bilateral donors and MDBs. be achieved by 2015, and now the ambitious, universal, and cross-sector Sustainable Development Goals Broader MDB mandates are not matched by increasing (SDGs) and Agenda 2030. Given their mandates, sector support from shareholders. With the exception of the and country coverage and knowledge, MDBs can also Asian Development Bank (AsDB) January 2017 merger play a role as a catalyst for other financing – private- and leverage on International Development Association sector, domestic revenues – encapsulated in the idea (IDA) equity agreed in December 2016, resources to of scaling up resources from ‘billions to trillions’ to turn MDBs have stalled, both in terms of replenishments for the SDGs into a reality. the soft windows and general capital increases for
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