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MDBs

Achieving trillions out of billions

Bertrand Badré's picture


The release of the joint statement “From Billions to Trillions: Transforming Development Finance” at the World Bank-IMF Spring Meetings is one of the most satisfying moments during my two-year tenure as Managing Director and World Bank Group CFO.

My one regret is that the title should have been Billions for Trillions.

Why?

Will the Asian Infrastructure Investment Bank become the new musketeer?

Arturo Ardila's picture
On Monday, China officially launched the Asian Infrastructure Investment Bank (AIIB) in a ceremony with representatives from the bank's 57 founding-member countries. AIIB will have a capital base of US$100 billion, three-quarters of which come from within Asia.
 
Infrastructure is a growing need for Asia,
and collaboration is critical to filling
gaps. Photo: World Bank

At the inaugural ceremony in the Great Hall of the People, Chinese President Xi Jinping reaffirmed the new institution's mission, saying that "Our motivation [for setting up the bank] was mainly to meet the need for infrastructure development in Asia and also satisfy the wishes of all countries to deepen their co-operation."

Indeed, the AIIB is a major piece of China's regional infrastructure plan, which aims to address the huge needs for expanding rail, road and maritime transport links between China, central Asia, the Middle East and Europe. But the AIIB should also represent a huge opportunity for cooperation not only between countries in the region but also with other multilateral development banks.

Our experience working on transport mega-projects co-financed by several multilateral development banks (MDBs) already shows that this collaboration is much needed and critical for the success and viability of mega-projects. The most recent experience with the Quito Metro Line One Project, for example, shows that the co-financing banks – World Bank, Inter-American Development Bank, Andean Development Corporation and European Investment Bank –  brought not only their financial muscle but also their rich and diverse global knowledge and experience.  Incidentally, because of the Quito Metro project, all the MDBs involved in the project were dubbed as the  “musketeers, ” precisely due to the high degree of collaboration and team work that is making this project a success.

Doha: keeping hope alive - just

Rachel Kyte's picture


COP President Abdullah bin Hamad Al-Attiyah gavels through the decision text. Photo courtesy IISD

The UN climate conference in Doha this past week kept the fight to combat global warming alive – 194 countries agreed to extend the Kyoto Protocol and to put in place a new agreement by 2015. The extension avoids a major setback in climate negotiations, but it does not fully reflect the urgency of the problems facing the warming planet.

To understand the true scale of those problems, read the new report Turn Down the Heat: Why a 4°C Warmer World Must Be Avoided. Its review of the latest climate science provides a powerful snapshot of what the future could be and warns that the world is on path to a 4°C (7.2°F) warmer world by century’s end if we don’t take action.

The report was referenced repeatedly during COP 18 and is one of several reports helping to put science at the center of policy making.

As is often the case in large international conferences these days, the greatest signs of momentum in Qatar were not inside the negotiating rooms but in the meeting halls where the informal process was underway. The World Bank played a key role in several agreements that will form a part of our ongoing commitment to step up to the climate challenge.

Working Coalitions

Increasingly like-minded coalitions are forming, across dividing lines of developed and developing countries, public, private sectors and civil society, in order to get on with the business of emissions reductions. One highlight of the conference was the meeting of the Climate and Clean Air Coalition, a remarkable group of countries united to reduce SLCPs, short-lived climate pollutants - methane, HFCs, black carbon.