A New Direction for Development Finance?
Chris Humphrey examines the governance and early operations of the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank, in both of which China plays an important role.
The creation of the Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB) in 2016 represents a momentous shift in the developing finance landscape. Countries that were until now on the receiving end of development aid are now building new financial institutions, and doing so within a cooperative multilateral framework. Both banks have begun operations very quickly and appear to be on sound financial footing. At the same time, the early years of AIIB and NDB have highlighted several governance and operational weak points.
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