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ID:
135286
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| Summary/Abstract |
With China increasing its financing of Africa's development, roles have shifted and new roles are being assigned. The World Bank, having been for many years a prime and essentially unchallenged financier of Africa's development, is under pressure to reconsider its policies vis-à-vis African members. Two Chinese banks have been highly instrumental in this trend—the China Development Bank and the Export-Import Bank of China. According to various estimates, over the past few years these two banks combined have lent more money to developing countries than the World Bank. This article explores in a comparative fashion a range of features of the World Bank and Chinese policy banks' practices in Africa. It argues that, even though such a comparison is methodologically problematic, the current dynamic is going to affect the norms of governance represented by the World Bank and its lending policies toward Africa.
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ID:
182520
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| Summary/Abstract |
For some time now, there has been a push for the World Bank to shift its focus toward global public goods (GPGs). These are goods that, once delivered, can be unrestrictedly consumed by most—if not all—countries on the planet. Nor are their benefits rivalrous. Moreover, the production of GPGs cannot be left to markets or individual countries, as these have suboptimal incentives to act. In the wake of the COVID-19 outbreak, the concept of GPGs has seen a revival of sorts, with the pandemic not only striking just as multilateralism was at its lowest ebb, but also serving as irrefutable proof that the world needs international collaboration now more than ever. Multilateral institutions, and in particular the World Bank—a leading global institution with global membership—can rightfully be regarded as a possible solution to many global challenges. Based on interviews conducted with World Bank senior staff, as well as numerous experts, this article discusses arguments in favor of such a strategic shift. While there are legitimate claims for the Bank becoming a full-fledged provider of GPGs, the institution’s historical roots and operational constraints make this an unlikely prospect.
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