Center for Global Development

The Center for Global Development is an independent, nonpartisan think tank based in Washington D.C. and London. CGD works to reduce global poverty and improve lives through innovative economic research that drives better policy and practice by the world's top decision makers. Over the next two years, CGD will be conducting rigorous research and proposing practical solutions to drive broader mandates, better governance, and modern business models at the multilateral development banks.

Recent Posts

A Valentine’s Day Gift for the AfDB’s Campaign for SDR Recycling—But Now We Need More Heart

February 15, 2023

Months of innovative work by AfDB staff have resulted in an attractive SDR recycling scheme that overcomes a major hurdle by successfully embodying the reserve asset characteristic. And it will allow leveraging SDRs to multiply their lending power 3-4 times. Now politicians have to step up and commit their SDRs. And Europeans need to show more heart and put aside the legal blockage to recycling outside the IMF. The African Development Bank (AfDB) took a big step forward in recycling special drawing rights (SDRs) yesterday (February 14), when their staff [...]

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Is the European Investment Bank Finally Transforming Itself Into a Development Bank?

February 14, 2023

The European Investment Bank’s (EIB) 2022 annual results and operational plans for 2023-2025 are out. The top line: EIB financing in 2022 fell from EUR93.6 billion in 2021 to EUR72.45 billion. However, EIB lending to countries outside of the European Union (EU) grew from EUR7.2 billion in 2021 to EUR 9.18 billion. 2022 has not been short of challenges for the bank, not least because of the war in Ukraine and the related and interlinked developments that have given rise to threats of economic recession in Europe and increasing pressure [...]

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The World Bank Should Ramp Up Finance for Climate, But Not at the Cost of Development

February 13, 2023

The World Bank Group Evolution Roadmap makes three financing asks of donors and shareholders: capital for IBRD, continued support for IDA, and grants to support climate projects. I think donors and shareholders should support a capital increase and strengthen commitments to IDA. But they should not provide more grants to support climate activities at least until (i) IBRD lending to support mitigation has been reformed and expanded and (ii) major cost-effectiveness and equity concerns of existing grant mechanisms are addressed. The World Bank already acts as a trustee for twelve [...]

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A Bigger Mission Must Mean More Financial Ambition at the World Bank

February 6, 2023

Building on a roadmap requested by its shareholders, the World Bank’s board and management are discussing updates this week to its mission to respond to the global transboundary challenges threatening human prosperity. It is more evident than ever that climate change, biodiversity loss, pandemic risks, and conflict matter profoundly for development—which would make it devastating if shareholders miss this chance to transform the Bank by thinking too small. The largest Bank shareholders have embraced calls for truly ambitious action to meet this once-in-a-generation opportunity. In October 2022, the G7 with [...]

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