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Multilateral development banks (MDBs) have a major impact on the global economy. The flip side, however, is their sensitivity to the political environment, as can be seen from the EBRD joining the sanctions against Russia. In response to the need for more MDBs in the global economy, Russia and China have created the New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB) to benefit all economies worldwide.
Since the early 1990s, Russia has been cooperating with MDBs, including the World Bank, the European Bank for Reconstruction and Development, and others.
After Western countries imposed sanctions against Russia in 2014, the EBRD adopted a resolution on the “temporary suspension” of new project financing in the country.
The integration of Russia and its EAEU partners into the global economic space and the need to develop the infrastructure and digital economy highlight the importance of close cooperation with international financial institutions.
Over the next decade, the new MDBs are expected to emerge as full-fledged competitors for the World Bank and the EBRD, transforming Asia to the global investment powerhouse.
With the new MDBs currently at an emerging stage, the AIIB is set to focus on co-financing projects led by other development banks, including the EBRD, World Bank, European Investment Bank (EIB), etc. Still, both the AIIB and NDB are gradually gaining weight in the global economy.