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I H S A N U G U R D E L I K A N L I , TO D O R D I M I T R O V, R O E N A A G O L L I

MULTIL ATER AL
DEVELOPMENT
BANK S
Governanc e and Financ e
Multilateral Development Banks
Ihsan Ugur Delikanli • Todor Dimitrov
Roena Agolli

Multilateral
Development Banks
Governance and Finance
Ihsan Ugur Delikanli Todor Dimitrov
Istanbul, Turkey Thessaloniki, Greece

Roena Agolli
Thessaloniki, Greece

ISBN 978-3-319-91523-4    ISBN 978-3-319-91524-1 (eBook)

https://doi.org/10.1007/978-3-319-91524-1

Library of Congress Control Number: 2018942751

© The Editor(s) (if applicable) and The Author(s) 2018

This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the
whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations,
recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information
storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now
known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does
not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective
laws and regulations and therefore free for general use.
The publisher, the authors, and the editors are safe to assume that the advice and information in this book are
believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors
give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions
that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps
and institutional affiliations.

Cover image: © RooM the Agency / Alamy Stock Photo

Cover design by Tjaša Krivec

Printed on acid-free paper

This Palgrave Macmillan imprint is published by the registered company Springer International Publishing AG part
of Springer Nature.
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
For our families and children as well as all children of the world.
 Foreword

During several decades the benefits of multilateralism were taken for granted.
This is no longer the case. In this context, Multilateral Development Banks:
Governance and Finance is a very timely and valuable book that offers a rich
description of Multilateral Development Banks (MDBs), an assessment of
their roles, and a constructive critique with recommendations to enhance
their contribution to the development agenda.
A useful taxonomy of 25 MDBs is proposed and applied for the analysis of
these banks as a whole and by type of MDBs. Having worked for the three
different types of MDBs considered in the book, I can attest that this classifi-
cation makes sense.
This volume is an important contribution to the qualitative and quantita-
tive knowledge about MDBs practices and standards. It addresses misconcep-
tions concerning MDBs, provides a comprehensive review of governance and
funding issues that constrain MDBs’ effectiveness, and suggests means to
overcome those constraints.
It is to be noted that Chap. 3 provides an adequate presentation of the
important issue of additionality, whereas Chap. 5 presents a novel system of
MDB-specific governance principles, which is used in an assessment and in
identifying areas for improvement. It includes the standards developed for
independent evaluation by the MDBs’ Evaluation Cooperation Group
(ECG), considering also other areas relevant for MDBs.
The book concludes with a discussion on the future of MDBs, providing
ideas and suggestions for addressing complex problems, highlighting the
importance of improving governance and strengthening independent

vii
viii Foreword

evaluation, as well as the engagement with stakeholders and the promotion of

synergies across MDBs. Thus it points out ways in which the MDBs can
become more effective and efficient agents of change, playing a key role in
shaping, implementing, and evaluating the development agenda.

Osvaldo Néstor Feinstein

Former manager and advisor at the
World Bank, former senior evaluator and
consultant for IFAD, former senior consultant
with IADB, AfDB, CDB, and several UN and
bilateral development agencies
 Preface

Multilateral Development Banks: Governance and Finance is a novel, theory-

inspired, and practice-based guide to the essence and prospects of Multilateral
Development Banks (MDBs). It provides a comprehensive overview regard-
ing virtually all MDBs, involved in lending for international socioeconomic
development. With seven stand-alone chapters, the book represents insights
on a wide range of often misconceived and unattended MDB aspects.
The analysis covers 25 MDBs worldwide to offer unprecedented under-
standing to a broad range of audiences who would be interested in the com-
plexity and the prospects of these institutions. The MDBs are covered as a
family and by groups, rather than presenting each one in detail. The grouping
is based on geographical lending outreach and has three categories of MDBs:
Global, Regional, and Sub-regional.
Unlike similar books and articles, which treat MDBs as banks, the authors
offer a novel perspective by addressing the obscured specifics of multilateral
lending institutions, revealing multiple aspects of their nature and operations,
based on their unique self-regulation and governance. MDBs are addressed in
a forward-looking manner, toward “knowledge banks”, “change agents”, and
even “benchmark setters”, diving into the very essence of the often elusive
additionality (offering of a value that is additional to what is already available
in the market). The variable elements of additionality make an MDB distin-
guished from any other institutions or banks.
The book’s novelty and insight draw on relevant comparisons of the three
regional groups of MDBs, with a focus on their governance and finance, to
outline relative comparative advantages, among other key features. While criti-
cism and reforms were addressed in the past, the book presents the importance
of phased incremental elevations through an evidence-based advancement of

ix
x Preface

values, human capital, and governance. This approach is in contrast with

already known polar ad hoc pressures that led to various stop-and-go reform
campaigns, associated with severe side effects such as “reform fatigue” and staff
disengagement.
The book reflects on the key role of most MDBs in inspiring and advancing
sustainable economic development through the transfer of knowledge and
funding by addressing key global challenges. It provides a constructive elabo-
ration on issues of recent criticism, such as opaque governance, domination
by “donor” countries, controversial requirements and operations, and lack of
inclusiveness. The bold calls for institutional reforms and the recent geopoliti-
cal and social turmoil in the world that have challenged multilateralism for
development (among other post-war values) make the book timely and rele-
vant, with a prospect to remain such for years ahead. Therefore, it is expected
to constructively enhance the ongoing debate, involving a growing network of
stakeholders, directly or indirectly, dealing with MDBs and their agenda (e.g.
OECD and G20).
Originated by a team with experience at a relatively small MDB (the Black
Sea Trade and Development Bank), the book presents a neutral position,
backed by years of diverse experiences at/with numerous MDBs, providing a
hands-on insider perspective. Utilizing their wide networks, as well as insight
from working closely with peer MDBs, the authors offer analysis on a number
of unexplored aspects, drawing from vast ex-post evaluation resources, reflect-
ing the wealth of lessons learned at most MDBs. This makes the book a unique
and hopefully inspiring source of knowledge on a wide range of standards and
practices, for the benefit of practitioners, consultants, government officials,
borrowers, and researchers.
The book is expected to be of particular interest and use to a very wide
range of multilateral as well as bilateral organizations and stakeholders con-
cerned with development. It should also become a key asset to academics and
students with an interest in international finance and development. It may
also be useful to members of the general public interested in the complex
geopolitical context of international development and multilateralism, as they
have never been more important, yet challenged. It is clear that rapid transfor-
mations are taking place toward political and social upheavals, driven by pop-
ulism and nationalism, triggering unprecedented debate about the challenges
of poverty, inequality, peace, and sustainability. This makes the MDBs par-
ticularly relevant and important, at a time when they are pressed to deliver
deeper and wider, faster and better, with even more limited resources.
The opinions and positions expressed in the book belong to the authors
and not to the institutions they are associated with. The authors take
 Preface
   xi

r­ esponsibility for all errors and omissions and acknowledge the importance of
contributions by many other people.
The three authors worked jointly on the book upon the idea of Ihsan Ugur
Delikanli. Their primary contribution is as follows:

Ihsan Ugur Delikanli: Chaps. 2, 3, 4, 6, 7.

Todor Dimitrov: Chaps. 1, 2, 3, 5, 6, 7, editing.
Roena Agolli: Chap. 2, index.

Credit for photograph of Todor Dimitrov (back flap): Kalina Dimitrova.

Istanbul, Turkey Ihsan Ugur Delikanli

 Contents

1 Introduction   1

2 The Nature of MDBs   9

3 Financial Dynamics  33

4 Current Governance  89

5 Principles of Sound Governance 123

6 Clients’ Perspective 163

7 The Future 177

Glossary 193

Index 203

xiii
 List of Figures

Fig. 2.1 Unilateral and multilateral principles 23

Fig. 2.2 Multilateral delegation 24
Fig. 3.1 Subscribed and paid in capital, global MDBs (USD, billion).
Source: Authors’ compilation from MDBs’ annual reports 39
Fig. 3.2 Subscribed and paid in capital, regional MDBs (USD, billion).
Source: Authors’ compilation from MDBs’ annual reports 40
Fig. 3.3 Subscribed and paid in capital, sub-regional MDBs (USD, billion).
Source: Authors’ compilation from MDBs’ annual reports 40
Fig. 3.4 Equity and paid in capital, global MDBs (USD, billion).
Source: Authors’ compilation from MDBs’ annual reports 41
Fig. 3.5 Equity and paid in capital, regional MDBs (USD, billion).
Source: Authors’ compilation from MDBs’ annual reports 42
Fig. 3.6 Equity and paid-in capital, sub-regional MDBs (USD, billion).
Source: Authors’ compilation from MDBs’ annual reports 42
Fig. 3.7 Total borrowings (USD, billion). Source: Authors’ compilation
from MDBs’ annual reports 44
Fig. 3.8 Gearing ratio (Borrowings + Total equity)/(Loans + Guarantees +
Undisbursed commitments). Source: Authors’ compilation from
MDBs’ annual reports 45
Fig. 3.9 Total assets (USD, billion). Source: Authors’ compilation from
MDBs’ annual reports 46
Fig. 3.10 Liquidity asset ratio (Cash and due from banks + Treasury assets)/
Total assets (%). Source: Authors’ compilation from MDBs’
annual reports 47
Fig. 3.11 Liquidity borrowing ratio (Cash and due from banks + Treasury
assets)/Borrowings (%). Source: Authors’ compilation from
MDBs’ annual reports 48

xv
xvi List of Figures

Fig. 3.12 Total loans, debt securities and equity investments (USD, billion).
Source: Authors’ compilation from MDBs’ annual reports 49
Fig. 3.13 Leverage ratio (%). Source: Authors’ compilation from MDBs’
annual reports 53
Fig. 3.14 Gross income from lending (%). Source: Authors’ compilation
from MDBs’ annual reports 59
Fig. 3.15 Return on equity (RoE, %). Source: Authors’ compilation from
MDBs’ annual reports 61
Fig. 3.16 Administrative costs ratio (Administrative Costs/Gross Income
from Lending and Treasury, %). Source: Authors’ compilation
from MDBs’ annual reports 62
Fig. 4.1 Governance structure 91
Fig. 6.1 Eligibility and concept review 169
Fig. 6.2 Appraisal and due diligence 170
 List of Tables

Table 2.1 Classification of MDBs in terms of regional coverage by lending 10

Table 2.2 Why MDBs are different from banks 28
Table 2.3 MDBs—weighting the M, D, and B 30
Table 3.1 MDBs’ credit ratings and risk weights 54
Table 4.1 Quorum and decision-making, Board of Governors 95
Table 4.2 Voting power of G7 and G20 countries at MDBs 97
Table 4.3 Composition of Board of Directors 102
Table 4.4 Requirements for quorum and decision-making at Board of
Directors’ meetings 104
Table 4.5 Selection of president 109
Table 4.6 Examples of MDB’s committees 113
Table 5.1 MDBs’ adherence to the seven governance principles 157
Table 6.1 Phases in the financing cycle 164
Table 7.1 MDBs’ safeguards 187

xvii
 1
Introduction

Rationale
Address Misconceptions, Clarify the Essence of MDBs

Despite existing publications and public discourse, the role, governance, and
potential of Multilateral Development Banks (MDBs) remain obscured by
fragmented and often inaccurate information. These institutions remain
poorly understood, implying the need for an open, comprehensive, and bal-
anced overview, going beyond history and data.
This book sheds light on a number of misconceptions regarding MDBs,
widely spread not only among the public, but even among MDBs’ stakehold-
ers such as counterparts, shareholders, managers, and staff. These misconcep-
tions include but are not limited to the following: (1) MDBs are UN agencies;
(2) MDBs are aid/grant/subsidy funds; (3) all MDBs are subsidiaries of the
World Bank; (4) MDBs are just international commercial/investment banks;
and (5) MDBs provide a key share of financing in some countries but there
are no tangible results.
Chapters 3, 4, and 5 (Financial Dynamics, Current Governance, and
Governance Principles) constitute the core of the book, providing insight for
the bumpy road ahead, outlined at the concluding Chap. 7 (The Future).
These chapters provide a comprehensive review of multiple governance and
funding issues that constrain MDBs’ effectiveness, presenting seven novel
governance principles (Chap. 5), followed by an assessment of reality against
those principles.

© The Author(s) 2018 1

I. U. Delikanli et al., Multilateral Development Banks,
https://doi.org/10.1007/978-3-319-91524-1_1
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