Humphrey: Infrastructure Finance in the Developing World

From the Introduction:

Among sources of financial support for infrastructure provision in developing countries, multilateral development banks (MDBs) have historically been among the most prominent. For various reasons, the importance of MDBs in infrastructure has declined in relative terms compared to previous lending patterns as well as to other sources of finance. The basic model of an MDB—a cooperative bank operating among a group of countries to support development with financing and knowledge—remains valid and relevant to help fill huge existing infrastructure gaps worldwide. However, the scale of this role will largely depend on the ability of MDBs—including existing ones such as the World Bank and major regional MDBs (RMDBs) as well as new ones such as the recently announced Brazil, Russia, India, China, and South Africa (BRICS) New Development Bank (NDB) and Asian Infrastructure Investment Bank (AIIB)— to adapt their operational policies and governance arrangements to a fast-evolving global economic and political context.

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