Matteo Cianforlini
In 2015, there were widespread apprehensions surrounding the stability of the international development finance regime when two Multilateral Development Banks (MDBs) entered into force. The Asian Infrastructure Investment Bank (AIIB) and the New Development Bank (NDB) were established by developing countries, China and the BRICS, with the aim of creating a governance model that better suited their needs. However, the creation of these Banks was met with scepticism from several actors, with concerns being raised about the potential fragmentation of the existing regime and a possible shrinkage of international norms and standards. This project applies an English School perspective to understand whether the introduction of those MDBs could result in a contestation or resistance towards the principles embodied by the primary institutions of the international society. In particular, the primary institutions that are expected to be affected by the establishment of the AIIB and NDB are environmental stewardship, economic development and diplomacy and multilateralism. Through an analysis of primary sources, namely the Articles of Agreement and the Environmental and Social Frameworks of the Banks as well by semi-structured interviews and observation of the projects approved by the Banks, this project aims at unveiling what are the principles that are being expressed in the field of development finance and if they are in open contestation with those recognised as legitimate.