Prospects of the Multilateral Cooperation Center for Development Finance (MCDF) to catalyse infrastructure financing

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Nedopil, Christoph
Larsen, Mathias Lund
Yue, Mengdi
Wang, Yao
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2022
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Abstract

Initiated in 2017 and formally established in 2020, the Multilateral Cooperation Center for Development Finance (MCDF) is the latest addition to the development finance landscape in Asia. This article provides an in-depth analysis of MCDFʼs potential to offer additionality in development finance and its political legitimacy by comparing it to 18 development finance and capacity-building organisations. The article finds that while the MCDF contributes to closing the substantial infrastructure financing gap in Asia, it risks overlapping with existing initiatives to such a degree that it may become an inefficient use of resources while lacking legitimacy as a multilateral organisation due to its unclear relationship with Chinaʼs Belt and Road Initiative. From this outset, and given the climate mandates of its multilateral development bank members, this article finds that if the MCDF focuses specifically on green and climate finance, it could carve out an area where it can become a much-needed new platform for project development and coordination.

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Asia & the Pacific Policy Studies

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9

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1

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© 2022 The Authors. Asia & the Pacific Policy Studies published by Crawford School of Public Policy of the Australian National University and John Wiley & Sons Australia, Ltd.

This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made.

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Development studies

Policy and administration

Political science

Social Sciences

Area Studies

Belt and Road Initiative (BRI)

climate finance

infrastructure financing

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Nedopil, C; Larsen, ML; Yue, M; Wang, Y, Prospects of the Multilateral Cooperation Center for Development Finance (MCDF) to catalyse infrastructure financing, Asia & the Pacific Policy Studies, 2022, 9 (1), pp. 81-110

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