Multilateral Development Banks: U.S. Contributions FY1998-2009

Multilateral Development Banks:
U.S. Contributions FY1998-2009
Jonathan E. Sanford
Specialist in International Trade and Finance
Foreign Affairs, Defense, and Trade Division
Summary
This report shows in tabular form how much the Administration requested and how
much Congress appropriated during the past 11 years for U.S. payments to the
multilateral development banks (MDBs). It also provides a brief description of the
MDBs and the ways they fund their operations. It will be updated periodically. Three
companion reports provide further information on the MDBs. See CRS Report
RS20793, Multilateral Development Banks: Basic Background, CRS Report RS20791,
Multilateral Development Banks: Procedures for U.S. Participation, and CRS Report
RS22134 International Financial Institutions: Funding U.S. Participation. For further
information, see CRS Report RL33969, The World Bank’s International Development
Association, and CRS Report RS21437, The Asian Development Bank.
U.S. Participation in the MDBs
The United States is a member of five MDBs: the World Bank, African
Development Bank (AfDB), Asian Development Bank (AsDB), European Bank for
Reconstruction and Development (EBRD), and Inter-American Development Bank (IDB).
It also belongs to two similar organizations, the North American Development Bank
(NADBank) and the International Fund for Agricultural Development (IFAD). For
FY2009, the Administration is proposing that the United States participate in a new
World Bank program, the International Clean Technology Fund.
The MDBs and Their Programs
The MDBs have similar programs, though they all differ somewhat in their
institutional structure and emphasis. Each has a president and executive board that
manages or supervises all their programs and operations. Except for the EBRD, which
makes only market-based loans, all the MDBs make both market-based loans to middle-
income developing countries and concessional loans to the poorest countries. Their loans
are made to governments or to organizations having government repayment guarantees.
In each MDB, the same staff prepares both the market-based and the concessional loans,

using the same standards and procedures for both.¹ The main differences between them
are the repayment terms and the countries which qualify for them.²
The MDBs also have specialized facilities which have their own operating staff and
management but report to the bank’s president and executive board. The World Bank’s
International Finance Corporation (IFC) and the IDB’s Inter-American Investment
Corporation (IIC) make loans to or equity investments in private sector firms in
developing countries (on commercial terms) without government repayment guarantees.
The AsDB makes similar loans from its market-rate loan account. The World Bank’s
Multilateral Investment Guarantee Agency (MIGA) underwrites private investments in
developing countries (on commercial terms) to protect against non-economic risk. At the
IDB, the Multilateral Investment Fund (MIF) helps Latin American countries institute
policy reforms aimed at stimulating domestic and international investment. It also funds
worker retraining and programs for small- and micro-enterprises. The MIF originated
as part of President Bush’s 1990 Enterprise for the Americas Initiative (EAI.)
The NADBank was created by the North American Free Trade Agreement (NAFTA)
to fund environmental infrastructure projects in the U.S.-Mexico border region. The
International Fund for Agricultural Development, created in 1977, focuses on reducing
poverty and hunger in poor countries through agricultural development. The Global
Environment Facility (GEF) funds projects dealing with international environmental
problems. The GEF’s assistance program is managed by the World Bank.
Funding MDB Assistance Programs
The MDBs' concessional aid programs are funded with money donated by their
wealthier member country governments. Loans from the MDBs’ market-rate loan
facilities are funded with money borrowed in world capital markets. The IFC and IIC
fund their loans and equity investments partly with money contributed by their members
and partly with funds borrowed from commercial capital markets. The MDBs’
borrowings are backed by the subscription s of their member countries. They provide a
small part of their capital subscriptions (3 to 5 percent of the total for most MDBs) in the
form of paid-in capital. The rest they subscribe as callable capital. Callable capital is a
contingent liability, payable only if an MDB becomes bankrupt and lacks sufficient funds
to repay its own creditors. It cannot be called to provide the banks with additional loan
funds.
Countries’ voting shares are determined mainly by the size of their contributions.
The United States is the largest stockholder in most MDBs. Japan has provided more to
the AsDF and AfDF, while Nigeria and Egypt have subscribed larger shares in the AfDB.

¹ The International Development Association (IDA) is the World Bank’s concessional loan
affiliate. The Asian Development Fund (AsDF), African Development Fund (AFDF), and Fund
for Special Operations (FSO) are the comparable programs at the AsDB, AfDB, and IDB.
² MDB market-based loans cost a little more than the rate the banks pay to borrow funds
commercially. IDA and AFDF charge about 3/4 of 1% annually. The IDB charges 1% to 4%
annually, depending on the project and the borrower. Most borrowers from the concessional
programs have per capita incomes of less (often much less) than $900 annually.

Periodically, as the stock of uncommitted MDB funds begins to run low, the major donors
negotiate a new funding plan that specifies their new contribution shares.
Table 1 shows the U.S. contribution share and voting share for all MDB programs.
In most banks, countries get a few votes because they are members, regardless of the size
of their capital subscription. Thus, for banks with a large number of small members, the
voting share of large subscribers such as the United States may be a little smaller than
their share in providing the bank’s resources. Voting shares are the same for both market-
based and concessional loans in the AsDB and IDB.
Table 1. U.S. Contribution and Voting Shares in the MDBs
ContributionVoting Contribution Voting
Shar e Shar e Shar e Shar e
World Bank GroupInter-American Dev Bank
IBRD 16.8% 16.4% IDB 30.3% 30.0%
IDA 22.1% 12.9% FSO 50.5% 30.0%
IFC 24.1% 23.6% IIC 25.5% 25.1%
MIGA 18.9% 15.1% MIF 39.4% 29.1%
Asian Development BankAfrican Development Bank
AsDB 15.6% 12.8% AfDB 6.4% 6.4%
AsDF 12.6% 12.8% AfDF 12.7% 6.1%
EBRD 10.1%9.8%IFAD13.6%13.6%
NADB ank 50.0% 50.0%
In IDA, by contrast, the donors have separated the issues of voting power and
contributions. In recent decades, they have chosen not to receive more IDA votes in return
for their contributions. Thus, while the United States, Canada, Japan, the countries of the
European Union, and the wealthy Arab oil states have donated 99% of IDA’s resources,
they have 65% of the vote. This is more than enough to protect their interests, however,
as decisions are reached by majority vote. The arrangement diffuses possible tensions by
giving the developing countries a sense that their voices are heard.
Before 1976, the United States was the only significant contributor to the IDB’s Fund
for Special Operations. Non-regional countries have since joined the IDB and the FSO has
become a much smaller program and he U.S. share has declined substantially. The African
Development Bank controls 50% of the vote in the AFDF, though it has contributed only
about 1% of the concessional loan program’s resources. This maintains a semblance of
African control. The interests of the donors are protected by the fact that a three-quarters
majority is required to approve AFDF loans.
U.S. Appropriations for MDBs
Table 2 shows the amounts the Administration has requested and Congress has
appropriated (budget authority) annually since FY1998 for U.S. contributions and
subscriptions to the multilateral banks. The numbers in parentheses are subscriptions to
MDB callable capital. Since 1981, the United States no longer appropriates money to back
its callable capital subscriptions to the MDBs. Rather Congress sets annual program
ceilings in the Foreign Operations Appropriations Act specifying the amount of callable
capital the United States may subscribe in each MDB during the current fiscal year.

U.S. Contributions or Subscriptions to Multilateral Development Banks, Millions of U.S. Dollars
(Includes Recisions)
1998^a19981999 19992000200020012001
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^{Global En}^vⁱ^ron^m^en^{tal Facility}^(GEF)^108.0^100.5^177.8^146.9^185.0^139.2^120.7^106.6
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^INT^L^{FUND FOR AG}^RICUL^T^URAL^DE^VE^L^O^P^20.0^20.0^15.0^15.0^15.0^14.9^15.0^15.0
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