Multilateral Development Banks in the World Economy: Business Specifics and Prospects for Cooperation with Russia

Abstract

The subject of the researchis the functioning of multilateral development banks in the world economy and prospects for their cooperation with Russia.The relevanceof the problem is due, firstly, to the need to make a revision of the Russian policy of cooperation with international financial organizations so as to use their practices in programs of socioeconomic transformations and expand the country’s presence in the global economy, and, secondly, to the availability of huge resources accumulated by the largest multilateral banks with prospects of their use for the domestic economy modernization.The purpose of the researchwas to consider the business specifics and prospects of cooperation of multilateral development banks with Russia with a focus on investment activities carried out by the World Bank divisions and three multilateral development banks — the African Development Bank, the Asian Development Bank and the Inter-American Development Bank — that are analyzed in terms of their functions at the regional level and in the world economy. The paper gives an assessment of the current state of Russia’s cooperation with multilateral development banks and examines its prospects.It is concludedthatRussia needs to develop an understanding of its own position with regard to the activities of the above organizations and build a cooperation system that would contribute to the realization of its national interests and be in line with the country’s economic development policies.