Asian Development Bank and the Belt and Road Initiative: challenges and opportunities

Xianbai Ji and Pradumna B. Rana

Chapter 1 in The Elgar Companion to the Asian Development Bank, 2024, pp 1-10 from Edward Elgar Publishing

Abstract: Asia’s incumbent regional development finance institution, the Asian Development Bank (ADB), is facing emerging competition from China’s Belt and Road Initiative (BRI) which also targets infrastructure development and connectivity issues in the region. This chapter assesses the ADB’s nuanced official position toward the BRI, which features both a professed willingness to cooperate and a wariness toward its debt implication and geopolitical motives. In response to the BRI, the ADB has in recent years reconsidered its role and revamped its relevance by optimizing its balance sheet, increasing staff size and forging institutional partnerships across the globe. However, competition between the Japanese-led ADB and the Chinese-pushed BRI is not the whole picture. The chapter concludes by highlighting the complementarity between the ADB and the BRI. Potential areas of ADB-BRI cooperation include co-financing with the Asian Infrastructure Investment Bank in common member countries, exploiting synergies between the ADB’s own sub-regional initiatives and the BRI, and bridging parallel major power infrastructure initiatives.

Keywords: Asian Studies; Development Studies; Economics and Finance; Law - Academic; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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