Multilateral development banks (MDBs) have procured significant funding for a wide range of social and infrastructure needs throughout the last 60 years. The MDB’s adaptability is in part due to its ability to work with both the public and private sectors, leveraging risk and consolidating expertise. Given their effectiveness and flexibility, the MDB model is well-suited to help tackle some of the enormous challenges confronting the Arctic, including promotion of responsible resource development, safe Arctic shipping and sustainable circumpolar communities. This paper reviews the evolution of the MDB model, and discusses the possible establishment of an “Arctic Development Bank” that could raise significant new funding and advance environmentally sustainable development in the Arctic region.
Alan Gill is a senior associate with TPA Consulting, a public policy consulting firm in Ottawa, Ontario. Alan has held senior positions in the Canadian Department of Finance, the Export Development Corporation, Royal Bank of Canada and has served on the executive board of the Inter-American Development Bank and the Asian Development Bank.
David Sevigny is vice president of policy and strategy at the Institute on Governance. He has held senior positions at the Canadian Department of Finance and the Department of Foreign Affairs, Trade and Development, and has served on the executive board of the World Bank. Currently, David is a senior fellow at the Munk School of Global Affairs and serves as honorary chairman of the Canada-ASEAN Business Council.