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Latin America and the AIIB: Interests and Viewpoints

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  • Alvaro Mendez

Abstract

This essay gives insight into the interaction of the Asian Infrastructure Investment Bank (AIIB) with Latin America and the Caribbean (LAC). The AIIB has expressed a clear interest in LAC, accepting eight countries as ‘prospective’ members pending paying‐in their capital, but LAC shows almost no stamina. It is the world's only region lacking even one paid‐in member. So long as Beijing backs the request, prospective membership only requires writing a few letters. But LAC's inertia in officially joining, by passing legislation and making their capital contribution, is puzzling, given the benefits that lie untapped. The likeliest cause is their own culture of sheer negligent short‐sightedness (‘let's do it mañana’). This tendency to adjourn the acid test of action could be mitigated if countries in the region adopt long‐term non‐partisan National Development Plans to strengthen their institutional policy‐making capacity. For their part, the AIIB's Governors and Beijing, despite their initial keen interest in LAC, have had to give up nudging and adapt themselves to the Latin Americans’ labile perception of time in order to conserve their public image. They must remind LAC that only paid‐in members receive financial benefits.

Suggested Citation

  • Alvaro Mendez, 2019. "Latin America and the AIIB: Interests and Viewpoints," Global Policy, London School of Economics and Political Science, vol. 10(4), pages 639-644, November.
  • Handle: RePEc:bla:glopol:v:10:y:2019:i:4:p:639-644
    DOI: 10.1111/1758-5899.12733
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    1. -, 2019. "Latin American Economic Outlook 2019: Development in transition," Coediciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 44515 edited by Oecd.
    2. Gaston Fornes & Alvaro Mendez, 2018. "The China-Latin America Axis," Springer Books, Springer, edition 2, number 978-3-319-66721-8, February.
    3. Marianne Fay & Luis Alberto Andres & Charles Fox & Ulf Narloch & Stephane Straub & Michael Slawson, 2017. "Rethinking Infrastructure in Latin America and the Caribbean," World Bank Publications - Books, The World Bank Group, number 27615.
    4. -, 2018. "The Caribbean Outlook," Libros y Documentos Institucionales, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 43581 edited by Eclac.
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    Cited by:

    1. Enrique García R & Alvaro Mendez, 2021. "Mañana Today: A Long View of Economic Value Creation in Latin America," Global Policy, London School of Economics and Political Science, vol. 12(3), pages 410-413, May.
    2. Alvaro Mendez & David Patrick Houghton, 2020. "Sustainable Banking: The Role of Multilateral Development Banks as Norm Entrepreneurs," Sustainability, MDPI, vol. 12(3), pages 1-21, January.

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    JEL classification:

    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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