To begin with, some clarity: what is a multilateral development bank (MDB)? MDBs are financial institutions founded by one or two countries with the goal of aiding economic development in poorer nations. Unlike traditional commercial banks, the primary aim of MDBs is not to maximise profits for investors, but rather to prioritise development objectives such as the reduction of extreme poverty and economic inequality. In fact, they often lend money at low or zero interest, or they subsidise infrastructure, education and environmental sustainability projects. Some of them distinguish between more economically fragile countries – to whom loans and subsidisation are offered – and more stable countries that contribute financing but do not receive any. Others, conversely, are...