BERLIN — Now in its fourth year of operations, the Asian Infrastructure Investment Bank's approach to development work is coming into sharper focus — and not everyone likes what they see.
As AIIB begins a transition from co-financing projects to funding its own standalone initiatives, the new kid on the multilateral financing block has implemented several key oversight, disclosure, and complaint-handling mechanisms, which it says reflect industry best practices, while also prioritizing efficiency and flexibility.
"As we are trying to set things up, we are looking at what are the pain points, what has been done in the past, what can be improved on … We are trying to do change in a good way,” Laurel Ostfield, the bank's head of communications, told Devex.