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Who knows, maybe the existing development banks will learn something.
She says it is important to expand existing development banks and also create new ones, including in low-income countries.
Infrastructure is one of the jobs that the existing development banks do.
The existing development banks could not get anywhere near filling a gap of that size.
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"If you build in the courtyard, it limits access to the existing development," she said.
At a time when existing multilateral development banks are having a difficult time justifying their existence based on their original purpose (i.e. to fight poverty and promote development), given the significant growth of the middle class globally and the 'rise of the rest,' how can a new development bank be justified at this time?
Currently overseas aid, including the existing multilateral development banks, provide a small fraction of total infrastructure spending in the developing world - something like $40-60bn 40-60bnbn) out of a total approaching a trillion.
The money will mostly come from existing U.S. development banks, so it doesn't require new spending from Congress.
The company kept building despite the slump in the prices of its existing developments.
The new bank will be both a rival to the existing Asian Development Bank, an offshoot of the Washington institutions, and potentially a complement to them.
Existing institutions, including direct programs between countries, UN organizations and development banks, have realigned their work to the new principles; and a number of new institutions, including the Global Fund to Fight AIDS, Tuberculosis and Malaria and the Global Alliance for Vaccines and Immunizations were created in purpose and structure as manifestations of Monterrey's principles.
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CEO of Professional Science Editing for Scientists @ prosciediting.com