Written answers

Thursday, 26 June 2014

Department of Foreign Affairs and Trade

Multilateral Development Banks

Photo of Maureen O'SullivanMaureen O'Sullivan (Dublin Central, Independent)
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52. To ask the Tánaiste and Minister for Foreign Affairs and Trade if his attention has been drawn to countries that to date made any evaluations of the benefits for poor persons of the activities of multilateral investment banks, in view of the fact that the Government has indicated in the policy paper One World, One Future that it will explore the potential benefits of membership of the African Development Bank. [27614/14]

Photo of Joe CostelloJoe Costello (Dublin Central, Labour)
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In line with the commitment in the Government's new policy for international development, 'One World, One Future', which was launched in May 2013, the Department of Finance and the Department of Foreign Affairs and Trade are currently exploring the potential benefits of Ireland's membership of the African Development Bank. The Minister for Finance has the lead role in seeking a Government decision on Ireland’s membership of Multilateral Development Banks.

Ireland is currently a member of several Multilateral Development Banks, including the World Bank and the Asian Development Bank. Multilateral Development Banks are important contributors to economic and social development, and membership is valuable in building inter-regional relations and contributing to development results in the fight against global poverty and hunger. The African Development Bank represents a major source of knowledge and expertise in relation to macroeconomic and sector-specific developments across the African continent. We recognise that an enhanced relationship with the African Development Bank could help further the objectives of the Africa Strategy of the Department of Foreign Affairs and Trade, in achieving development objectives and fostering economic and business linkages.

Any decision to join a Multilateral Development Bank, however, would be a long term one, with funding implications. In exploring the issues involved, it will be important to consider the strategic fit between the Bank's and Ireland’s development priorities and economic interests, synergies with our bilateral aid programme, the effectiveness and performance of the Bank, and its contribution to poverty reduction. This process would involve drawing on existing external reviews and evaluations of the Bank and the development results it is achieving, especially the impact on poverty reduction.

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