Received:
2026-03-18 | Accepted:
2026-07-25 | Published:
2026-09-30
Title
Collaborating for Africa’s development: the role of Bretton Woods institutions and the New Development Bank
Abstract
Africa's development financing has been shaped by traditional international institutions such as the Bretton Woods Institutions (BWIs) and newer entities, such as the New Development Bank (NDB), established by the BRICS countries. The BWIs, particularly the International Monetary Fund (IMF) and the World Bank, have provided critical financial support. Still, they are often criticised for their rigid conditionalities, which limit African countries' autonomy in development planning. In contrast, the NDB offers a more flexible, partnership-driven approach despite facing governance and institutional capacity challenges. The study explores the feasibility and challenges of collaboration between BWIs and the NDB to fund development projects in Africa. Addressing a gap in the literature, the research investigates how these institutions can work together to create a more balanced and effective development model that prioritises both economic growth and social development. The problem lies in the stark differences between the BWIs' conditionality-driven model and the NDB's evolving governance structures, which present challenges to achieving sustainable development in Africa. Utilising a qualitative research design, the study gathered data through semi-structured interviews with key stakeholders, including policymakers and development experts, and document analysis of institutional reports. Findings indicate that while BWIs' strict conditionalities promote fiscal discipline, they often undermine social development by prioritising short-term economic goals. Conversely, the NDB's flexibility supports greater local ownership but struggles with governance and accountability issues. Both institutions are influenced by the geopolitical interests of their dominant member states, complicating their effectiveness in promoting Africa's long-term development. Recommendations include creating a hybrid financing model that combines the financial discipline of BWIs with the flexibility of the NDB, strengthening governance through joint capacity-building initiatives to address institutional capacity gaps, and ensuring that development projects align with Africa's long-term strategic goals. Future research should focus on longitudinal studies to assess the lasting impacts of these institutions on sustainable development outcomes in Africa.
Keywords
Bretton Woods Institutions, New Development Bank, Africa, development financing, governance, sustainable development
JEL classifications
O10
, O11
, O22
URI
http://jssidoi.org/ird/article/263
DOI
Pages
10-25
Funding
This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License
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