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Treasury Notes

 Talking MDBs with Defcon3

By: Erika Gudmundson

Under Secretary for International Affairs Lael Brainard was interviewed by’s KT McFarland for her show Defcon3 this week to discuss the importance of supporting the Multilateral Development Banks (MDBs) because of the role they play in strengthening our national security - by promoting stability in key areas such as Pakistan and Afghanistan -  and increasing opportunities for American workers in a variety of ways. The MDBs promote economic growth by providing the infrastructure to connect U.S. businesses to new markets, helping developing countries transition to open markets, and promoting transparency in government contracting – all things that make it easier for American companies and workers to compete in the global economy.  Watch the interview and read a few excerpts:

“The part of the budget that you’re talking about is really a smart use of money. It is essentially used through the multilateral development banks, the World Bank, the Asian Development Bank, the African Development Bank, to help underwrite our national security goals around the world, to help promote business environments where our companies can export to consumers in very fast growing emerging markets around the world.”

“What it does is it invests American money in a way that leverages, because other countries contribute as well, so for every dollar that we spend we get tens and even hundreds of investments from other countries to invest in things like the Ring Road in Afghanistan or the Uzbek-Afghan railroad that will be so critical to helping Afghan forces keep the peace so that we can bring our troops back home. You know, both General Petraeus and General McNabb have spoken to how important these investments through the Asian Development Bank, through the World Bank are, and again they return many fold each dollar that we put in to them. They’re really investments.”

Posted in:  International
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