In this regard they note the contrast between Regional Development Banks (RDBs) that have broad
mandates, as well as different governance structures, and the narrow mandate of the Brazilian Development
Bank (BNDES). The latter is capitalised by the Workers Support Fund, which it manages, and which is
aligned with its mandate to invest in machinery, industrial equipment and economic infrastructure. In respect
of the latter they note that the key difference in the governance of RDBs is ‘the relative importance of
lenders and borrowers’. Hence, while the African Development Bank (AfDB) governance structure locks-in
a majority for African countries (i.e. borrowers), the other RDBs allow a much larger role for non-borrowing
members. For the Inter-American Development Bank (IADB) this is the US; for the Asian Development