The dual transformation in development finance: western multilateral development banks and China in post-Soviet energy

The energy resources of Central Asia and the Caucasus have drawn significant scholarly attention due to their geopolitical importance role in regional economic development. Western multilateral development banks (MDBs), such as World Bank EBRD, been leading actors shaping norms practices for lending sectors these regions. China has also recently emerged top investor hydrocarbons renewables Asia, at same time increasing its presence Caucasus. How MDBs shaped each other’s practices? By exploring what how finance Caucasus, this study argues that a dual transformation is under way. EBRD are now working closely with key local stakeholders recipient states make reforms more successful. China, on other hand, cooperating MDBs, accepting implementing some market principles environmental targets. article demonstrates West vs. dichotomy based neoliberalism state-capitalism blurred post-Soviet sector includes features both models.