MOBILIZATION OFFINANCIAL RESOURCES AND THEIR
MOBILIZATION OF FINANCIAL RESOURCES ANDTHEIR EFFECTIVE USE FORSUSTAINABLE DEVELOPMENTSpecial high-level meeting of ECOSOCwith the World Bank, IMF, WTO and UNCTADNew York, April 14-15 2014
2A FRAMEWORK FOR FINANCING FOR DEVELOPMENT POST-2015Sound policies and institutions make much more effective use ofexisting resources and leverage additional financingDomestic Resource Mobilization Improve taxation capacityHarness sustainable streams of naturalresource RevenueImprove expenditure efficiencyCurb illicit financial flowsDomestic Private & Financial Sectors Improve the business enablingenvironment, including through a goodpublic investment program Develop financial institutions and markets. Improve financial inclusionInnovative FinancingBetter Smarter AidExternal Private & Financial Sectors Welcome the recent 6% increase in ODA. Draw the best development impact from FDI Ensure that ODA continues to be a relatively stablesource of financing for the poorest countries. Ensure the effective use of borrowing frominternational capital markets, which is anincreasing source of financing for developingcountries. Draw the best possible impact from new, emergingsources of aid, including from private philantrophy Continue efforts to increase aid effectiveness Strengthen the catalytic role of ODA Leverage additional private sources offinancing for infrastructureSource: Financing for Development Post-2015, World Bank (2013)
3THE PRIVATE SECTOR AS A PARTNER IN DEVELOPMENTRole of private sector in growth & job creation Nine out of ten jobs are in the private sector. Job creation has been the major driving forceto reducing poverty. A dynamic private sector could lead toincreased productivity, income growth, andimproved opportunities for all.Private finance for development Develop the domestic private and financialsectors Manage private capital flows and access tofinancial markets for best development impact Leverage private finance for infrastructureInnovative FinancingPrivate finance and corporatesocial responsibility (CSR) Combine economic efficiency and productivitywith socially responsible behavior of firms. Role of global codes of conduct, e.g.,ooooUN Global CompactGlobal Reporting InitiativeIFC’s equator principles and performance standardsPrinciples for Responsible Agricultural InvestmentsPrivate finance and aid Available estimates for private aid todeveloping countries in 2009 range fromabout US 20 to US 60 billion. Private philanthropy to fragile statesincreasing in recent years. South-South philanthropy also on the rise,especially in the Arab world.Sources: World Development Report 2013: Jobs. World Bank; IFC Jobs Study: Assessing Private Sector Contributions to Job Creation and PovertyReduction; Financing for Development Post-2015, World Bank (2013).
4THE CHALLENGE OF FINANCING AT THE COUNTRY LEVEL Countries need to determine their policy and financing strategies toimplement post-2015 development goals, given scarce financial resourcesand levels of access to private finance. Countries need to: Assess their growth prospects, scope for policy changes to enhance growth andprogress toward post-2015 goals, and access to different financing sources. Assess the impact of policy and financing options and understand the magnitudeof the “effort” needed to achieve post-2015 development goals. Determine their financing options and what is needed to expand these options. Development partners will play an important role in supporting policy makersto get ready to finance and implement their post-2015 development goals.4
5FACING THE CHALLENGE OF MOBILIZING PRIVATE LONGTERM FINANCE FOR INFRASTRUCTURE Meeting developing countries’ cumulative infrastructure financing needswill require an enormous mobilization of private financing from externalsources Attracting private financing to infrastructure has been a challenge. Keyareas of work include: Put in place an adequate legal and regulatory framework Support project preparation for quality project Mainstream use of risk sharing mechanisms with support from multilateralfinancial institutions Have appropriate financial regulation Develop domestic capital markets Leverage private finance
6MOBILIZING INTERNATIONAL CAPITAL FLOWS TODEVELOPING COUNTRIES IS NEEDED TO ACHIEVE POST-2015 GOALSForeign direct investment (FDI) has been a dominant source of external private financingDeveloping economies take biggest share of global FDI in 2013FDI dominates net capital flowsFDI flows mainly to manufacturing, finance and mining and extractives(Estimated world inward FDI flows to developing economies by sector and industry 2009-2011*)Sources: (top): World Bank. Note: *World Bank staff estimates; (right): UNCTAD World Investment Report 2013.
7DEVELOPING COUNTRIES ARE GAINING MORE ACCESS TOINTERNATIONAL LONG-TERM PRIVATE DEBT billion400% of GDPBondsBank Lending% GDP (right axis)2.03503001.52502001.01501000.55000.02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Source: World Bank Development Prospects Group
8ATTRACTING RESOURCES OF INSTITUTIONAL INVESTORS CAN SCALE UPDEVELOPMENT FINANCETotal assets by type of institutional investors in the OECD, 1995-2011 (USD trillions)1. Other forms of institutional savings include foundations and endowment funds, non-pension fund money managed by banks, privateinvestment partnership and other forms of institutional investors.
9LEVERAGE THE PRIVATE SECTOR THROUGH PPPSWell-structured initiatives with a diverse range of partners help governmentsraise the large sums of capital required to meet infrastructure needsMaharashtra & Tamil Nadu, IndiaKenyaCLIFF COMMUNITY SANITATION PROJECTPRIVATE SECTOR POWER GENERATION PROJECTTotal initial investment: 7.2 millionTotal initial investment: 623 million- Homeless International- Kenya Power and Lighting Company- SPARC (NGO in India)- IFC- Community-based Organizations- MIGA- Commercial BanksEmerging PartnershipsLake Kivu, RwandaSao Paulo, BrazilKIVU WATTMETRO LINE 4Total initial investment: 450 millionTotal initial investment: 142.25 million- ContourGlobal- Companhia do Metropolitano de Sao Paolo- Energy Authority of Rwanda- 5 Equity Sponsors- IDB- Commercial Banks- MIGA- Emerging Africa Infrastructure Fund, AfDB- FMO, Belgian Development BankSource: Emerging Partnerships, IFC, 2013 and World Bank, Africa Region
10LEVERAGE THE PRIVATE SECTOR: SYNDICATIONSIFI participation in syndications contributes to extending maturities of private flows to developingcountries and therefore financing long-term productive investmentsPercent of international syndications to the private sector in developingcountries where an IFI participated, by income level and maturity, %14%13%10%8%6%5%4%0%1 to 5 years5 to 10 yearsLowerLower middleUpper middle10 yearsBRICTSource: International Finance Institutions and Development through the Private Sector, IFC, 201110
11CATALYZING CONTINUED DIALOGUE AND LEARNINGON NEW PATHS FOR DEVELOPMENT FINANCE Leverage global dialogue to convene private sector, policy makers and otherstakeholders, e.g., WEF, G20, and UN-led consultations. Multilateral Development Banks can play an effective role Infrastructure financing facilities Scale up risk sharing instruments to enable PPPs effectively Catalyze experimentation on innovative financing Encourage private sector-led consultations Country level public-private dialogue and coordination.
12THE NEED TO SUPPORT COUNTRIES TO GET READY TO IMPLEMENT THEPOST-2015 DEVELOPMENT AGENDA (CASE STUDIES HIGHLIGHTED)Kyrgyzstan(resource alPhilippinesPeru(resource-rich)Liberia(resource rich;FCS)Yemen(FCS)Nigeria(resource ncomeUpperMiddle-Income
THANK YOU FORYOUR ATTENTIONMahmoud MohieldinPresident’s Special EnvoyThe World Bank13
MOBILIZATION OFFINANCIAL RESOURCES AND THEIR EFFECTIVE USE FOR SUSTAINABLE DEVELOPMENT Special high-level meeting of ECOSOC with the W
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The Navy Reserve is now implementing a Distributed Mobilization model that will leverage multiple existing processing sites to meet mobilization requirements more effectively. Accelerating and expanding mobilization capacity will align the Navy Reserve with the current Total Force modernization effort in support of GPC.
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