Investment Financing in the Wake of the Crisis : The Role of Multilateral Development Banks

Sustained growth in emerging markets and developing economies requires long-term, reliable capital to finance productive investment, including in basic infrastructure. However, the availability and composition of long-term financing is constrained, partly due to fragile market conditions and cyclical weaknesses in parts of the global economy, as well as longer-term trends. This has had a particularly negative impact on developing economies that do not have reliable access to international bond markets and on sectors that have traditionally relied on bank lending (such as infrastructure). At the same time, fiscal space has been eroded by the crisis, and the direct lending capacity of Multilateral Development Banks (MDBs) remains constrained. This heightens the importance of the catalytic role of the official sector in mobilizing long-term financing from the private sector by drawing on its ability to reduce and share risk. This note explores some of the ways in which MDBs are equipped to serve this purpose.

Bibliographic Details

Main Authors:	Chelsky, Jeff, Morel, Claire, Kabir, Mabruk
Format:	Brief biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2013-06
Subjects:	ACCOUNTABILITY, ACCOUNTABILITY STRUCTURES, ADVISORY SERVICES, ASSET MANAGEMENT, ASYMMETRIC INFORMATION, BALANCE SHEETS, BANK GOVERNORS, BANK LENDING, BOND FINANCING, BOND FLOWS, BOND ISSUANCE, BONDS, BORROWER, CAPACITY BUILDING, CENTRAL BANK, COMMERCIAL FUNDING, COMPETITION POLICY, CONFIDENCE OF INVESTORS, CONNECTIVITY, CONSUMER PROTECTION, CORPORATE GOVERNANCE, CORPORATE GOVERNANCE STANDARDS, COUNTRY CAPITAL, CREDIT RATINGS, CREDITOR, CREDITOR RIGHTS, CREDITORS, DEBT FLOWS, DEBT MANAGEMENT, DEFAULT RISK, DEVELOPING COUNTRIES, DEVELOPING ECONOMIES, DEVELOPMENT BANK, DEVELOPMENT BANKS, DEVELOPMENT FINANCE, DEVELOPMENT FINANCE INSTITUTIONS, DIRECT FINANCING, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKETS, ECONOMIC ACTIVITIES, ECONOMIC ACTIVITY, ECONOMIC POLICY, EMERGING MARKETS, ENVIRONMENTAL STANDARDS, EQUITY FINANCE, EQUITY FUNDS, EQUITY INVESTMENTS, EXISTING DEBT, FINANCE CORPORATION, FINANCIAL CRISIS, FINANCIAL FRAGILITY, FINANCIAL INTERMEDIARIES, FINANCIAL RESOURCES, FINANCIAL STABILITY, FINANCIAL STRUCTURES, FINANCIAL VIABILITY, FINANCING NEEDS, FOREIGN DIRECT INVESTMENT, GLOBAL ECONOMY, GLOBAL INVESTORS, GOVERNANCE STANDARDS, GOVERNMENT BUDGETS, GOVERNMENT POLICIES, GRACE PERIODS, GREATER ACCESS, INCOME, INFORMATION ASYMMETRIES, INFRASTRUCTURE FINANCING, INFRASTRUCTURE INVESTMENT, INFRASTRUCTURE PROJECT, INFRASTRUCTURE PROJECTS, INSTITUTIONAL CAPACITY, INSTITUTIONAL INVESTMENT, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL BOND, INTERNATIONAL BOND MARKETS, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL DEBT, INTERNATIONAL FINANCE, INVESTMENT CLIMATE, INVESTMENT FINANCING, JUDICIAL REFORM, LIQUIDITY, LOAN, LOAN MARKET, LOCAL CURRENCY, LONG-TERM DEBT, LONG-TERM INVESTMENT, LOW INTEREST RATES, LOW-INCOME COUNTRIES, MANDATES, MARKET CONDITIONS, MARKET FAILURES, MARKET REFORMS, MARKET SHARES, MATURITIES, MATURITY, MDB, MONETARY FUND, MULTILATERAL DEVELOPMENT, MULTILATERAL DEVELOPMENT BANKS, PORTFOLIO, PORTFOLIOS, POTENTIAL INVESTORS, PRIVATE CAPITAL, PRIVATE DEBT, PRIVATE EQUITY, PRIVATE FINANCE, PRIVATE FINANCING, PRIVATE INVESTMENT, PRIVATE INVESTORS, PRIVATE SECTOR FINANCING, PRIVATE SECTOR INVESTORS, PRODUCTIVE INVESTMENT, PRODUCTIVE INVESTMENTS, PRODUCTIVITY, PROFIT OPPORTUNITIES, REGULATORY ENVIRONMENT, REGULATORY FRAMEWORKS, REGULATORY REQUIREMENTS, REPAYMENT, REPAYMENT DIFFICULTY, RESOURCE MOBILIZATION, RETURN, RETURNS, RISK MANAGEMENT, RISK MANAGEMENT POLICIES, RISK MITIGATION, SHAREHOLDER, SUSTAINABLE GROWTH, TECHNICAL ASSISTANCE, TRADE FACILITATION, TRANSPARENCY, URBANIZATION,
Online Access:	http://documents.worldbank.org/curated/en/2013/06/17938866/investment-financing-wake-crisis-role-multilateral-development-banks http://hdl.handle.net/10986/22619
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