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How to Engage with the Private Sector in Public-Private Partnerships in Emerging Markets

Farquharson, Edward; Torres de Mastle, Clemencia; Yescombe, E.R.; Encinas, Javier
Fonte: World Bank Publicador: World Bank
Português
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25.93%
What transforms a desirable project on a government wish list to an attractive investment opportunity in the eyes of a potential private sector partner? This guide seeks to enhance the chances of developing effective partnerships between the public and the private sectors by addressing one of the main obstacles to the effective delivery of public-private partnership (PPP) projects: having the right information on the right project for the right partners at the right time. Data from the World Bank and the Public-Private Infrastructure Advisory Facility (PPIAF) private participation in infrastructure (PPI) project database indicate that private sector investment in infrastructure in developing economies grew steadily over the past decade. By 2007 the levels had finally surpassed the peak levels seen in 1997, the end of the previous growth spurt. This guide focuses specifically on what should be done, and when, in order to prepare projects to attract the right long-term private partners, procure their involvement, and manage the partnership. This guide is not a detailed project preparation manual; rather...

A Financing Facility for Low-Carbon Development

de Gouvello, Christophe; Zelenko, Ivan; Ambrosi, Philippe
Fonte: World Bank Publicador: World Bank
Português
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26%
The reality of climate change associated with anthropogenic emissions is now widely acknowledged by the scientific community. Its potential devastating future harms are equally well perceived and as stated in the Copenhagen Accord major nations agree on the need to jointly and urgently combat climate change. The international community is also quite aware that stabilizing atmospheric concentrations of green-house gases (GHG) at supportable levels will require a drastic reduction in GHG emissions within a limited period of time. Undertaking such an enormous effort triggers several interlinked challenges: (1) technically mitigating GHG emissions to the required level; (2) implementing these solutions in countries where the required amount of emission reduction is most realistically and efficiently achievable in particular through involving and using in full the large potential of developing countries; and (3) mobilizing the large amount of financing needed to ensure that the corresponding projects and programs can be effectively implemented. Furthermore...

Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses

Cheikhrouhou, Hela; Gwinner, W. Britt; Pollner, John; Salinas, Emanuel; Sirtaine, Sophie; Vittas, Dimitri
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
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26.09%
The report covers several types of structured finance with such capital market instruments as mortgage-backed securities, structured bond issues for infrastructure financing, securitization of small and medium enterprises (SME)-related assets, and securitization of loans to SMEs. The report also covers factoring and leasing, which can be important sources of finance for SMEs and can be pooled and packaged into marketable securities and sold to pension funds. The report does not cover other types of structured finance, such as exchange trade funds, structured notes with capital protection, or structured financing outside capital markets, such as bank syndications. Chapter 1 focuses on private pension fund investment management and the role of structured bonds. Chapter 2 focuses on the increasing use of structured finance for housing in Latin American countries. Chapter 3 deals with the less developed yet promising area of structured bonds for infrastructure financing. Chapter 4 focuses on the use of structured bonds for SME finance...

Investigating the Impact of Climate Change on the Robustness of Index-Based Microinsurance in Malawi

Hochrainer, S.; Mechler, R.; Pflug, G.; Lotsch, A.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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25.93%
This analysis explores the potential impact of climate change on the viability of the Malawi weather insurance program making use of scenarios of climate change-induced variations in rainfall patterns. The analysis is important from a methodological and policy perspective. By combining catastrophe insurance modeling with climate modeling, the methodology demonstrates the feasibility, albeit with large uncertainties, of estimating the effects of climate change on the near and long-term future of microinsurance schemes serving the poor. By providing a model-based estimate of the incremental role of climate change, along with the associated uncertainties, this methodology can quantitatively demonstrate the need for financial assistance to protect micro-insurance pools against climate-change induced insolvency. This is of major concern to donors, nongovernmental organizations, and others supporting these innovative systems; those actually at-risk; and insurers. A quantitative estimate of the additional burden that climate change imposes on weather insurance for poor regions is of interest to organizations funding adaptation.

Credit Information Quality and Corporate Debt Maturity : Theory and Evidence

Sorge, Marco; Zhang, Chendi
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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26.09%
This paper provides new theoretical and empirical evidence suggesting that the quality of credit information may be a key element in explaining the maturity structure of corporate debt around the world. In markets with poor credit information and hence a high degree of uncertainty about borrower quality, the authors find suboptimal equilibria in which short-term contracts are preferred either as a hedge against uncertainty to limit losses in bad states (in the symmetric information case) or as a screening device to learn about borrower credit quality in the course of a repeated lending relationship (in the asymmetric information case). The results of the model are supported by the econometric analysis of panel data from both industrial and developing economies. The authors find that countries with better quality of credit information (for example, as a result of improvements in credit reporting systems or accounting standards) are characterized by a higher share of long-term debt as a proportion of total corporate debt ceteris paribus. The findings suggest that promoting institutions and policies to improve the quality of credit information is an important prerequisite for increasing access of firms to long-term finance.

Rural Risk Management Ethiopia

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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25.93%
This document investigates prospects for the use of index based weather insurance in Ethiopia for commercial and semi-commercial farmers. The document first summarizes the impact of risk weather risk in particular on Ethiopian agriculture and the need to balance investments in weather risk mitigation and weather risk management. Because the focus of this document is on risk management in the face of potential weather shocks, this introduction is followed by a summary of the traditional risk-transfer tool available for managing agricultural weather risk, multi-peril crop insurance. It outlines the limitations of this approach in the Ethiopian context. Finally, the first section of the paper provides an overview of the index based weather insurance product, which is the focus of the remainder of the document. Narrowing its scope to the potential use of index based weather insurance products in Ethiopia, the research discusses whether the prerequisites or enabling conditions for this type of product exist and whether there are any major impediments to developing a weather insurance program in the country. It was determined that the major pre-requisites for a pilot program appeared to be in place. The research took a project implementation approach to determining the technical feasibility of this type of program...

African Financial Sectors and the European Debt Crisis : Will Trouble Blow across the Sahara?

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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25.93%
The exposure of African financial sectors to global risks, including the likely fall-out of the on-going European debt crisis, continues to be limited. African financial sectors have received much recognition for their steady growth performance and resilience during and after the 2008 global financial crisis. Many of the transmission channels for global risks and financial contagion to financial sectors in Africa are narrow or of limited potential influence. This note analysis the recent performance of African financial sectors, the degree of their exposure to European banking sector risks, the observable impact of a decline in global investor confidence, as well as the link between fiscal and monetary policy and financial sector development. The analysis in this paper focuses primarily on the potential impact of the European debt crisis on the performance of African financial sectors and the credit intermediation channel. The analysis both assesses how a transmission channel affects the stability and solvency of African financial institutions and how it affects the ability of African firms and governments to access funding.

Decentralized Energy Services to Fight Poverty : Outcome Driven Engagement of Small and Medium-size Enterprises in the Provision of Energy Services in IDA Countries

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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25.97%
The Department for International Development (DFID)-Funded Energy Small and Medium Enterprises (SME) Program was created to support SMEs by helping countries unblock the factors that prevent their potential in the delivery of energy services. With thirteen energy projects in twelve countries and one regional program in Africa, the implementation of the program started considerably slower than expected but has demonstrated potential to make an impact in a relatively neglected area of delivering energy services to the poor. Lack of access to sufficient and sustainable supplies of energy affects as much as 90 percent of the population of many developing countries. Some 2 billion people are without electricity; a similar number remain dependent on fuels such as animal dung, crop residues, wood, and charcoal to cook their daily meals. Widespread inefficient production and use of traditional energy sources, such as fuel-wood and agricultural residues, pose economic, environmental, and health threats. Uneven distribution and use of modern energy sources, such as electricity, petroleum products, and liquefied or compressed natural gas, pose important issues of economics, equity, and quality of life. The Energy Sector Management Assistance Program (ESMAP) Energy SME program focused on off-grid electrification and biomass use as many communities and households that have yet to be electrified are relatively isolated...

Financing Urban Water Services in Kenya : Utility Shadow Credit Ratings

Kimani, Angela; Advani, Rajesh; Sy, Jemima
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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26%
The Water Services Regulatory Board (WASREB), with support from the Water and Sanitation Program, is exploring the potential for urban water services providers (WSPs) to access medium-term finance from commercial lenders. The debt will be used to finance infrastructure investment to improve access to water services by Kenyans. This paper presents the results of a credit assessment and shadow rating exercise for 43 urban WSPs. The objective of the credit assessment is to provide borrowers and lenders with an overview of the creditworthiness of WSPs to support access to local currency finance from the domestic financial market. It gives an overview of the credit capacity of water utilities, provides utilities with a diagnostic to identify areas for improvement, and exposes financial institutions to potential lending opportunities in the water sector. Commercial finance in water is seen as a supplementary resource to public finance, which remains the predominant source of investment funds in the sector.

Your Money, Your Future : A Practical Money Management Guide for Students and Their Families

International Finance Corporation
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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This guide has been created to assist potential student borrowers and their families in making decisions regarding money management. It is intended for students who are considering attending or are already enrolled in a tertiary education institution, and covers topics such as student loans, goal-setting, and repaying debt. The guide aims to educate students in order to make them better money managers and more responsible borrowers throughout their university careers and beyond. This document is divided into seven chapters: 1) basic financial issues; 2) creating and managing a budget; 3) student loans; 4) establishing credit; 5) managing debt; 6) repaying debt; and 7) saving and its benefits.

Credit Reporting Knowledge Guide

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Português
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26.21%
This second edition of the Credit Reporting Knowledge Guide aims to support the dissemination of knowledge on best practices in credit reporting development, based on IFC s experience. The original Credit Bureau Knowledge Guide (2006) elaborated on the knowledge gained over several years of running the Global Credit Reporting Progra

Corporate and SME Workouts

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Trabalho em Andamento
Português
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36.38%
Bank loans can become non-performing because of problems with the borrower s financial health, problems with the design or implementation of lender protection features, or both. In ascertaining how to deal with a problem loan, it is important to distinguish between a borrower s ability to pay and willingness to pay, Making this distinction is not always easy and requires effort. This manual was written as a guide for lending institution staff dealing with non-performing loans (NPLs) extended to corporations and small and medium enterprises (SMEs). It deals with both ad hoc and systemic financial distress and delves into how borrower problems may have arisen in the first place. It provides guidance to lending institutions staff responsible for handling individual problem loans and to senior managers responsible for organizing portfolio-wide asset resolution.

Doing Business Reform Memorandum; Croatia - Doing business memorandum o reformskim zahvatima; Croatia

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Economic & Sector Work; Economic & Sector Work :: Country Economic Memorandum
Português
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Croatia’s business environment has been identified as a priority area for reform by the Croatian Government. Under the government working group for business climate and private investments, the agency for investment and competitiveness has been designated to lead the dialogue with the private sector and coordinate the consultations with stakeholders, including international organizations on the design of a new wave of business environment reforms. This reform memorandum is prepared at the request of the agency for investment and competitiveness and aims to provide a concrete set of short and medium term reform recommendations that will address some of the business environment challenges currently faced by the private sector in Croatia. The World Bank Group’s doing business project provides a measure of the ease of doing business in 189 countries through a set of objective indicators that focus on the impact of laws, regulations, and their enforcement on the ease of doing business for domestic firms in 10 areas from starting a business...

Moldova Financial Sector Assessment Program; Insolvency and Creditor/Debtor Regimes--Report on the Observance of Standards and Codes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work :: Financial Sector Assessment Program; Economic & Sector Work
Português
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26.21%
The World Bank assessed the insolvency and creditor or debtor regimes (ICR) of Moldova pursuant to the joint international monetary fund (IMF) and World Bank initiative on the observance of standards and codes (ROSC). The Moldovan authorities have made remarkable progress over the last decade in taking on board a broad range of reform related to the commercial law regime, including the laws pertaining to creditor protection and insolvency. Loans are often over collateralized, reducing available credit and increasing the incentives for lenders to rely primarily on their collateral for repayment rather than to support restructuring efforts. The secured transactions regime requires improvement, importantly regarding the facilitation of important credit instruments over category of assets. The rules aimed at encouraging good corporate behavior at times of financial distress may be improved and obstacles on insolvency filing by creditors removed to ensure timely filing of insolvency proceedings. There are also certain risks to creditor rights...

Energy Efficiency Finance : Assessing the Impact of IFC's China Utility-based Energy Efficiency Finance Program

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
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25.97%
This evaluation assesses the performance of International Finance Corporations (IFC's) energy efficiency finance program in China aimed at stimulating energy efficiency investments through bank guarantees and technical assistance. The program's significance is underpinned by the fact that China's size, rapid economic growth, and inefficiencies in energy use make it one of the world's largest emitters of carbon dioxide (CO2.). The utilization of IFC's program has been rapid compared with other similar programs. The difference made by the program is traced along the chain of interventions: (i) at the level of banks, the program is narrowly based on one of the two partner banks, which, with the help of the program, expanded its energy efficiency lending as a new business line; (ii) at the level of energy management companies, the program's technical assistance improved the program participants' access to finance; and (iii) at the end-user level, it promoted the use of energy efficiency investments that achieved reduction of greenhouse gas emissions. The evaluation recommends areas of improvement to realize greater impact. First...

Local Sources of Financing for Infrastructure in Africa : A Cross-Country Analysis

Irving, Jacqueline; Manroth, Astrid
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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25.97%
With the exception of South Africa, local financial markets in sub-Saharan Africa remain underdeveloped and small, with a particular dearth of financing with maturity terms commensurate with the medium- to long-term horizons of infrastructure projects. But as financial market reforms gather momentum, there is growing awareness of the need to tap local and regional sources. Drawing on a comprehensive new database constructed for the purpose of this research, the paper assesses the actual and potential role of local financial systems for 24 African countries in financing infrastructure. The paper concludes that further development and more appropriate regulation of local institutional investors would help them realize their potential as financing sources, for which they are better suited than local banks because their liabilities would better match the longer terms of infrastructure projects. There are clear signs of positive change: private pension providers are emerging in Africa, there is a shift from defined benefit toward defined contribution plans...

Benin - Constraints to Growth and Potential for Diversification and Innovation : Country Economic Memorandum

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Country Economic Memorandum
Português
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36%
With favorable geographical location, macroeconomic stability, debt reduction, progress on structural reforms, and political stability, Benin will seem to have the foundations for a dynamic, diversified economy. Yet the country's economic structure has not evolved, remaining highly dependent on cotton and transit trade, and per-capita growth has slowed down in recent years. The government has requested the World Bank's assistance in understanding the constraints to growth and evaluating the country's potential for diversification and innovation as it seeks to lead the country to emerging market status by 2020. The government is well aware that the vulnerabilities associated with the country's dependence on cotton and transit trade impede the attainment of this goal. Response to the government's request, the objective of the Benin Country Economic Memorandum (CEM) is therefore to identify and analyze the key economic and institutional constraints to growth, including through diversification and innovation. The CEM contains four main chapters...

Identification Strategy : A Field Experiment on Dynamic Incentives in Rural Credit Markets

Giné, Xavier; Goldberg, Jessica; Yang, Dean
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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26.29%
How do borrowers respond to improvements in a lender's ability to punish defaulters? This paper reports the results of a randomized field experiment in rural Malawi that examines the impact of fingerprinting borrowers in a context where a unique identification system is absent. Fingerprinting allows the lender to more effectively use dynamic repayment incentives: withholding future loans from past defaulters while rewarding good borrowers with better loan terms. Consistent with a simple model of borrower heterogeneity and information asymmetries, fingerprinting led to substantially higher repayment rates for borrowers with the highest ex ante default risk, but had no effect for the rest of the borrowers. The change in repayment rates is driven by reductions in adverse selection (smaller loan sizes) and lower moral hazard (for example, less diversion of loan-financed fertilizer from its intended use on the cash crop).

Sovereign Debt Distress and Corporate Spillover Impacts

Dailami, Mansoor
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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26.09%
In much of the standard corporate finance literature in which sovereign debt is treated as a risk free asset, corporate bond prices are seen to depend on idiosyncratic risk factors specific to the issuing company, with public debt playing an indirect role to the extent that it affects the term structure of interest rates. In the corporate world, however, the ability of a borrower to access international capital markets and the terms according to which it can raise capital depend not only on its own creditworthiness, but also on the financial health of its home-country sovereign. In times of financial stress, when investors lose confidence in the government's ability to use public finances to stabilize the economy or provide a safety net for corporations in distress, markets' assessment of private credit risk takes on a completely different dynamic than during normal times, incorporating an additional risk premium to compensate investors for the potential consequences of sovereign default. Using a new database that covers nearly every emerging-market corporate and sovereign entity that has issued bonds on global markets between 1995 and 2009...

Crowdfunding's Potential for the Developing World

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
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36.02%
Crowdfunding is an Internet-enabled way for businesses or other organizations to raise money in the form of either donations or investments from multiple individuals. This new form of capital formation emerged in the wake of the 2008 financial crisis largely because of the difficulties faced by artisans, entrepreneurs and early-stage enterprises in raising funds. Crowdfunding takes advantage of crowd-based decision-making and innovation, and applies it to the funding of projects or businesses. Using social networks, social profiles, and web-based communication, individuals and companies have raised billions of dollars in debt, equity, and donations for projects. Building a crowdfunding ecosystem depends on key enablers to build trust. This document explores specific strategies to drive crowdfunding, the risks in crowdfunding and how to mitigate them, and the potential use of crowdfunding in the developing world.