INSTITUTIONAL INVESTORS + INFRASTRUCTURE FINANCING
|
|
- Emery Roderick Fisher
- 6 years ago
- Views:
Transcription
1 INSTITUTIONAL INVESTORS + INFRASTRUCTURE FINANCING Fiona Stewart Oxford Infrastructure Conference July 2, 2015
2 ENHANCING INSTITUTIONAL INVESTORS ROLE IN INFRASTRUCTURE KEY BARRIERS Country selection and suitability Lack of well-prepared projects Lack of understanding of asset class Policy, Regulatory and capital market constraints Inadequate institutional investor-friendly frameworks Lack of innovative vehicles and risk mitigation instruments for N-S and/or domestic investment HOW WBG CAN ADDRESS? Conduct country suitability assessment Preparation of high credit quality projects Provide targeted capacity building Pension and regulatory reform. Improve capital markets for infra bonds Develop institutional investor-friendly PPP Frameworks and Design and implement innovative instruments and vehicles Define role and products of (M)DBs WBG teams can collaborate to improve the enabling environment for Institutional Investors to invest in infrastructure 1
3 ESTIMATED POTENIAL INSTITUTIONAL INVESTOR FINANCING 2
4 DOMESTIC EM PENSION FUND POTENTIAL Source: Musalem and Souto (2010) Source: Musalem and Souto (2010) Source: World Bank Pension Database
5 GOVERNANCE AND INVESTMENT ARE LINKED Source: Musalem and Souto (2010)
6 INSTITUTIONAL INVESTOR INVOLVEMENT IN INFRASTRUCTURE DEBT: SOME EXAMPLES FROM DEVELOPING ECONOMIES 5
7 INSTITUTIONAL INVESTOR INVOLVEMENT IN INFRASTRUCTURE FUNDS SOME EXAMPLES FOR DEVELOPING ECONOMIES 6
8 Pre-conditions for institutional infrastructure investment 7
9 C) On-going work: Country Mapping vs. Investor Financing Vehicle Macro environment 1 Financial intermediation 2 3 Institutional investors 4 5 Country A Country B Capital markets Investment constraints Infrastructure policy Infrastructure assets 8
10 On-going work: Country Mapping vs. Investor Financing Vehicle 9
11 Potential Mapping Results EAC- OECD investor potential/ EIB product development LACpension funds / product development most experience 10 AFR / MENA large dom social security funds/ need opportunities / lack experience
12 Coordinated Engagement is Important Fin & Mkts Capital Market policy and regulatory reform Fin & Mkts Issuance Support Capital Markets Reform Global Practices and CMU PPP CCSA and PPIAF Global Infrastructure Facility IFC Advisory and Investments PPP Frame work & Projects Pension Reform Fin & Mkts Engagement with Institutional Investors Fin & Mkts - Pension reforms WBG Instruments and Products Treasury products/solutions WBG Risk Mitigation Instruments Infrastructure Project Bonds & Green Bonds 11
13 Capital Market Solutions Local Currency Bond Market Asset Class Colombia FDN Project PROBLEM A USD 26 bn pipeline of toll roads and other growing infrastructure needs Low exposure to foreign investors Insufficient /expensive funding local banks Incipient bond market: 5.6 % of GDP Large but very concentrated pension fund industry: USD 80 billion (20 % of GDP), 4 pension funds (2 hold 80 % of assets) - Exposure to infrastructure is minimal, in spite of strong interest - High risk aversion (AA+ or above) - Expected investments through a variety of instruments: infrastructure funds and project bonds SOLUTIONS Strong coordination policy/implementation: - MoF, National Infrastructure Agency (ANI) - Financial Sector Superintendency - National development bank with catalytic approach (FDN) Standardization of toll road project contracts FDN acting as champion of financial solutions Development of a variety of instruments with emphasis on project bonds: - Take out guarantees from loans-to-bonds - Day-zero project bonds with credit enhancements - Liquidity guarantees for bond servicing - Infrastructure bond funds Pension funds engagement and training Regulatory reforms fixed income / banking Broad engagement WBG teams: F&M building bond markets; PPIAF TA improve capacity of Institutional Investors; IFC investments in FDN; IFC Treasury possible bond guarantee; Transport Global Practice and CMU supporting project preparation activities 12
14 Institutional Investor-Friendly PPP Frameworks? PPP Framework Issues (examples) Existing Frameworks ( Source Neutral to Commercial Bank-Centric ) Modified Frameworks ( Institutional Investor- Friendly ) 1. Enabling Environment Project Pipeline Procurement Conditions Partnership 2. Project Preparation & Structuring Risk Allocation Payment Mechanism Credit Quality Assessment Flexible for one-off or limited transactions Liquidity and Pricing certainty Traditional Equity : Debt partnership Flexible on risks (patronage, inflation, fx, etc.) From min. guarantee to performance based Credit enhancement for targeted risks Scale and certainty of investable pipeline Liquidity risk provision & timing to be included Early engagement and innovative partnerships Limited risk appetite & benchmarked returns Split of investment from project performance Overall credit quality requirements 3. PPP Contract Provisions Pricing and Financial Close Refinancing provisions Termination Provisions Dispute Resolution Confirmed pricing at/before financial close Restricted provisions with in-built consents On wider grounds; pro-bank compensation Flexible mostly local and discretionary Negative carry, underwriting and pricing risks Flexibility based on liquidity and VfM Limited grounds; pro-bond compensation International and less discretionary 4. Contract and Asset Management Change Management Reporting and Asset Valuation Controlling creditor rights Flexible change management process Mostly private information and less reported Role of Agent bank & Direct Agreement Restrictive change management process Public trading; Standard for project reporting Separate Trust or third party control 13
15 Non-PPP Infrastructure Investments Opportunities Broad range of non-ppp infrastructure investment opportunities are available for IIs National and Sub-national infrastructure bonds issued by Govt. for capital investment programs (commonly used, sometimes with tax incentives) Bonds issues by Utilities/SoE - limited without sovereign or third party guarantees Regulated network assets exposure to regulatory stability, independence and credibility Macroeconomic, fiscal stability and sector reform are essential for attracting liquidity and keeping pricing advantage - a key challenge for many WBG Client countries Important to note: Private-to-Private (ports, oil & gas, etc.) deals continue based on corporate balance sheet Many emerging market ETFs and other listed funds (Macquarie, JPM, etc.) available for international investors 14
16 WBG Coordination Some Considerations Develop coordinated & comprehensive capacity building for IIs Facilitate Private Placements as a first step towards capital market issuance Develop Yield Curve for longer maturity and methodology for floor pricing Engage with Secondary Markets and Intermediaries (e.g., Asset managers, Funds) Develop targeted credit enhancement products bridge gaps in x-monoline market? Engage with international investors to assist in Country Selection (develop thresholds ) Target both Equity/Mezzanine and Debt market investors different approaches required Consider IIs as a potential financing source during project preparation (GIF, GPs) Define role and products for development banks 15
Mobilizing Islamic Finance for Long Term Financing: Lessons From Conventional Finance. Ana Carvajal
Mobilizing Islamic Finance for Long Term Financing: Lessons From Conventional Finance Ana Carvajal Istanbul, November 2015 The Context: Gaps in long term finance Infrastructure Financing gap estimated
More informationFROM BILLIONS TO TRILLIONS: TRANSFORMING DEVELOPMENT FINANCE POST-2015 FINANCING FOR DEVELOPMENT: MULTILATERAL DEVELOPMENT FINANCE
DEVELOPMENT COMMITTEE (Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries) DC2015-0002 April 2, 2015 FROM BILLIONS
More informationLatin American Capital Markets Financing the Real Economy
Latin American Capital Markets Financing the Real Economy A Glass Half Empty or Half Full? Ana Carvajal Lead Financial Sector Specialist Harvard Symposium: Building the Financial System for the 21 st Century:
More informationGlobal Infrastructure Facility: Update for G20--September 2014
Global Infrastructure Facility: Update for G20--September 2014 1. Objectives and Operating Principles The Global Infrastructure Facility (GIF) is a global, open platform that will facilitate preparation
More informationMeeting the Infrastructure Challenge: The Case for a New Development Bank
Washington DC, 21 st March 2013 Meeting the Infrastructure Challenge: The Case for a New Development Bank Prepared for the G-24 Technical Group Meeting Amar Bhattacharya & Mattia Romani C O N F I D E N
More informationPPP PUBLIC PRIVATE PARTNERSHIP
PPP PUBLIC PRIVATE PARTNERSHIP Definition by MOF 1. An arrangement between Government and Private party 2. To provide public assets and/or related services for public benefit 3. Private party makes investments
More informationInvestment Plan for Europe
Investment Plan for Europe Giorgio Chiarion Casoni Head of Unit Financing of climate change, infrastructure policies and Euratom European Commission DG Economic and Financial Affairs Luxembourg, 5 March
More informationThe Investment Plan for Europe. European Fund for Strategic Investment (EFSI)
The Investment Plan for Europe European Fund for Strategic Investment (EFSI) June 2015 EU Economic context EU growth benefitting from economic tailwinds Low oil, low Euro, QE, broadly neutral fiscal stance
More informationPublic Private Partnerships An overview from the legal perspective
Public Private Partnerships An overview from the legal perspective Ren Niemann Partner Allens is an independent partnership operating in alliance with Linklaters LLP. 1 What is a public private partnership?
More informationFROM BILLIONS TO TRILLIONS:
98023 FROM BILLIONS TO TRILLIONS: MDB Contributions to Financing for Development In 2015, the international community is due to agree on a new set of comprehensive and universal sustainable development
More informationThe Kuala Lumpur Statement on Financing Sources for Public-Private Partnerships in South-East Asia
Sub-Regional Expert Group Meeting (EGM) for South-East Asian Countries Financing Sources for Public-Private Partnerships (PPPs) The Kuala Lumpur Statement on Financing Sources for Public-Private Partnerships
More informationOverview of the Gemloc Initiative Gemloc Roundtable Conference and Workshop
Overview of the Gemloc Initiative Gemloc Roundtable Conference and Workshop Capital Markets Advisory Group Alison Harwood Anderson Silva May 29, 2008 Agenda Introduction to the Gemloc Initiative GEMX Index
More informationSECTOR ASSESSMENT (SUMMARY): CAPITAL MARKET DEVELOPMENT. 1. Sector Performance, Problems, and Opportunities
Second Capital Market Development Program (RRP BAN 43477) Sector Road Map SECTOR ASSESSMENT (SUMMARY): CAPITAL MARKET DEVELOPMENT 1. Sector Performance, Problems, and Opportunities 1. Limited role of capital
More informationWorkshop on PPP in Roads and Highways
Workshop on PPP in Roads and Highways Vickram Cuttaree, PPP-Coordinator, Europe & Central Asia Member of the Global Expert Team on PPP June 7, 2011 Agenda Rationale for PPP and International Experience
More informationTRENDS, DYNAMICS, AND CHALLENGES OF CAPITAL FLOWS TO FRONTIER MARKETS
HIGH-LEVEL CONFERENCE ON MANAGING CAPITAL FLOWS: LESSONS FROM EMERGING MARKETS FOR FRONTIER ECONOMIES MARCH 2, 2015, MAURITIUS TRENDS, DYNAMICS, AND CHALLENGES OF CAPITAL FLOWS TO FRONTIER MARKETS By Henry
More informationGIF BRIEFINGS Reflecting on the 3 rd GIF Advisory Council Meeting Changsha, China: June 2016
GIF BRIEFINGS Reflecting on the 3 rd GIF Advisory Council Meeting Changsha, China: June 2016 Four Countries, Four Common Challenges, One Unique Forum ABOUT THE GLOBAL INFRASTRUCTURE FACILITY (GIF) AND
More informationSumant Chak MAKING PPP ATTRACTIVE FOR PRIVATE FINANCE IN INFRASTRUCTURE THE INDIA STORY. Asian Institute of Transport Development
MAKING PPP ATTRACTIVE FOR PRIVATE FINANCE IN INFRASTRUCTURE THE INDIA STORY Sumant Chak Asian Institute of Transport Development Railway Staff College, Vadodara Course: BIMSTEC and MGC officers Course,
More informationThe Sustainable Development Commitments Mobilizing Resources for Implementing the SDGs Anne Bakilana Program Leader World Bank Group
The Sustainable Development Commitments Mobilizing Resources for Implementing the SDGs Anne Bakilana Program Leader World Bank Group @wbg2030 worldbank.org/sdgs Symposium on Governance for Implementing
More informationIssuing Bonds in the Domestic Market. June 2017
Issuing Bonds in the Domestic Market June 2017 Overview of ALCB Fund Target Impact: Capital Market Development Increased primary issuance and capacity Issuer Balance Sheet Reduced FX risk and more sustainable
More informationLong Term Investment: Investment Regulation, Financial Instruments, Risk Mitigation and Risk Sharing Mechanisms
2017/FDM1/008 Session: 3 Long Term Investment: Investment Regulation, Financial Instruments, Risk Mitigation and Risk Sharing Mechanisms Purpose: Information Submitted by: Organisation for Economic Co-operation
More informationWhere is the money? Finding ways to increase the pipeline of investable projects
Where is the money? Finding ways to increase the pipeline of investable projects Building Bridges: Innovations in Infrastructure Finance and Investment Washington, DC Nov 06, 2015 Michael Drexler Head
More informationInfrastructure Investment in Asia
Economy Insight: A Synopsis of ADB Paper Infrastructure Investment in Asia Infrastructure Investment in Asia FICCI Research May 27, 2016 Good infrastructure plays a crucial role towards the growth of an
More informationInvestment and Financing of the ICT sector. Arab Conference on Industrial Information and Networks Tunis - May 23, 2005
Investment and Financing of the ICT sector Arab Conference on Industrial Information and Networks Tunis - May 23, 2005 GICT Structure IFC Activities World Bank Units Global Communications Investment Portfolio
More informationWBG Infrastructure Response to the Crisis
WBG Infrastructure Response to the Crisis BA April 2009 BANK FOR INTERNATIONAL WORLD BANK 1 DEVELOPMENT RECONSTRUCTION AND Outline I. Context and Background II. Infrastructure and the Crisis III.WBG Response
More informationFunding Housing in the Bond Market. September 2016
Funding Housing in the Bond Market September 2016 Overview: ALCB Fund PART 1 Overview of ALCB Fund Target Impact: Capital Market Development Increased primary issuance and capacity Issuer Balance Sheet
More informationOverview of the Global Infrastructure Facility and its work with Technical Partners (TPs) October 2018
Overview of the Global Infrastructure Facility and its work with Technical Partners (TPs) October 2018 A partnership platform for greater A partnership investment platform for in the greater infrastructure
More informationAsian Infrastructure Project Bonds: Attracting Foreign Investors
Asian Infrastructure Project Bonds: Attracting Foreign Investors August 2016 I. Introduction This initiative started in October 2015. ASIFMA put together a working group to discuss with its members what
More informationIndia Infrastructure Debt Fund: A Concept Paper
India Infrastructure Debt Fund: A Concept Paper - Gajendra Haldea Creation of world-class infrastructure has been recognised as a key priority and a necessary condition for sustaining the growth momentum
More informationGDP-linked securities
GDP-linked securities S. Ali Abbas International Monetary Fund March 10, 2017 Disclaimer: The views expressed in this presentation are those of the presenter and do not necessarily represent the views
More informationOVERVIEW OF CONVERGENCE BLENDED FINANCE INFORMATION SESSION & NETWORKING BREAKFAST ZÜRICH, 28 TH AUGUST, 2018
OVERVIEW OF BLENDED FINANCE INFORMATION SESSION & NETWORKING BREAKFAST ZÜRICH, 28 TH AUGUST, 2018 WHAT IS? Convergence is the global network for blended finance. We generate blended finance data, intelligence,
More informationSECOND REPORT TO THE G20 ON THE MDB ACTION PLAN TO OPTIMIZE BALANCE SHEETS JUNE 2017
SECOND REPORT TO THE G20 ON THE MDB ACTION PLAN TO OPTIMIZE BALANCE SHEETS JUNE 2017 The G20 Leaders endorsed the MDB Action Plan to Optimize Balance Sheets at the 2015 November Antalya meeting. The Plan
More informationSmart Finance for Smart Buildings Initiative
Smart Finance for Smart Buildings Initiative Renovate Europe Campaign, 22 February 2017, Brussels WHAT pieces of legislation on Energy Efficiency? THE "SMART FINANCE FOR SMART BUILDINGS" INITIATIVE MAJOR
More informationBridging the Green Financing Gap. May 2018
Bridging the Green Financing Gap May 2018 Green financing gaps in green investments architecture There appears to be no dearth of capital; the bottleneck is the lack of bankable projects that can meet
More informationParthian Advisors. Government Bonds. February 2018
Parthian Advisors Government Bonds February 2018 What we will cover The uses of government bonds How government bonds are created and issued What happens when governments default on their bonds or restructure
More informationGlobal Infrastructure Facility (GIF)
Global Infrastructure Facility (GIF) May 31, 2017 A partnership platform for greater investment in the infrastructure of emerging markets and developing economies MDBs and Project Preparation Emerging
More informationCollaboration with ICIEC A Case Study
Collaboration with ICIEC A Case Study 2 nd November 2017 Walid Sarieddine Executive Director Structured Finance Department Authorised and regulated by the Financial Services Authority. 2 SMBC A Leading
More informationOUTLOOK 2016 / 20 LONDON / 24th February. Financial Management. José Sáinz Chief Financial & Resources Officer
OUTLOOK 2016 / 20 LONDON / 24th February Financial Management José Sáinz Chief Financial & Resources Officer Agenda 1. Financial strategy for 2016-2020 period 2. Risk & sensitivity analysis 3. Conclusion
More informationThe Investment Plan for Europe. European Fund for Strategic Investments (EFSI)
The Investment Plan for Europe European Fund for Strategic Investments (EFSI) Florentine Hopmeier DG ECFIN Vilnius, 18 September 2015 EU Investment Plan: rationale EU investment & competitiveness gap EU
More informationTheviewsexpresedinthesepapersandpresentationsarethoseoftheauthor(s)only,and
Theviewsexpresedinthesepapersandpresentationsarethoseoftheauthor(s)only,and thepresenceofthem,oroflinkstothem,ontheimfwebsitedoesnotimplythattheimf,its ExecutiveBoard,oritsmanagementendorsesorsharestheviewsexpresedinthepapersor
More informationInvestor Day April 2010 FINANCING OUTLOOK
Investor Day April 2010 FINANCING OUTLOOK Mr. JOSÉ ALJARO Chief Financial Officer Mr. JOSÉ LUIS VIEJO Corporate Finance Director 1 abertis: Financing outlook 1. Credit Profile 2. Managing Financing Cost
More informationWorld Bank Group Risk Mitigation Solutions for Myanmar s Infrastructure Projects. Workshop Program
World Bank Group Risk Mitigation Solutions for Myanmar s Infrastructure Projects Workshop Program 3 June, 2015 Richard MacGeorge Successful preparation of bankable projects Getting Projects From Fairway
More informationCatalyzing Green Finance
Catalyzing Green Finance Blending & Leveraging Sovereign Finance For Financially & Environmentally Sustainable Infrastructure Projects October 2017 GFCF: A Knowledge Product GFCF: Pilot Project in PRC
More informationBoosting Infrastructure Financing through Risk Mitigation Instruments
Boosting Infrastructure Financing through Risk Mitigation Instruments Financing Sources for Public-Private Partnerships Forum Kuala Lumpur, 25 November 2015 Dr Armand Hermawan CFO Indonesia Infrastructure
More informationCan The Stock Market Bridge The Gap Between Green Finance and the Development Needs?
Can The Stock Market Bridge The Gap Between Green Finance and the Development Needs? Medhat Nafei, PhD. General Manager, Risk Management, EGX 19 th of May 2017. Contents Introduction Sustainable Development
More informationKey Activities of the WB/IFC Securities Markets Group. Global Capital Markets Development Department
Key Activities of the WB/IFC Securities Markets Group Global Capital Markets Development Department WB-IFC Securities Market Group (GCMSM) WBG Global Product Group for local securities market development
More informationPPP - ADB's role in structuring, financing and procurement. Asean Connectivity Forum 8 November, 2016
PPP - ADB's role in structuring, financing and procurement Asean Connectivity Forum 8 November, 2016 Contents I. Asian Development Bank products & procurement II. III. Challenges to PPP in Asia and the
More informationNAMA financing. How to Structure Climate Financing Vehicles. Dr. Sebastian Wienges, Adviser, GIZ. Page 1
NAMA financing How to Structure Climate Financing Vehicles Dr. Sebastian Wienges, Adviser, GIZ Page 1 I. STATE OF THE ART Expectations and reality of NAMAs 100 bn USD p.a. from 2020 pledged in Cancun,
More informationPrinciples and Trade-Offs When Making Issuance Choices in the UK
Please cite this paper as: OECD (2011), Principles and Trade-Offs When Making Issuance Choices in the UK: Report by the United Kingdom Debt Management Office, OECD Working Papers on Sovereign Borrowing
More informationThe region has been very successful in mobilizing resources
The region has been very successful in mobilizing resources US$ billions International reserves (minus gold) US$ billions Financial sector assets 16 12 14 12 Tha Phl Sgp Mys 1 Tha Phl Sgp Mys 1 8 6 Kor
More informationAfrica and the 2030 Sustainable Development Agenda: the Role of Financial Markets
Africa and the 2030 Sustainable Development Agenda: the Role of Financial Markets Dr. Mahmoud Mohieldin Senior Vice President World Bank Group 1 21st ANNUAL CONFERENCE OF THE AFRICAN SECURITIES EXCHANGES
More informationNBR-EIB Conference: Investment in Romania. Overview of EIB Group activities in Romania
NBR-EIB Conference: Investment in Romania Overview of EIB Group activities in Romania Flavia Palanza Director Central and South East Europe Department EIB Operations Directorate Roger Havenith Deputy CEO
More informationSecuritization in Emerging Markets - Turkish Case -
Securitization in Emerging Markets - Turkish Case - Bratislava, May 15, 2008 The Real Story Six Phases of a Securitization Project Daruma is an independent and the leading Turkish Corporate Finance House
More informationTrends and Institutional Frameworks for Green Investments in Indonesia
Innovative Climate Finance Mechanisms for Financial Institutions in the Asia-Pacific Region Introduction CASE STUDY The Republic of Indonesia Trends and Institutional Frameworks for Green Investments in
More informationThe Sustainable Development Goals
The Sustainable Development Goals Reality & Prospects Mahmoud Mohieldin, Senior Vice President World Bank Group Mahmoud Mohieldin March 13 th, 2017 Global Context Global Economy GDP Growth (Percent) 5
More informationInflation-linked Bonds Recent Trends in Emerging Markets
Recent Trends in Emerging Markets Eighth Annual OECD-World Bank-IMF Global Bond Market Forum 9-10 May 2006, Washington DC Anderson Caputo Silva Senior Debt Specialist The World Bank 05/17/2006 1 Recent
More informationEC Green Paper (GP) on Long-Term Financing (LTI) EESC ECO Section Public Hearing, 30 May, 2013 Andreas Botsch, ETUI
EC Green Paper (GP) on Long-Term Financing (LTI) EESC ECO Section Public Hearing, 30 May, 2013 Andreas Botsch, ETUI New interest in LTI EC publication of GP on 25 March, 2013: Europe has suffered from
More informationGLOBAL INFRASTRUCTURE FACILITY. A partnership platform for greater investment in the infrastructure of emerging markets and developing economies
GLOBAL INFRASTRUCTURE FACILITY A partnership platform for greater investment in the infrastructure of emerging markets and developing economies COLLABORATION FINANCE LEVERAGE IMPACT The Global Infrastructure
More informationMOBILIZATION OF PRIVATE FINANCE BY MULTILATERAL DEVELOPMENT BANKS
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized MOBILIZATION OF PRIVATE FINANCE BY MULTILATERAL DEVELOPMENT BANKS 2016 Joint Report Report
More informationPPP Finance and Legal Issues. Edward Farquharson 25 July 2006
PPP Finance and Legal Issues Edward Farquharson 25 July 2006 Modes of Finance Sovereign Finance Public Sector Full Recourse Private Sector Non Recourse Corporate Finance Project Finance Agenda Role of
More informationFINANCING INFRASTRUCTURE
FINANCING INFRASTRUCTURE Session 2: Mapping Financing Channels in Infrastructure Workshop on Data Collection for Long-term Investment Wednesday 10 May 2017 Raffaele Della Croce Lead Manager - Long Term
More informationGlobal Uncertainties, Local Challenges: Infrastructure in Latin America
Global Uncertainties, Local Challenges: Infrastructure in Latin America Infrastructure in Latin America 1 Structural Considerations around Infrastructure in Latin America 2 Infrastructure Financing Trends
More informationSECTOR ASSESSMENT (SUMMARY): FINANCE 1
Country Partnership Strategy: Pakistan, 2015 2019 SECTOR ASSESSMENT (SUMMARY): FINANCE 1 1. Sector Performance, Issues and Opportunities 1. Financial sector participants. Pakistan s financial sector is
More informationFinancing Infrastructure. Rory Maxwell
Financing Infrastructure Rory Maxwell Introduction Models of Finance PPP and Risk The Current and Potential Market The Model and The Opportunity Conclusions Introduction The Railway Consultancy provides
More informationWorld Bank Perspective for PPP in the Road Sector in India
World Bank Perspective for PPP in the Road Sector in India Clive Harris Isabel Chatterton South Asia Region, The World Bank Workshop on PPP in Highways New Delhi November 12, 2005 Key Messages PPPs have
More informationIFC: PROMOTING INCLUSIVE GREEN GROWTH IN THE MIDDLE EAST & NORTH AFRICA (MENA)
IFC: PROMOTING INCLUSIVE GREEN GROWTH IN THE MIDDLE EAST & NORTH AFRICA (MENA) Thomas Jacobs, MENA Climate Anchor & Resident Representative, Lebanon & Syria IFC: Largest development bank focused solely
More informationJoint MDB Statement of Ambitions for Crowding in Private Finance 1
Joint MDB Statement of Ambitions for Crowding in Private Finance 1 Background These Ambitions build on the recently approved Principles for MDBs Strategy Crowding in Private Sector Finance for Growth and
More informationThe use of analytical tools to determine debt management strategies
The use of analytical tools to determine debt management strategies National Treasury Asset and Liability Management Division 27 June 2013 Outline Core elements in designing debt management strategies
More informationFinancing road concessions in Europe. Guy Chetrit ASECAP Days, Athens, 28 May 2014
Financing road concessions in Europe Guy Chetrit ASECAP Days, Athens, 28 May 2014 Introduction: Presentation index About EPEC A warning on the data used Overview of the European market for the financing
More informationSECTOR ASSESSMENT (SUMMARY): FINANCE (CAPITAL MARKET) 1. Sector Performance, Problems, and Opportunities 1
Capital Market Development Program (RRP SRI 49365) Sector Road Map SECTOR ASSESSMENT (SUMMARY): FINANCE (CAPITAL MARKET) 1. Sector Performance, Problems, and Opportunities 1 1. Market development. From
More informationChallenges in Expenditure: Sustainability in Public Investment Spending
Challenges in Expenditure: Sustainability in Public Investment Spending HK Yong Senior Fellow ISIS Malaysia (Institute of Strategic and International Studies) 11 June 2015 Comments on Presentations 1.
More informationInvestment and Investment Finance open questions?
Investment and Investment Finance open questions? COMPNET 13 th ANNUAL CONFERENCE CHIEF ECONOMISTS PANEL 29 June 2017 Debora Revoltella Economics Department European Investment Bank Key issues Questions
More informationOur challenges relating to growth markets
Allianz Global Corporate & Specialty Our challenges relating to growth markets Paul O Neill, Global Energy Head Willis Latin American Energy Conference October 2012 Contents 1 Introduction 2 Energy Challenges
More informationG20/OECD HIGH-LEVEL PRINCIPLES OF LONG-TERM INVESTMENT FINANCING BY INSTITUTIONAL INVESTORS
G20/OECD HIGH-LEVEL PRINCIPLES OF LONG-TERM INVESTMENT FINANCING BY INSTITUTIONAL INVESTORS September 2013 This document contains the eighth version of the G20/OECD High-Level Principles on Long-Term Investment
More informationCOMPACT MONITORING REPORT TO G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS APRIL
COMPACT MONITORING REPORT TO G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS APRIL 2018 1 CONTENTS Overall Assessment of Progress by the World Bank Group... 3 Joint Report of the International Organizations...
More informationConfronting the Global Crisis in Latin America: What is the Outlook? Coordinators
Confronting the Global Crisis in Latin America: What is the Outlook? Policy Trade-offs May for 20, Unprecedented 2009 - Maison Times: Confronting de l Amérique the Global Crisis Latine, America, ParisIADB,
More informationDevelopment of Corporate Bond Markets in Emerging Markets
Development of Corporate Bond Markets in Emerging Markets IOSCO Survey Analysis and Report Clemente del Valle April 2012 Outstanding (USD trillion) Percentage (%) Bond markets in emerging markets expected
More informationTHE WORLD BANK GROUP. Financing for Development Post-2015
THE WORLD BANK GROUP Financing for Development Post-2015 October 2013 Better and Smarter Aid 19 Overall, by 2011, the annual concessional flows from emerging economies to LICs was roughly estimated to
More informationINVESTING IN UNLISTED INFRASTRUCTURE:
INVESTING IN UNLISTED INFRASTRUCTURE: AN INSTITUTIONAL PERSPECTIVE By Philip Coté, CFA, FRM, Vice President, Pavilion Alternatives Group & Michael McMurray, CFA, Senior Consultant, Pavilion Advisory Group
More informationThe Role of the Public and Private Sector in Transport Infrastructure
The Role of the Public and Private Sector in Transport Infrastructure Infrastructure Finance and the Challenges of Improving Transport Infrastructure and Services Transport Forum 2005 Washington DC, March
More informationSession: World Bank Government Bond Market Operations Speaker: Anderson Caputo Silva, The World Bank Group
Session: World Bank Government Bond Market Operations Speaker: Anderson Caputo Silva, The World Bank Group Increasing Importance of LCBMs Objectives Finance development and growth Promote stability Foster
More informationFinancing Asia s infrastructure gap: New ideas for the public and private sectors
Financing Asia s infrastructure gap: New ideas for the public and private sectors Dr. Kevin Lu Regional Director, Asia Pacific Multilateral Investment Guarantee Agency World Bank Group Distinguished Fellow
More informationMOBILISING THE FINANCIAL SECTOR ON ENERGY EFFICIENCY
MOBILISING THE FINANCIAL SECTOR ON ENERGY EFFICIENCY Financing Energy Efficiency in Malta and Italy Martin Schoenberg Energy Efficiency Project Coordinator St Julian s, Malta, 22 November 2018 1 State
More informationFrom Recovery to Sustainable Growth"
From Recovery to Sustainable Growth" 2017-2018 EIB Investment Report Debora Revoltella OECD 25 January 2018 European Investment Bank Group 2017-2018 EIB Investment Report: Key messages Investment recovery,
More informationGlobal Regulatory Change, Securities Markets and Systemic Risk Amsterdam, 13 September Rohini Tendulkar Economist Research Department
Global Regulatory Change, Securities Markets and Systemic Risk Amsterdam, 13 September 2012 Rohini Tendulkar Economist Research Department Disclaimer The views and opinions presented in this presentation
More informationALTERNATIVE FINANCING OPTIONS FOR INFRASTRUCTURE DEVELOPMENT
ALTERNATIVE FINANCING OPTIONS FOR INFRASTRUCTURE DEVELOPMENT Albert Amos The World Bank October 5, 2018 INFRASTRUC TURE INVESTMENT GAP USD 14.9 billion gap from 2015 to 2040, globally Approximately USD
More informationPPP trends and initiatives in South Asian Countries
PPP trends and initiatives in South Asian Countries Policy Dialogue on PPP for Infrastructure Development in South Asia Organized by UN ESCAP 21-22 September 2015 Agenda 1 2 3 4 Infrastructure Assessment
More informationREPUBLIC OF MAURITIUS DEBT MANAGEMENT STRATEGY
REPUBLIC OF MAURITIUS DEBT MANAGEMENT STRATEGY MINISTRY OF FINANCE AND ECONOMIC DEVELOPMENT GOVERNMENT HOUSE, PORT LOUIS JULY 2008 TABLE OF CONTENTS Page number 1.0 Introduction 1 2.0 Domestic Debt Strategy
More informationKfW s Support to Develop Domestic Bond Markets
KfW s Support to Develop Domestic Bond Markets Workshop on Implementing the G8 Action Plan Frankfurt, 22 and 23 September 2008 Eva Witt, Vice President and Co-Head Funding Rainer Hartel, Senior Financial
More informationNdiame Diop, Lead Economist & Economic Advisor World Bank Indonesia BKPM, December 16, 2013
Ndiame Diop, Lead Economist & Economic Advisor World Bank Indonesia BKPM, December 16, 2013 Overview of recent economic developments Framing the policy choices for the current account and growth in 2014
More informationInsights on Policies to Promote Investor Base Diversification and Competition
FCMCG, Capital Markets Practice Financial and Private Sector Development, World Bank Group Insights on Policies to Promote Investor Base Diversification and Competition Investor base diversification is
More informationPublic-Private Partnerships:
Public-Private Partnerships: Risks & Rewards S. Brian Samuel, PPP Coordinator, CDB High-Level PPP Workshop, Caribbean Growth Forum St. Lucia, 15 th June 2015 POSSIBILITIES REWARDS RISKS LESSONS OPPORTUNITIES
More informationWorld Bank s Energy Infra-SAP: The Case of Vietnam. ESMAP Knowledge Exchange Forum, London November 30 th 2017
World Bank s Energy Infra-SAP: The Case of Vietnam ESMAP Knowledge Exchange Forum, London November 30 th 2017 1 Maximizing Finance for Development: Cascade Algorithm Q1 Is there a sustainable private sector
More information2 nd Annual Note on Recent Developments in Local Currency Bond Markets (LCBMs) 1. August 2014
2 nd Annual Note on Recent Developments in Local Currency Bond Markets (LCBMs) 1 August 2014 The development of local currency bond markets (LCBMs) in emerging market economies (EMEs) is important for
More informationThe role of FDN as a specialized and innovative development bank CLEMENTE DEL VALLE PRESIDENTE
The role of FDN as a specialized and innovative development bank CLEMENTE DEL VALLE PRESIDENTE Acces to infrastructure is a critical challenge for Colombia RANK/140 Quality of overall infrastructure Quality
More informationAddressing risk and uncertainty in long-term PPP contracts
Addressing risk and uncertainty in long-term PPP contracts June 22, 2018, Paris Alexander Galetovic, Universidad de los Andes Working Group Papers, International Transport Forum, 2018 1. Makovšek, D.,
More informationManaging Public Debt To Lower Risks
Central Bank of Kenya A HIGH LEVEL CONFERENCE ON KENYA S ECONOMIC SUCCESSES, PROSPECTS AND CHALLENGES. SEPTEMBER 17-18, 2013,NAIROBI, KENYA Managing Public Debt To Lower Risks Dr. Haron Sirima Deputy Governor,
More informationII Simpósio Internacional PwC Inovação em Gestão Pública Abril 2011
www.pwc.com/br II Simpósio Internacional PwC Inovação em Gestão Pública Abril 2011 Agenda 1. PwC 2. Global PPP context 3. What is PPP 4. Payment Mechanisms and Demand Risk 5. Alternative Financing Models
More informationThe Role of PT. Sarana Multi Infrastruktur in Infrastructure Development
The Role of PT. Sarana Multi Infrastruktur in Infrastructure Development 1 OUTLINE Background Profile Framework Financing Policy Challenges Target 2 BACKGROUND Rationale 1. Global economic condition 2.
More informationProcurement in IPF and Other Operational Procurement Matters. Bank Access to Information Policy Designation Public
Bank Directive Procurement in IPF and Other Operational Procurement Matters Bank Access to Information Policy Designation Public Catalogue Number OPSVP5.05-DIR.114 Issued Effective July 1, 2016 Retired
More informationReferral Disclosure Brochure
EFFECTIVE MARCH 28, 2018 Referral Disclosure Brochure Form ADV Part 2A and Appendix 1 SEC File Number 801 56323 IA Firm CRD Number - 109018 ITEM 1 COVER PAGE AssetMark, Inc. Advisor Compliance 1655 Grant
More information