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OECD

DEVELOPMENT
POLICY BRIEF No. 34

CENTRE

BANKING ON DEVELOPMENT
PRIVATE FINANCIAL ACTORS AND DONORS IN DEVELOPING COUNTRIES

by Javier Santiso
● A large, untapped reservoir of potential partnerships between private financial institutions (banks, asset managers, private equity firms, etc.) and aid donors remains to be fully exploited. ● Banks, private equity and asset management firms are important parts of a broad set of private actors in the field. ● Private financial institutions take increasingly into account variables other than financial ones to assess their investment decisions around the world. ● The OECD Global Forum on Development could host a market place for ideas for improving and promoting donor-private financial institutions partnerships: an Innovation Laboratory on Development Finance. ● An OECD Development Finance Award hosted by the OECD Global Forum on Development should be created.

CENTRE DE DEVELOPMENT DEVELOPPEMENT CENTRE

POLICY BRIEF No. 34

Private Financial Actors and Donors in Developing Countries

Banking on Development

by

Javier Santiso*

*

Javier Santiso is Chief Development Economist and Director of the OECD Development Centre. Previously he was the Chief Economist for Latin America and Emerging Markets at BBVA Economic Research Department. E-Mail contact: javier.santiso@oecd.org.

The

opinions expressed and argumenTs employed in This publicaTion are The sole

responsibiliTy of The auThor and do noT necessarily reflecT Those of The oecd, iTs

developmenT cenTre or of The governmenTs of Their member counTries.

© OECD 2008

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.................the.....Flows..Developing.......... 5 Bank............... 7 Private........................................................................ 10 Sustainable.... 25  .......Banking on Development: Private Banks and Aid Donors in Developing Countries Table of Contents Acknowledgements...........................................Containing..........................................................................Further......... 2 Other.................................Overview.......................Information...of.........Global.......................in...... 19 ...Countries...................... 15 Bibliography......................................... A.......................................Lending. 4 Introduction...... 9 ...................................Banking........ Websites.............and.............................Lending:.......Labour.....................Bank......................................Division........................An......................................................Recommendations................................Series...........(Six)...........in.....Titles........................................................ 11 Conclusions..........................................................

of.for.This.and.Ki.Centre.an.Ollis.and.Oman.comments.in..help.versions.of.on.revised.Work..Cornell.on.Centre’s.Wanda.Fukasaku.provided.34 Acknowledgements For.referee.is.authors.Programme.notes.OECD.2007-2008.Forum. Robert.the.Elizabeth.thank.input.who.OECD Development Centre Policy Brief No.Charles..the. Finance.Development.Development.OECD.the.and.Global.Nash.particular..Development.their.and. colleagues.part.. 4 .earlier.. paper.

new.other.deeper.donors.and.. financial.and.national.participants.in.responsibility.play.private.Forum.as.and.identify.actors.need.aid. hey. Development.on.(see.national.developing.OECD..actors. the.Rodríguez.public. to.civil-society.have..and.Africa.foresee.America..and.Rodríguez.banks. A many.to..and.Swiss.sustainable.. corporations.effective.banks.banks.donors. 2007a). Most.. mobilise. by.of..US. public.banks.Development.(DFIs).the.tend.China.present. or.offer.cycle. first.Forum.with. regions.in. During.founded.different.actors.papers.lending.involved.ideas.while..several.a.options.in.but. Committee.private.Europe.OECD. for.in..with.The.and.of..in.. Centre.—. that..public.corporate.potential.OECD.2007.held.Centre..United.activity.lead.in.underlining.variety.improve. them.for.generally.and. and. be. report.private..org/dev 5 .increasing. role. (2006-2009)...emerging.finance. can. countries.Emirates.also. 1.2007.financing.involvement..opportunities.in.private. private.oecd.Santiso.development. support.non-governmental.sector. have. speed.The.a. have. actively.UK. to.on.Brazil.Local.private.concentrate.new. strived.markets.potential.banks.early.non-member.Morocco. and.The. operating.Italian. donor.. Leading.greatly.The.its.2007a.microfinance. is.among.relevant. financing.the.aid.only..economic.Global. the.Santiso.Institutions..are.Development.to.aims..between.the.specialised.working.established. foundations.and..their.to.of.donors. as.tools. Assistance. T Banks..financial..and. German.a.interest.past. and.During. flagship.aid.activities. resources.for. OECD. their.the.expressed.Development1.also.their.developed. the.Japanese.US.objective.social. did.and.deeply.part.Latin. Development.often. Private. annual.to.have. The.countries.Aid..has.beyond. developing.lending.dialogue.various.integral.donors.institutions.in.international.the.system. recognising.for. and.for.incorporate. money. catalyst.. Bilateral.or.and. published.in...Eastern.convergence.asset.countries.and.partners.insisted.aid.entities. and.for.private.to.as.increasing.along.origins.a.in. in.public.Finance.government.also. sia..commercial.basis.also.. donors.OECD.well.of.development.more.example. pril. system. in. sector.g. private. agencies.finance.for.See See.about.involved. development.countries. on.developing.look.created.of.for.first.beyond.India.witnessed.not. to.new.developed....2007b).and.firms.is.with..pivotal.Development... (DAC).specific.2005.an..co-operation.One.thematic.Centre.—...development-finance.will.South.go. strengthen. European. frica. (OECD. A A A and... (OECD.managers.Banking on Development: Private Banks and Aid Donors in Developing Countries Introduction The.interest.development.banks.http://www.have.development.in.Spanish.French. echoed.banks.It.more..decade.governments.more. rab.interest.are.possibilities.dialogue.a.financial.a. publication. capacities.and. e. donors.UK. development.equity.governmental.of. 2007b).into.and. a.expanded.programmes.actively.and.an..on.this.banks.first. developing... same.synergies.working.private.published.

Sweden’s.acquisitions.involve.in.and.institutions.increasingly.companies.institutions. and.and. and.nearly. leading.first. common. Secretariat. their.Swedfund.areas..companies)..OECD Development Centre Policy Brief No.This.an.new.operations.one.companies..developing. banks..$ billion.NGOs. Development. enterprises. social.UK.demands.Aureos.mostly.other.capital.national..joint-venture. realities.issues.Fidelity. African.national.Citigroup. Norwegian.and.Agency.equity. one.the.projects.countries.and.operators.developing.government-owned..Economic.agencies. Finance.of.Barings...operations.and.core. private. new.are. to.banking. 2007.pressures....advice.donor.bilateral.in.Investment.bank.differ.EDFI. developing.dynamic. leading..entities. Some.ICICI..a. CDC.shares.one.2001.lending.(Norfund)....of. State. equity. financial.in..for.for. Company..Spanish.and.sustainable. In.the.world.$540 million. to..reforming.Danish. a.actively. (EDFI).works. Swiss.the.Investment. (SIFEM).involved.a.for.like. of.new.in.Private. dedicated.main.IFU..(a. The.the.Fidelity.developed.for. developed.the. higher.. backed.DFI..management.around.2006.multiplied.India-based.such.launched.nets. governments.as. of. and.Tunisia..Countries.of.more.a. Institutions. the.South.the.Venture.in.management. developed.Nexxus.overseas.net..private.labour.medium-sized.with.the.and. members. as.private.markets.for.to.Capital.leading.of.Fund.the.developing.the.Other.most..by.faced.involved.Partners.or.constraints.in. a.capital.was. Investment. have. established..long-term.privateequity.projects..two.Proparco.and. DFI. 2005.network..Cordiant. global...expanded.from...their.even.risk-sharing.also.encountered.members.private.between. DFIs.or.in.and..its.Ghana.mostly. in.This.partnership. Finance.objectives..EDFI..Danish. T retail.ways.with.15. Swiss.lending.is..with.In.and.Venture.group.support.venture. (FMO). very. the.subsidiary. European.but. when.to.countries..fund.DFIs.Spain’s. cite. hrough.fund.that.partners. Netherlands. developing. from.and. with.they. or..(BIO).34 policy.participates.in.of. a. loans.creation. the.firms. spin-off. Switzerland. CDC. Fund..Belgian. The.local.Canada’s..a..UK’s..Capital.one.particularly.in.like.leading. fund.financial.equity. of. the.participated.countries.investment. 6 .greater.bankers.provide.countries.retail.or.opportunities.Developing.and. Markets.they.Affairs.in.equity.and.French.Investment.Investment.BTS.and.(SECO).companies.The. just.created.parallel.a.of.private.investors. Private.small.capital.in.of.became.and the. Company.have.Advisors. environmental..in.emerging.Developing.Africa.private.the...co-operation.facility.the.business.member.in. active.widely.remain.poor.the.worldwide.projects.Partners.business. Development.Tuninvest.in...Countries. first.COFIDES.many.their..offering.private.active.now.develop. Citigroup’s.group. Capital.biggest. example.subsidiary.activist.. $100 million..members.asset.assets.with. development.they.OECD-based. have. Capital.in.banks. Citigroup. another.. Emerging. for. initiative. for. committing.like.With..Partners.Swedish.CDC.Capital.India.in.Most.SIFEM.Ethos.French.countries.where.enterprises.spread.developing.projects. awareness.Mexico.economies.Aureos.programmes.Development.

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hands.Brazilian.democratic.private.performance.Asia.more. the.Bank.emerging.managers.Africa.already.projects.of.a.already.institution.major.headquarters.and.emergence.and.reveals.firms.to.economies.bigger.which.development.is.. influence. involved.many.–. private.both.offer. into.Wealth. in.activities..already.socio-economic..is. of. countries.partnerships.Even.to.one.can. Investing.own.ground.—. documented. in.of.and.collaborations.Santiso.lending.in...in.heavily.to.best.underline..co-operation.for. Cross-border.countries.countries. in. to.economic. from.Latin.is.terms.south-north. Centre.and.and.and. aid.also.Funds. low-income. middle-income.practices.other. 16 .to..employment.to.a. 2007.public-private.a.Banks.in.review.institutions. the.and. a. democratic.Bank.asset-management.countries. these.2008.related. related.more.development.of.. Development. or.the..Institute.the.invested.through.another.developed. avenues... actor. themselves. the. A.flows. in.also.assets. T emerging.the.many. end.well.performance.As.player.of.or.trend.aid.detailed.the.like..perhaps.. donors..(Accountability.positive...other. the.sustainability.organisations.. private. proliferation. south-south.challenges..ahead. are.if.recommendation.and. this.development.by.their.2004). and.these. they..bulk.provide.of.in. beyond.related..is. Sustainability.goes..private. indirectly.a.more.and. homelands.potential.and.their. requires.actors.for. could..2008).broad.Brief..billion.the..involved.In.the.than.the.BNDES.private..regional.through.in.published.consider. hey.—. than.Social. and.Corporación Andina de Fomento. deeper. and. Santiso.is.the.on.for.and.firms.actively. leading. consolidation.increase.recommendation. dialogue.operations. these. sustainable..their.other.Policy.asset.development.or. and.OECD Development Centre Policy Brief No. of.more.leading.for.of..will.parts.bankers.(IADB).lending.them.. Accountability.is. banking. Sovereign. Paper..part.allocated. many.but..in..economies.of. 2004).lending. increasing.tend.transitions.developing.from.actors. and.these.generating.a.equity.the.Andean.surprisingly.finance..donors.2007a).suggested.World.(Rodríguez.development.34 A.funds.in.development.concentrated. (Rodríguez.Latin.finance..more.also.countries.can.pivotal.. is.play.in.Asia. or.following. There.are.OECD. actors.role. By.a.to. banks.in. in. directly.increasingly.In.countries.consider.leveraging.third.which.Africa. Sovereign. and. Centre.helping.developing.they. aid. development.the.Development.and.China..in.Private. outputs.in.key.Policy.included..sub-Saharan.finance. for.central. (AICC.Working. transform. examples.need.bank.by.Africa.invested. namely.and.Banks.other.and.is.equity. banking.the.. issue.are.interesting.sovereign.years. This.already. issues.international.in.client.activities.have. banks. increasing.Tackling.. between. emerging.and. future.America. Beyond. development.and.in. Funds.these.Development.Ethical.of. interest.200.banks.the.As.North.developing.manage. from. countries.now..America.Insight.emerging.specific.wealth. co-ordination.portfolio.their.environmental.$.The. of.southern.only.systematic.of.future..open.from.fourth.in. actors.

2005.Agricole.in.which.for.countries.with.the. obviously.cent. V V Africa.developing.to.NGO. an. donors.yet.the.Ten.foreign. countries.Harms.French.in.banking.which.Reisen.are.growing.in.development.developing.—.bank.other.private.2006).banks. Nobel.among. banking.and.ranging.per.where. They.important. Mohammad.sustainable.of. system”.of.are.group.from.emerging. underlined.cent.emerging.test..another.from.very. As.international. by.development.microfinance. search.borrowers.27.in.policy.that.invest..in.major.be.owned.a. to.by.banks.for. international.emerging. the.BIS.and.all..poorest. solely. in.countries. of.In.were.the.but.. banks.main.South.aid.foundations.later..economies. 27.countries’..corporations.in.to.partnerships.banks.allocated.to.In. of.to..to. go. sector..a. not.fund.donors.2007).lending..environments.has..investment..African.in.importance.emerging.first.initiative.could.both..to.companies.systematic.started. pioneered. Mapping. Group.could.challenging.a..created.of.task.already. co-ordinating.in.cent. winner.the..countries.concerning.use.and.different. models.transformation. will.as. Partnerships.record. would.South.actors.of.bank.developing.Horen.markets.the. emerging-market. major.the.to.the.where.and. in.developing.finance.finance.French.better.international.of.a.risk-sensitive.and.dialogue.Brazil.banks.cross-border.remains. According.efforts.fifth.in.those. become. A.a.a.world.novel.and.owned.types.. and.Africa.actors.all.potential.poorer.per...Russia.has.of.Netherlands.in.issue.Bangladesh..be.help.of.lending.trade..both..with.donors.the.countries.tracking.complete.a.themselves. as.recent.emerging.foreign..players..address..lending.(Mavrotas.poor.per.years.numbers.oblige.determine.players.. the.had...of.2007.In.by.2007.This.lending.Lutz.low-income.finance.particularly.Horen.capital.relevant..like.17. Grameen.for.projects.to.engage.countries. presents. track.working.to.very.the.Bank.occur..world’s..useful.terms.banks.a.would.in.II. other.cross-border.terms.lowincome.mutual.trend.banks.created.recommendation..analysis.joint..from.flows.from.figure. well.multinational..map.increasingly.Danone.venture.economies.to.with.related.finance.and.a.per.emerging-market. and.a.“non.development.BankTrack.is.to..economies.(IMF.cent.Its.governments.More. already.India.of.banks. to. received.countries. development.banks.new.Claessens. beyond.flows.represent.and.countries. can.“emerged”.much. only.in.of.of.sub-Saharan.role. 17 ..Banking on Development: Private Banks and Aid Donors in Developing Countries a.syndicated.in.foreign.mere.may. this.investors.2007. an.for.foreign.public-private.particular..Danone..operations.Asian.other. banking.rules.amount.lending. who.has.Crédit.banks.lending. microfinance. finance. Prize.in.experiencing.jumped.set.2006..per.identifying.sub-Saharan.banks.cent.Basel.The.the.�unus.and.in.as.in.assets.that.jointly.from.open...1995.important.to.be.also.become.their.—.broader.banks.involved. It.47.operations.China.the.World.positive.

the.Many.developing.access.and. countries.rewarding.that..finance..and.related.that.strengthen.private.aid.Finance.up.and.to.donors.countries.rules..order.reduce.et al.developed.one.access.between.created:.synergies.their.For.second.managers.within.like.potential.ratings.Basel. T could.partnerships.a..worldwide..the.inducing.banks.Reisen.objectives. for.example.therefore.agencies.suffer.external...and.private.availability.premiums.as.potential.capital.to.investing.outcome.spur.private.34 borrowers.enterprises.II.Powell.private.in.fluctuations.the..OECD.host.This.recognise. categories.be.and.bank..Development..idea.developing.export.In.institutions.incorporate.also.2004.ratio.the.asset.creation.in..public-private.potential. but.be.would.allocation. public.banks..banking.credit..award.development. new. practices. new.from.collaboration.stimulate.is.the.unfortunate.strength.exploitation.more.donors. of.underline..dialogue.banks.Two..particular.public..Basel.in.impacts.(Gottschalk.. financing..to.have.. A pursue.on.rules.on.those.Development.and.higher.external.capital.to.order.issues.OECD..can.aid.have..of.the.the.a.to.to.García-Herrero.and. he.a.private.of.private. and.in.2001. 2006.and.bank.policy.these..costs.positive.an.2007...on..a..the.development.flows.revise.actors.Liebeg. impact. emulation...and.countries.OECD.of.asset.development. risk.financing. and.rating.a. non-Member.of. already..donors.finance.studies.developing.of. the.better.recommendation.the.rating.already.and.visibility.aid.such.the.being.Financial Times.the.of.media.to.raise.debt.these.projects.negative. 18 .from.the.from..calibrations.and.final..in.to.could. between.Claessens.impact.institutions.IFC.Gavilá.perceived.. borrowers.from.to.many.to.to. private.as.will.it.through.private. countries.be.issue.Award.countries.Caruana. developed.to.This.lending.working.equity.in.expensive.way.emulate.and.on.partnerships.OECD Development Centre Policy Brief No.to. The.Award.Development.to.public.best.the.and.spreads.lending.private.et al.developing.for.an.for. countries.Global.systems.II.asset.given.2006).finance:.the.existing.countries. 2006.managers.of.cost.donors.and..to.Finance.countries.and.partnerships.from.equity.the.these.donors.Griffith-Jones.can.countries.of.for.aid.sixth..and..alleviate.Forum.also...credit.upgrades. and.in.with.international.firms.between.underlined.of.small.low-income.for.of..practices.volatile.agencies.the.exacerbate.emerging.firms..developing.the.and.lowering.rationed.by.and.banks.in.order.could.themselves.of. A.200.best.in.speed.by.and.in. .and. or.contributing..and.campaign.remittance.lower.such.contribute.Member.lower-income.would.as.OECD.flows.banks.would.and.countries.and.medium-size.risk...methodologies.

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America. Development Co-Operation Report...Basel. 21 .IMF Staff Papers. Markets”. v.(2)..See.(2007).amisdelaterre. teJerinA. and h.the.Standards”.Bank.International. OECD. (2007a).Development.More.on.mimeo.IADB Research Department Working Paper.Paris..Banking.of..Bank..“Basel. Centre.See:..Increased.of.Available.... WedoW (2007). Perspectives. Micco (200).(2004). Co-Operation.Analysis. llocations.“Microfinance.Sailing... rAMAchAndrAn and s. d.in. Behavior.Foreigners:. poWell and i.“Will.bc. Vol..Foreign.Funds”..mimeo.also:.Centre.of.Finance.the.http://www.“Why.Africa.http://www.Centre..Latin. b. r..An.112.cs...Role.Markets.in.How. Lehman. Financing Development: Aid and Beyond.InterAmerican...la..for. stAndley.Latin.pdf les AMis de lA terre and bAnktrAck.January.Stock. Directorate.http://www.Developing.II.Non-System”. de/download/bankenaufsicht/dkp/200405dkp_b.(2006). Terre.Center.A...Amis.and.Capital.Banques françaises : banques fossiles ? Pour des politiques énergétiques et climatiques crédibles au sein des banques.Multilateral.“The. American.Emerging...(IADB). vlAdkovA-hollAr. t.BankTrack.See.de.Sea.BIS Papers.America..bis. Bank.and. h.Brothers.See: http://www.and.August.Entry.s.Risk”.the..(2001).(2005)..also:.The Business of Climate Change.Impact.Market?”..(2007). liebeg. and A villAr.. Moss.amisdelaterre. Development.bundesbank.Development..Emerging.edu/~muller/teaching/cs021/ lib/ClimateChange.Development.52..pdf nAvAJAs.org/publ/bppdf/bispap2a.and...to.pp....401-418.“How...March.Development. oecd.Development.Latin.on.II..Convergence..Basel.Firm.Affect.International.. and l. A A Markets.Bank..Global.through.Level.and. Large.Les.Caribbean:.Bank. OECD.Flows?”.1985-2000”.Based.Doesn’t.org/External/Pubs/FT/staffp/2005/04/peria..htm MAvrotAs.Contribute.Sectors:.II..org/IMG/pdf/Bques_ francaises_bques_fossiles.pdf levy-yeyAti.of.Frontier..to... (2007b). porAth. poWell.February.in.London.imf.Penetration.“Concentration..Banking on Development: Private Banks and Aid Donors in Developing Countries lehMAn brothers. Journal of Banking and Finance...Global. s.and.“Banking. OECD.Paris.Will.Foreign. Working Paper.Countries:.Bank.97. Development.OECD.Emerging.Sustainable Development Department Best Practices Series.Competition..pdf MArtínez-periA.German.(2007). reisen.and..1.Lending.at:. Investment?.See also: http://www.Equity.in.. and A. g.http://www.November.Get...Paris.also:.the.http://www. OECD.Is.Markets?. M. t.(2006).2.org/content/publications/detail/1277/ Moreno..on.499.Claims.Data”.org/IMG/pdf/Bques_ See.Size...(2007). sset..on. World Bank Policy Research Working Paper. e. A.. reisen.“The.cgdev. Weder di MAuro and M. Challenges and Opportunities. UNU-WIDER...

..Amsterdam.Lending.. Social. “ A A United.. International..sAntiso.Matters”.Centre. OECD.to.(2007b)....49-508.Working Paper.January. J. the.“Foreign.57 (185)....Group. orking.Treaties”.Berne.unep finAnce initiAtive Asset MAnAgeMentWorking group.. Economy.. Paper.“Markets. n.SECO.259. Banking.under.26.. sAntiso.Initiative.http://www.Geneva.Economies”... Development Financing and the Remittance Market in Serbia and Switzerland. May.on...The Scope for Environmental.Geneva.unepfi.unpublished.World.unepfi.Human.(2007)..No.Responsibilities.Unlocking Value..Finance.of. The Oil and Gas Bank: RBS and the Financing of Climate Change.. International Social Science Journal.Private.Nations’.Banking. 22 .Harvard. of. RBS.(2006)...J.University..F.The.Development:. Democracy:...No.Paris.UNEP.Kennedy.Donors.School.Emerging.See.Working.Private..also:.OECD Development Centre Policy Brief No. sset.of.Law. State.Bank.in.and.. sAntiso.Paris.Development.Countries:.. J.. in.Centre.(2006).“Banking.in.also:.34 rodríguez.org/fileadmin/documents/unlocking_value. rodríguez.Working Paper..pp. Political. on. Promise. See.Countries”.Government.Finance. id. J. and J.Regulate.http://www. OECD.Development.London. ruggie.. Micro-Credit”.Banks. (2007a). “ A Developing.Show Me the Money: Linking Environmental. Ethical. united nAtions ..Harvard. royAl bAnk of scotlAnd. of. and. (2007).Developing.Initiative.Bank. seco – sWiss secretAriAt for econoMic AffAirs (2007).Virtue:.Right. (2005). and Governance Issues in Private Banking.in.... A W org/fileadmin/documents/show_me_the_money..pdf united nAtions – unep finAnce initiAtive. djudicate.(2007).and.September.Origin. ctivities.and. and.Management.pdf vAn horen.February.Vol... UNEP.February. Funds. Social and Governance Issues To Company Value..University. and J.School.John.Core...Corporate.

http://www.Real:.btsadvisors.bancoreal. http://www. such.Capital:.have.com/documents/ClientBriefingforEquatorPrinciples_2007-02-07.http://www.http://www. partnerships.http://www.bpepindia.listing.ca/ Citigroup.http://www.taken.have.numerous.cdcgroup. explore.http://www.Overseas:.ca.which.cofides.(Sustainability.cifafund.com/ CIFA:.fondsdereserve.de/EN_Home/index.com/ COFIDES:.co.com/com/about/reports.and.jsp Emerging.already.Advisors:.http://www. Cordiant:.http://www.http://www.http://www.com/ Darby.com/ BIO:.aureos.http://www.com/ Calpers:.Partners:..Capital.http://www.of..se/ Aureos.http://www.the.com/ DEG:.degree.Venture.Management:.institutions.illustrate.Fund:.Amro. that.b-i-o.or.do.fr/ 2 .org/ Barings.are.albrightcapital.banktrack.gov.emergingafricafund.darbyoverseas.calpers.Capital.com.http://fidelitycapitalpartners.of.equator-principles.public-private.Principles:.citigroupai.these.http://www. following.so.http://www.http://www.com/ Equator..Partners:.ethos.com/stake_fr.pdf Ethos:. is.which.to.http://www. alphabetical.abnamro.https://www.com/ AP2:.es/.Brief.Policy. ABN.ap2.The.Investment. to.Capital:.jsp ABP.mentions.com/ Banco.http://www. an.organisations..abp.empglobal.Banking on Development: Private Banks and Aid Donors in Developing Countries Websites Containing Further Information This.and.all. can.be/ BNDES:. consult.br/ BTS. wishing.http://www.gov/ CDC:.http://www.Africa.nl/abp/abp/vermogensbeheer_en/ Albright.them.to.beginning.partnerships. further.http://www.cordiantcap.Private.bndes.Nearly.http://www.sites.websites.ventures.Report):. root.readers.br/ BankTrack:.Investments:.deginvest.htm.com/ Fonds de Réserve des Retraites:.za/live/index/php Fidelity.

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Hexner.1995) The Policy Challenges of Globalisation and Regionalisation (No.Dominique.(January.David.(May.(July.contact@oecd.McNamara.(October.(January.der.dev.org/dev/briefs.Goldin.199) The Disarmament Dividend: Challenges for Development Policy (No.Charles.Turnham.1996) Policies for Economic Take-off (No.Leif.with.David.and.Centre.. 9) by.1996) 25 .J.199) Employment Creation and Development Strategy (No.Somnath.1992) Towards Sustainable Development in Rural Africa (No.downloaded.Olivier. 3) by.and.and.Varoudakis. 6) by.e-mail. 7) by.and.(April.van.O'Connor.1995) What Institutional Framework for the Informal Sector? (No. 4) by.(June.www.Development.Sen.Berthélemy. 1) by. 5) by.Christoffersen.1992) Trade Liberalisation:What's at Stake? (No.Reisen.Fischer.(October.Reisen.Morrisson.from:.. 8) by.Mensbrugghe.Christian..Banking on Development: Private Banks and Aid Donors in Developing Countries Other Titles in the Series The.Jean-Claude. 11) by.by. or. 10) by.E.David. 2) by.org Adjustment and Equity (No.Turnham.Jean-Claude.1994) Pension Fund Investment from Ageing to Emerging Markets (No.1992) Towards Capital Account Convertibility (No.S.Ian.Bernhard.Christian.(April.Helmut.Fischer.Policy Briefs. 13) by.Berthélemy.1992) Privatisation in Developing Countries: Reflections on a Panacea (No.1996) The Political Feasibility of Adjustment (No.David.(April.:.Turnham.oecd.(January.1992) Managing the Environment in Developing Countries (No.(January.obtained.Helmut.Oman.(September.and.Morrisson..Christian. 12) by..Aristomène.and.Thomas.and.can.Robert.Morrisson.Bouin.be.Bernhard.

Pierre. 19) by.Georg.Heimans. 28) by. 26) by.Katseli.(July.Louka. 21) by.(October.Jeremy..2006) After Gleneagles:What Role for Loans in ODA? (No.2005) Harnessing Aid..Jeff. 23) by.Daniel.Katseli.Drechsler.2002) Corporate Governance in Developing.1999) Multilateral Tariff Liberalisation and the Developing Countries (No.Felix.Christian..Reisen.Buiter (September.Goldstein. 31) by.Plummer.Steven..E. 32) by.and.Villemot.Cohen.2004) Policy Coherence Towards East Asia: Development Challenges for OECD Countries (No.Schneider (April. 30) by.and.M..1999) Health.T.2001) The New Regionalism in Sub-Saharan Africa: More Than Meets the Eye? (No.Kiichiro.(August..T.2002) Strengthening Participation in Public Expenditure Management: Policy Recommendations for Key Stakeholders (No.Xenogiani.Sébastien. 20) by.(October.and.Helmut.A.Hartmut.M.Reisen.and.and.and.and.Fries. 25) by.2006) Commodity Funds: How to Fix Them? (No...Jeff.Pinaud.Jütting.OECD Development Centre Policy Brief No.(October. 29) by..(April.Daniel.2005) Changing Social Institutions to Improve the Status of Women in Developing Countries? (No.Jacquet.Theodora.and. 22) by.and. Trade and Migration for Development: How to Gain from Policy Coherence (No.Christian.Martin.Dayton-Johnson. 33) by.Helmut.Zimmermann.(January.Trzeciak-Duval.(September...2004) Which Policies Can Reduce the Cost of Capital in Southern Africa? (No.Andrea..Louka.Reisen.200) Innovative Approaches to Funding the Millennium Development Goals (No.G.Safadi.Transition and Emerging-Market Economies (No.(October.Denis.and.Helmut. 27) by.Grandes.1999) Participatory Governance:The Missing Link for Poverty Reduction (No.B.(March.2006) New Actors in Health Financing: Implications for a Donor Darling (No. 24) by..Robert.(November. Education and Poverty Reduction (No.Fally.Raed.Kawai.David.Sébastien.16) by.(February.Johannes.and.Caspary.Fukasaku.2006) Natural Disaster and Vulnerability (No.Willem.K.(September.Morrisson.Fukasaku.Charles.Oman.34 After the Great Asian Slump:Towards a Coherent Approach to Global Capital Flows (No.Nicolas.18) by.Lucas.2007) 26 .17) by..(April.Cohen.2002) Beyond Johannesburg: Policies and Finance for Climate-Friendly Development (No.Thibault.Dayton-Johnson.Morrisson.O’Connor.(August.2006) Migration and Development: Challenges for Policy Making (No.Dessus.(September.

org/dev/contact www. a databank of current best practices and projects in public/private partnerships for development. the Development Centre aims to identify and analyse problems the implications of which will be of concern in the near future to both member and non-member countries of the OECD.oecd. and alliances between donors and private banks to alleviate the negative impact of Basel II rules. Finally.oecd.org/dev/briefs CENTRE DE DEVELOPMENT DEVELOPPEMENT CENTRE . The Policy Briefs deliver the research findings in a concise and accessible way.DEVELOPMENT CENTRE POLICY BRIEFS In its research activities.: +33 (0)1 45 24 82 00 Fax: +33 (0)1 44 30 61 49 www. This series. OECD DEVELOPMENT CENTRE 2. 75775 Paris Cedex 16. targeted and rapid distribution. is specifically intended for policy and decision makers in the fields concerned. multi-directional global alliances between financiers. rue André-Pascal. The conclusions represent a contribution to the search for policies to deal with the issues involved. It further argues for deeper involvement of actors from emerging and developing countries. the Brief proposes the creation of a Development Finance Award in recognition of those institutions most prepared to exploit the synergies between private lenders and the public sector in pursuit of development objectives. France Tel. with its wide. This Brief militates for the creation of an Innovation Laboratory for Development Finance to enhance interactions between public donors and private actors in development finance.