Financial Sector

This event will frame the public conversation on how governments should prioritize where it is most important to take policy action and how to best allocate scarce resources to support the recovery. It will also consider how to address the growing risks of over-indebtedness and increased financial fragilities.

Join MIGA and an accomplished group of experts, investors, and thought leaders as we discuss what it will take to drive FDI into Africa, especially into sectors that contribute to a green, inclusive, and resilient recovery, and into countries experiencing fragility, conflict and violence.    

Join us for a discussion on solutions from the ground—and how IDA, the World Bank’s fund for the poorest countries, is driving innovation and outcomes.

A day after COP26’s dedicated day for finance, WBG is hosting this fireside chat with Banque de France (BdF), the secretariat of NGFS, to explore these issues further and discuss how the financial sector can contribute to countries’, particularly EMDEs’, climate and development goals.

Join us as we examine how innovative macro-fiscal and governance-related interventions can enable a green recovery and facilitate a ‘whole-of-economy’ approach to long-term climate action.

Join a conversation with World Bank Group President David Malpass and Standard Chartered CEO Bill Winters.

This high-level panel discussion will look at the experiences and challenges experienced by senior policymakers in developing countries. Panelists will examine the conditions for preserving value in corporate restructurings and how countries are adapting legal and regulatory structures to the COVID-19 crisis, including insolvency and out-of-court workout mechanisms. They will discuss what has worked and what has not, as well as what is still needed to ensure that viable businesses can restructure and that those that need to exit the market can do so efficiently. James Sprayregen, Restructuring Partner, Kirkland & Ellis Reza Baqir, Governor, State Bank of Pakistan Hal S. Scott, Emeritus Nomura Professor of International Financial Systems at Harvard Law School Rosa Sacre, Managing Director of Société Générale’s Asset Recovery and Restructuring Management team Ramiro Alfonsín, Chief Financial Officer of LATAM Airlines Group Makhtar Diop, Managing Director and Executive Vice President, IFC Stephanie von Friedeburg, Senior Vice President, Operations, International Finance Corporation Join us ...

With global Foreign Direct Investment (FDI) flows dropping by up to 40 percent as a result of the COVID-19 pandemic, the need for enhanced coordination among international financial institutions is now greater than ever.  MIGA will host a public event to mark the launch of a new handbook titled ‘Expanding Political Risk Insurance: A Partnership Approach to Grow Private Investment,’ which calls for deepened and systematic collaboration across the development community to advance the role of political risk insurance in unlocking private capital. The event will showcase principles for collaboration and best practices where coordination has delivered impact on the ground. Join us for a spirited conversation on how we can work together to unlock FDI to developing countries.

How is fintech reshaping financial services to reach three billion unbanked people? #FintechInnovators are transforming financial services around the world and empowering financially underserved people and businesses. Monica Brand Engel, Co-Founding Partner, Quona Capital, Benjamin E. Diokno, Governor Bangko Sentral ng Pilipinas, Ashraf Sabry, CEO, Fawry, and Andrew Torre, Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA), Visa Inc., discussed emerging opportunities and risks, the financial inclusion challenge, and regulatory strategies to foster inclusive innovation and financial expansion. Here are some points they highlighted: In five years, 50 percent of transactions will be electronic. Customers’ preferences will continue to change. It’s hard to imagine that they will go to a bank branch in 10 years’ time. Regulation matters— authorities need to create the right economic incentives for merchants to move out of shadow economies. Cash is the most known brand in any country. It’s a tough competitor. Personal financial management FinTechs will help consumers figure out ...

The Financial Times and the International Finance Corporation (IFC), a member of the World Bank Group, will once again gather senior investors, innovators, social entrepreneurs and other thought leaders for a major conference ahead of the FT/IFC Transformational Business Awards dinner in London. In line with the theme of the Awards, the conference will discuss what the private sector is doing to help meet the UN Sustainable Development Goals (SDGs), and the steps that need to be taken to achieve long-term, transformative impact. There will be a particular focus on human capital and the use of technology to boost inclusion, and special sessions on climate change and the geo-political environment. Chaired by senior FT journalists, this event will be a significant lead-in to the Awards dinner, which will honour those whose capital, technology and ideas are contributing to substantive progress in developing low-carbon urban infrastructure, delivering healthcare and education, assuring food and water security, harnessing technology to assist the ...

Watch live to hear global leaders discuss how the power of partnerships can achieve the sustainable development goals of 2030, and the crucial role that the private sector plays in the development equation. Learn how multilateral development institutions, like the World Bank Group, governments, and development stakeholders can effectively work with the private sector to secure sustainable private sector solutions and finance to make the SDGs a reality for all.

Capital Market Development and the FinTech Revolution: Opportunities and Challenges As follow up to the Bali Fintech Agenda, a flagship event of the 2019 Spring Meetings on Thursday, April 11 brought together a panel of fintech experts for a lively conversation on the wide-ranging opportunities and challenges of technological innovation in the capital markets, along with important legal, regulatory and competitive considerations. Shaolin Yang, Managing Director and CAO of the World Bank Group set the scene by highlighting the Bank’s issuance of “Bond-i”—the world’s first legally binding bond operated on a global blockchain platform throughout its life cycle—which enables the Bank to learn firsthand how blockchain can change financial markets and be embraced for development. In introducing the panelists, moderator Tomicah Tillemann, Director of the Blockchain Trust Accelerator at New America, described them as the “dream team of fintech.” Fintech holds huge potential to transform finance and capital markets for the better. The discussion provided insights for policy ...

Impact investing has emerged as a significant opportunity to mobilize both public and private capital into investments that target measurable positive social, economic or environmental impact alongside financial returns. Despite the increased interest in and number of product launches claiming to be impact investments, there is no common discipline for how to manage investments for impact and the systems needed to support this. This has created complexity and confusion for investors, as well as a lack of clear distinction between impact investing and other forms of responsible investing. To address this challenge, the International Finance Corporation (IFC), in consultation with a core group of external stakeholders—impact asset managers, asset owners, asset allocators, and development banks and financial institutions— has drafted “Investing for Impact: Operating Principles for Impact Management.” The Consultation Draft of the Principles was launched in Bali on October 12, 2018, during a high-level panel that brought together a core group of asset managers, asset owners, and policy makers who ...

With less than three years to reach the Universal Financial Access goal by 2020, Moderator Francine Lacqua of Bloomberg led a discussion in a packed Preston Auditorium on how we can push forward to meet this goal. It began with a conversation between President Jim Yong Kim and H. M. Queen Máxima of the Netherlands, the UN Secretary-General’s Special Advocate for Inclusive Finance for Development. Highlighting data from the recently launched Findex, both agreed that achievements in financial inclusion have been made, but key steps are still needed between now and 2020. H. M. Queen Máxima explained that financial inclusion is a win-win for everyone but leadership is needed from the public sector and the private sector. Dr. Kim emphasized how technology can help provide people globally with access to capital and markets, and can really turn inequality around. During the event’s second half, a wider panel discussion focused on how technology can speed up progress toward financial ...

This year’s annual World Bank Spring Meetings’ was a special one for MIGA, as the World Bank Group’s youngest member celebrated 30 years of offering political risk insurance to investors and maximizing finance for development. At the #MIGA30 event marking this milestone, individuals from the World Bank and MIGA, the private sector, and government, spoke to MIGA’s various accomplishments, as well as the numerous opportunities that lie ahead.  MIGA has helped guarantee projects in a wide variety of industry sectors – from agribusiness and tourism, to telecommunications and transportation. As the various speakers mentioned, MIGA has a lot to be proud of. This includes doubling its exposure to $20 billion over the past five years, and helping guarantee the establishment of the BenBan Solar Park in Egypt – which will be the world’s largest solar installation once construction is complete. And while the speakers each had their own unique perspective on working with MIGA, they all agreed that MIGA’s ...

What is the best way to assess a nation’s prosperity over time? The most commonly used measure is Gross Domestic Product (GDP), but many experts say this indicator is too limited and point to a more comprehensive approach that includes “wealth accounting.”  This involves adding up assets such as infrastructure, forests, minerals, and human capital—much like a company evaluates both its income statement (flows) and balance sheet (stocks) to determine performance. The World Bank, a leader in this field, is publishing a new book, The Changing Wealth of Nations 2018, which tracks the wealth of 141 countries. On February 5, the Global Economy and Development program at Brookings and the World Bank will co-host a panel of experts in this area, including Kristalina Georgieva, Chief Executive Officer of the World Bank. David Pilling, Financial Times Africa editor and author of a new book, The Growth Delusion: Wealth, Poverty and The Well-being of Nations, will moderate. Prior to the panel, World Bank ...

Islamic finance has been growing rapidly across the globe. According to a recent report, the Islamic finance market currently stands around $1.9 trillion. With this growth, its application has been extended into many areas—trade, real estate, manufacturing, banking, infrastructure, and more. However, it is still a relatively untapped market for public-private partnership (PPP) financing. A new PPIAF-funded report by the World Bank Group and the Islamic Development Bank Group represents the first systematic effort to capture and disseminate knowledge on deploying Islamic finance for infrastructure PPPs. Our discussion will address how Islamic finance has already been applied in infrastructure projects through PPP schemes, what are the structural challenges and solutions, and what can be done to deepen and maximize the use of Islamic finance for this purpose. To see the detailed agenda, please click here.  Visit Our Partners:  

A high-profile panel on maximizing finance for development, with Dr. Kim, President Kagame of Rwanda, and the CEOs of Standard Chartered, the NZ Super Fund, and the Housing Development Finance Corporation (HDFC) of India, was held at Annual Meetings. Key takeaways follow:  President Kagame pointed out that the prosperity Rwanda needs cannot come from just the public or the private sector alone, and noted that only when they work together can they maximize finance for development. Renu Sud Karnad of HDFC, agreed that the regulatory framework is often an obstacle for private investment. She explained that IFC was a founding shareholder of HDFC, and it was a leap of a faith as HDFC had no framework when they started. Subsequently, HDFC has built the housing finance market in India and helped create housing industry standards and regulations. Adrian Orr of NZ Super Fund, indicated that there’s a “wall” of money that wants to get into “frontier” markets, but the ...

World Bank Group President Jim Yong Kim and Managing Director of the International Monetary Fund Christine Lagarde speak at the October 13 plenary session of the Annual Meetings in Washington DC.

On October 12th MIGA celebrated its 30th year anniversary by hosting an interactive panel on Innovating to Mobilize Private Capital. The event kicked off with a video on MIGA’s partnership with Jordan in using innovative tools to attract private capital for the energy sector. The panelists then shared their perspectives on how to draw investment into developing countries. The panelists included: Keiko Honda, Executive Vice President and CEO, Multilateral Investment Guarantee Agency (MIGA); Kristalina Georgieva, CEO World Bank; Philippe H. Le Houérou, CEO, IFC; Bill Winters, CEO, Standard Chartered; and Ken Ofori-Atta, Minister of Finance, Ghana.  The event was moderated by Christopher Bishop, managing editor of Forbes Africa. Bill Winters spoke about the concerns that investors have and the types of instruments they need to slice the risk. Philippe and Keiko both elaborated on the Jordan case study, which showcased how the IFC and MIGA are working collaboratively with governments. Minister Ofori-Atta spoke about the political and economic ...

In the past year, several initiatives have been taken to mobilize private sector finance for development and contribute to achieving the 2030 Agenda and the Addis Ababa Action Agenda. In December 2016, IDA, the World Bank’s fund for the poorest countries, completed a record $75 billion replenishment with renewed focus on private sector development in the most difficult environments. A new $2.5 billion private sector window in IDA18—IDA’s next three-year round of financing, beginning in July 2017-- will help the World Bank, IFC and MIGA, together with their partners, mobilize private capital and scale-up private sector development in the poorest countries, particularly in fragile situations. The 2017 Development Finance Forum in Accra, Ghana, will deliberate on the successes and challenges of mobilizing transformational private sector investment for development goals in African nations, as well as opportunities for the public and private sectors to develop market-building alliances in Africa. The forum is organized by the World Bank Group and the African Center for ...

The private sector would invest more in emerging markets if it were less risky. Yet, a lack of familiarity, concerns about political risk, and a scarcity of bankable projects have too often prevented them from doing so. Recent breakthroughs in the application of political risk insurance and credit enhancement products are pointing a new way to easing such anxieties. MIGA political risk insurance, and an assurance of liquidity from EBRD, for example, recently contributed to a coveted two-notch bump in the rating of a bond issued to raise funds for a hospital PPP project in Turkey. As a result, a new and broader class of investors is now demonstrating interest in this, and similar projects. If scaled up effectively, trillions of dollars currently sitting on the sidelines and earning little interest could be channeled to development projects through such innovations.

The first in a series of four sessions that provides a multi-faceted view of the challenges and opportunities of mobilizing private finance for development. Urgent action is needed to mobilize, redirect and unlock trillions of dollars of private resources to ensure global growth and shared prosperity. IFC’s 60 years of experience has demonstrated the private sector’s ability to create innovative, commercially viable solutions that deliver development impact. What platforms are most efficient to mobilize third party capital for development? What are the most attractive opportunities for investors? Join a thought-provoking conversation on innovative ways to convert billions to trillions.

Today, 3.5 billion people — half of humanity — live in cities, including 828 million people who live in slums. By 2030 an estimated 60% of the world’s population will live in urban areas, with 95% of urban expansion predicted to take place in developing countries. What role will housing finance play in harnessing the investment necessary to build the cities and affordable housing needed by 2030 and beyond? Sustainable Development Goal #11 is to “ensure access for all people to adequate, safe, and affordable housing.” Is this goal realistic and achievable? How can we make it happen? This year’s Global Housing Finance Conference explores ideas on how to get there by 2030. World Bank Live will stream the welcoming remarks by Sri Mulyani Indrawati, keynote address by Aisa Kacyira, and first session of this two-day conference, which focuses on “Goal 2030 - Adequate, Safe and Affordable Housing” and what needs to happen to make it a reality.

Last year world leaders adopted a bold set of global goals to end extreme poverty and create a more sustainable, prosperous world. But what will it take to achieve them and where will the resources be found? Our development structures and their financial supports are under increasing pressure and facing strong headwinds in the shape of a challenging global economy, rising inequality, conflict and fragility as well as natural disasters and pandemics. How can we continue to build on the progress we have made and ensure it is not eroded away by our current challenges? Join a conversation with top development and finance leaders on the trends that are reshaping the development landscape and a vision for delivering a world free of extreme poverty where there is opportunity for all. Related Links: Bill & Melinda Gates Foundation GatesNotes: The blog of Bill Gates

Despite low interest rates, global growth has remained low driven by a simultaneous slowdown in most emerging markets, falling commodity prices, and flagging trade and capital flows. Join ministers from resource rich as well as importing countries and others as they discuss the challenges and opportunities to promote inclusive growth under a low interest rate and commodity prices scenario. The panel will address questions related to low global growth and commodity prices including why has global growth remained so low? How are countries weathering the global slowdown? Is this a transitional situation, where commodity importers are slowly reacting to the lower prices, while commodity exporters are struggling to adjust to the downturn? Or is low growth/low commodity prices/low interest rates, the new normal? What reforms are needed to reignite inclusive growth? Is there a need for greater collective action? Related Links: World Bank and Macroeconomics and Fiscal Management IEG Report: World Bank Group Engagement in Resource-Rich Countries

This book challenges the belief that private credit is essential to growth and fiat money is inevitably dangerous. 

2015 is a landmark year that will define the global development agenda for the next 15 years. By year’s end, the world’s leaders are likely to adopt a new set of global development goals and reach a critical agreement on tackling climate change. Achieving both will require a paradigm shift in how development is financed. This event will bring together all the key groups who will play a part. Development organizations, governments, the private sector and civil society, will discuss what it will take to finance development in a post-2015 world. The discussion will showcase the latest thinking on domestic resource mobilization, private sector leverage, and development financing mechanisms, solutions and initiatives that go beyond filling financing gaps. The discussion will also explore how the World Bank Group, International Monetary Fund and regional multilateral development banks can use their unique platforms and diversity of finance and knowledge instruments to attract the financing needed to end extreme poverty and achieve the ...

World Bank Group President Jim Yong Kim and Her Majesty Queen Máxima of the Netherlands, presented a visionary approach to attaining universal financial access by 2020.

Latin America managed to successfully weather the global financial crisis that wreaked havoc in developed countries. Nevertheless, the impact of the crisis, although reduced, is already affecting the economies of the region. And it is doing so in the form of low economic growth and a slowdown in total investments, as well as through dependence on volatile raw material prices. In this persistent lethargic phase of the global economy, what should drive growth of the countries in the region? An increase in productivity? Optimization of public investments? Increased monetary controls? These are some of the key questions renowned international experts will be asking during a discussion on the economic policies that can help Latin America return to the path of vigorous growth.

As law enforcement agencies continue to crack-down on international tax evaders to promote transparency in the global financial system, a lot more needs to be done to ensure that financing for development efforts are not impacted. The negative impact of tax evasion on domestic resources is best expressed by the development challenges that many countries continue to face. A combination of policy interventions and strong political can create space for new mechanisms in support of combating tax evasion, promoting transparency and increasing domestic resources for development financing.

Developing countries are adapting to low oil prices and an uneven global recovery. At the same time, they are grappling with divergent monetary policies in advanced economies and a possible tightening of conditions. World Bank Chief Economists from the six major developing regions will each provide insights during this lively roundtable.

If you had a 10% chance of having a fatal car accident, you'd take necessary precautions. If your finances had a 10% chance of suffering a severe loss, you'd reevaluate your assets. So if we know the world is warming and there's a 10% chance this might eventually lead to a catastrophe beyond anything we could imagine, why aren't we doing more about climate change right now? We insure our lives against an uncertain future—why not our planet? In "Climate Shock", Gernot Wagner and Martin Weitzman explore in lively, clear terms the likely repercussions of a hotter planet, drawing on and expanding from work previously unavailable to general audiences.

The two financial crises of the past century, the 1930s Great Depression and 2008 Great Recession, occurred against the backdrop of sharp credit booms, dubious banking practices, and unstable global financial system. When markets collapsed in 2008, policymakers invoked the lessons of the Great Depression to avert the worst. While their response prevented a financial collapse and catastrophic depression like the 1930s, unemployment in the U.S. and Europe still rose to excruciating high levels. Why didn't policymakers do better? The author shows how fear of another depression following the collapse of Lehman Brothers shaped policy responses, with both positive and negative results.

Adam Smith's legacy as the father of economics rests mainly on his great work, The Wealth of Nations. But his neglected work of moral philosophy and psychology, The Theory of Moral Sentiments, also has important lessons for economists and policymakers. Roberts draws on the insights from his new book on Smith and discovers lessons for even the most modern of economists. By reinvigorating Smith’s forgotten classic, the author provides us with a look at human behavior through the lens of one of history’s greatest minds.

World Bank Group President Jim Yong Kim will deliver the keynote address at this symposium co-hosted by the World Bank Group and the Korean Educational Development Institute (KEDI) in Seoul, Korea

This event will focus on the links between economic growth, structural transformation and poverty reduction in Africa. Rapid growth in Africa since 1995 has largely been driven by the natural resources and services sectors, whereas the share of agriculture and manufacturing in GDP have fallen. What does this imply for the “quality” of Africa's growth? In particular, what can the data tell us about how growth in different sectors of the economy translates into poverty reduction? Are there implications for growth-promoting policies?

This livestreamed event aims to raise awareness of the need to ramp up financing in areas affected by conflict and fragility while considering the World Bank Group’s role as a convener of finance across a range of instruments. 

This livestreamed event explores how to facilitate an effective launch of the post-2015 agenda with all partners.

How can economic growth benefit more people? Why and how should the public and private sectors work more closely together to create the conditions for inclusive growth? Join UK Secretary of State for International Development Justine Greening, World Bank Group President Jim Yong Kim, and other speakers from the private sector and national governments for a live-streamed discussion of transforming economies to benefit the poor. Participants will talk about their experiences in hugely varying country contexts and identify common factors for success.

This event will focus on avenues African policymakers can pursue to increase the benefits of economic growth for broad segments of their societies. Challenges to be discussed include the share of manufacturing in GDP, lower rates of employment creation, rapid urbanization of the continent, and difficulties in generating new sources of growth The event is co-sponsored by the Growth Dialogue and the World Bank Africa Region and will feature high-level policymakers engaging in a rich exchange of ideas and concrete policy options.

Over 2.5 billion adults do not have access to quality, affordable financial services, using instead informal methods to save, borrow, and secure their assets. Access to finance also remains a considerable obstacle for small and medium size enterprises, as financial systems remain too underdeveloped to serve their needs. Challenges remain toward building a more inclusive financial sector that can spur economic growth and reduce poverty levels. Join World Bank Group President Kim, H.M. Queen Máxima of the Netherlands, UN Secretary-General’s Special Advocate for Inclusive Finance for Development, Honorary Patron of the G20 GPFI, government ministers, and banking CEOs for a panel on how broader financial inclusion can be achieved through the use of multi-stakeholder partnerships and technology to enable business model innovation. In partnership with the World Economic Forum.