World Bank Guarantee Program

Size: px
Start display at page:

Download "World Bank Guarantee Program"

Transcription

1 World Bank Guarantee Program for the Consultation of Modernizing the World Bank s Operational Policy on Guarantees January 2012

2 Why World Bank Guarantees? Guarantees are viewed as a key financial instrument to support the flow of private investments for development The leveraging power of the guarantee instrument is particularly relevant in attracting private capital where investors and lenders are seeking to mitigate risk Greater use of guarantees is called for, in particular, to support developing countries infrastructure investment plans help countries access to the markets during the ongoing financial crisis Guarantees could be useful in addressing local currency financing and in developing local currency markets 2

3 World Bank Guarantee Products and Requirements World Bank Guarantee Products: Partial Risk Guarantees (PRG) support private sector investment projects, including Public-Private Partnership (PPP) projects, green-field and rehabilitation/expansion projects, concession and privatization transactions. PRG can be structured to protect lenders of limited-recourse project finance debt, or to protect the project company ( Letter of Credit or Deemed Loan PRGs) Partial Credit Guarantees (PCG) support commercial borrowing of either the government or non-government borrower (e.g. state-owned utilities, banks) chiefly in support of public investment projects Policy-Based Guarantees (PBG) is a version of a PCG in support of commercial borrowing of the government for budget financing and to support a reform program Country eligibility: PRGs are available to all IBRD and IDA countries, PCGs and PBGs only to IBRD-eligible countries. IBRD may provide PRGs for enclave projects in IDA-only countries Indemnity: All guarantees require a counter-guarantee from the member country Coverage: The World Bank provides guarantees only to the extent necessary to mobilize the private financing 3

4 World Bank Partial Risk Guarantees PRG covers lenders against the risk of Government nonperformance of its contractual obligations to a specific project, such as the risk of non-payment by Government/SOE, change in law/regulatory risk, expropriation risk, etc. Typical PRG Structure RRG reduces project risk for private financiers, and thus improve bankability of the project to enable/facilitate financing, reduce cost of capital and extend debt tenor to better meet project needs World Bank PRGs are often provided to Public-Private Partnership projects along with MIGA political risk insurance and IFC loan/equity investments

5 World Bank Partial Credit Guarantees & Policy-Based Guarantees PCG/PBG guarantees part of debt services to lenders or bond holders regardless the cause of default Typical PCG Structure Can be offered for Government (PCG/PBG); or SOE and other borrower, so long as there is a sovereign counter-guarantee (PCG) By covering part of debt services, PCG/PBG improves terms of commercial debt by extending maturity, lowering interest rate costs, increasing issue amount and/or enabling access to new markets (loans & bonds), making commercial debt more suitable for development support (e.g. infrastructure projects, budgetary financing) 5

6 World Bank Guarantee Operations to date (Cumulative results) 37 guarantee operations have been approved to date for cumulative amount of $4.5 billion in 30 countries across Regions $27 billion project financing has been helped mobilized by $3 billion financially closed guarantees Many of the guarantee operations are PRGs in support of private sector projects: 25 PRGs, 8 PCGs and 4 PBGs Given the full line up of guarantee products (i.e. PRG/PCG/PBG), IBRD has provided more guarantee support vs. IDA: 24 IBRD guarantees and 13 IDA guarantees Recent transactions include: Botswana PCG approved in FY10; Serbia PBG approved in FY11; Cameroon PRG and Macedonia PBG approved in FY12 so far; for a total of $860 million for FY

7 IDA and IBRD guarantee volumes FY IBRD IBRD/IDA Guarantees in Recent Years FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 No. of Projects/Operations Guarantee Amount (in US$ million) IDA No. of Projects/Operations Guarantee Amount (in US$ million) Note: All the above guarantee operations except 2 PBGs have been for infrastructure power, oil & gas and transport 7

8 Guarantee Breakdown by Sector and Region (Cumulative Results) Guarantee Allocation by Sector (in US$ million) Guarantee Allocation by Region (in US$ million) Fiscal Support, $944 Multi-Infra, $270 OTHER, $200 AFR, $1, ECA, $1, OIL & GAS, $660 TRANSPORT, $55 FINANCE, $120 TELECOM, $250 POWER, $2,051 SAR, $ LAC, $ MNA, $ EAP, $

9 Benefits of World Bank Guarantees for client governments Leverage IBRD/IDA resources by mobilizing additional capital resources Improve commercial borrowing terms to meet the requirements of infrastructure and other development operations and Public and Private Partnership (PPP) projects Mobilize private investments/greater amount of capital, enabling governments to share risks of project development and financing with the private sector Bank guarantees can be structured flexibly to meet clients financing needs e.g. local currency guarantee Provide opportunity for the Bank to help government build capacity e.g. PPP project development and implementation Procurement flexibility ( economy and efficiency ) World Bank guarantees backed by its sector dialogue with and indemnity from governments anchor and facilitate the participation of IFC/MIGA; collaboration with IFC/MIGA leverage World Bank s limited resources 9

10 Annex: Details on World Bank Group Guarantee 10

11 World Bank Guarantee Operations to date by Sector (Board approval basis) Power Gas & Pipeline Transport Others Fiscal Support PCG China (3) Philippines Lebanon Thailand Botswana PCG Jordan (telecom) PBG Argentina Colombia Serbia Macedonia Pakistan (2) Bangladesh Vietnam Lao PDR Morocco Jordan Romania Code d Ivoire Uganda (2) Senegal Sierra Leone Albania Cameroon Mozambique (2 Enclave PRG) Ghana Nigeria Uganda Kenya Russia (telecom) Ukraine (telecom) Russia (coal/forestry) West Africa (multiinfra) Peru (multi-infra PRG) 11

12 World Bank Guarantee Operations to date by Region (Board approval basis) AFR EAP ECA LAC MNA SA PCG Botswana Code d Ivoire Mozambique Uganda (2) Ghana West Africa Senegal Sierra Leone Kenya Nigeria Cameroon PCG China (3) Philippines Thailand Vietnam Lao PDR PBG Serbia Macedonia Russia (2) Ukraine (2) Romania Albania PCG Brazil PBG Argentina Colombia Peru PCG Jordan Lebanon Morocco Jordan Pakistan (2) Bangladesh 12

13 World Bank (IBRD) Partial Credit Guarantee help government & utility s access to the loan market Botswana: Morupule B Power Generation Project (PCG for international loan) World Bank PCG helped mobilize $825 million commercial loan with 20- year maturity World Bank exposure under the PCG is $120m (present value of the PCG) Only $30m (25% of $120m) to be charged to country exposure limit (new ruling after CY10) World Bank Guarantees $243 m (29% of $825m) principal payments (plus one accrued interest payment ) callable on and after year day partly covered by ECA (Sinosure ) World Bank guaranteed Transaction summary is available at 13

14 World Bank Group Main Guarantee/Insurance Products MIGA Political Risk Insurance Transfer restriction Expropriation War and civil disturbance Breach of contract Non-honoring of sovereign financial obligations IFC Direct Debt Substitute Partial and Full Credit Guarantee covers non payment by private borrowers Commercial Operation credit enhancement guarantees such as guarantees of bid and performance bonds Global Trade Finance Program covers non payment by L/C issuing banks Global Offshore Liquidity Facility covers transfer and convertibility risk B-loan program Implicitly offers risk mitigation similar to MIGA s transfer restriction Local currency guarantees IBRD/IDA Partial Risk Guarantee covers lenders against risk of default by governments (or government entities) contractual obligations in a private sector project Partial Credit Guarantee (IBRD only) covers credit risk in public sector projects of governments/public borrowers Policy-Based Guarantees (IBRD only) covers credit risk of the government 14

15 World Bank Guarantees and WBG Collaboration Key Product Positioning Risk Coverage Type of Eligible Investment Instruments for cover World Bank MIGA IFC Credit Risk (PCG/PBG) & Political Risk (PRG) Debt (& Equity through PRG structuring) Political Risk (PRI) Equity & Debt Credit Risk (PCG) Debt Product Characteristics Flexibly defined product Narrowly defined products (PRI) Widely defined product Eligible Projects Narrowly targeted (Government s priority projects only with indemnity) Widely targeted Widely targeted Major Clients Host Government Private Sector Private Sector Origination Mainly with client countries Mainly with private sector investors & lenders Mainly with private sector investors & lenders 15

16 WBG Joint Operations Examples Country/ Project Cameroon November 2011 Kribi Power Project Albania May 2009 Power Distribution Privatization Uganda April 2007 Bujagali Hydropower Uganda December 2006 Umeme Power Project Kenya & Uganda January 2006 Kenya Uganda Joint Railway Concession Lao PDR March 2005 Nam Theun 2 Hydropower Romania - December 2004 Power Dist. Privatization Mozambique - November 2003 S. African Regional Gas Project (SASOL) IBRD/IDA and IFC/ MIGA Support IDA US$ 82 million equiv. PRG IFC US$86 million A Loan IBRD US$ 78 million equiv. PRG IFC advisory IDA US$ 115 million PRG IFC US$ 100 million A loan; US$ 30 million C loan MIGA US$ 115 million PRI IDA US$ 6 million credit used as PRG MIGA US$ 40 million PRI IDA US$ 45 million PRG (Kenya) IDA US$ 10 million PRG (Uganda) IFC US$ 40 million A and C loans IDA US$ 42 million PRG; US$20 million credit MIGA US$ 91 million PRI IBRD EUR 60 m PRG (P only) IFC Investment of about EUR 170 m IBRD US$20 m & US$10 m enclave PRGs (P only) MIGA US$ 72 m guarantee (P&I) IFC Investment of US$ 18.5 m (approx) Note: Typical joint operations are for complex infrastructure projects, with Bank PRG, MIGA insurance and/or IFC equity/loan 16

17 Example of WBG Collaboration UGANDA-BUJAGALI HYDRPOWER: ROLES OF IDA, IFC AND MIGA IDA PRG + IFC A&C Loans + MIGA PRI GOU (Equity in kind) IPS (K) controlled SPV SG Bujagali Holdings Ltd. PRI Shareholders Financing Indemnity Agreement IDA PRG Commercial Lenders Project Agreement Bujagali Energy Ltd. Implementation Agreement Government of Uganda Guarantee Agreement UETCL other DFIs Loans EPC Contract EPC Contractor: Salini/Alstom O&M Contract O&M contractor: Sithe Affiliate Power Purchase Agreement Transaction summary is available at 17

Access to Sustainable Energy for All With Gas Abidjan, 4 5 Nov 2013

Access to Sustainable Energy for All With Gas Abidjan, 4 5 Nov 2013 Access to Sustainable Energy for All With Gas Abidjan, 4 5 Nov 2013 World Bank Group Financing Options Sunil Mathrani Snr. Energy Specialist 1 THE WORLD BANK ANNUAL REPORT 2012 THE WORLD BANK GROUP The

More information

Mitigating Political Risks in Large Infrastructure Projects

Mitigating Political Risks in Large Infrastructure Projects Power Projects Mitigating s in Large Projects A presentation to the Regional Investment Conference September 2005 Tracey Austin Project and Export Finance Africa & Middle East Contents in Africa has an

More information

IFC Global Oil & Gas

IFC Global Oil & Gas IFC Global Oil & Gas The World Bank Group IBRD International Bank for Reconstruction and Development IDA International Development Association IFC International Finance Corporation MIGA Multilateral Investment

More information

Countries Ranked by Per Capita Income A. IBRD Only 1 Category iv (over $7,185)

Countries Ranked by Per Capita Income A. IBRD Only 1 Category iv (over $7,185) Page 1 of 5 Note: This OP 3.10, Annex C replaces the version dated September 2013. The revised terms are effective for all loans that are approved on or after July 1, 2014. Countries Ranked by Per Capita

More information

IFC. Why Trade Finance matters for Trade. World Trade Organization Public Forum 2014

IFC. Why Trade Finance matters for Trade. World Trade Organization Public Forum 2014 IFC Why Trade Finance matters for Trade World Trade Organization Public Forum 2014 IFC: a member of the World Bank Group IBRD IDA IFC MIGA ICSID International Bank for Reconstruction and Development International

More information

Per Capita Income Guidelines for Operational Purposes

Per Capita Income Guidelines for Operational Purposes FROM: The President May 29, 2013 Per Capita Income Guidelines for Operational Purposes The Gross National Income (GNI) guidelines covering the Civil Works Preference, IDA Eligibility, IBRD Terms and the

More information

Presentation to the KZN Exporter Week

Presentation to the KZN Exporter Week Presentation to the KZN Exporter Week Chris Thirion Stakeholder Management & Marketing 17 November 2014 ECIC Environment Self-sustained state-owned public entity registered as a Schedule 3 (b) business

More information

I. Economic Rationale for Secured Lending and WBG Current Assistance

I. Economic Rationale for Secured Lending and WBG Current Assistance New Ways to Support Financial Market Infrastructure PARTNERSHIP PROPOSAL I. Economic Rationale for Secured Lending and WBG Current Assistance There is an expanding evidence base on the importance of collateral

More information

Rapid Social Response Summary Monthly Reports June/August 2009 1. Figure 1: Approved & Pipeline Projects by Theme Code, FY 09 and 10

Rapid Social Response Summary Monthly Reports June/August 2009 1. Figure 1: Approved & Pipeline Projects by Theme Code, FY 09 and 10 Rapid Social Response Summary Monthly Reports June/August 2009 1 Synopsis: By August 2009, total allocations towards RSR Priority Themes amounted to $7.6 billion, including $4.3 billion for FY 09 and $3.3

More information

Agreements, bonds and guarantees

Agreements, bonds and guarantees Agreements, bonds and guarantees SPV Formation The Special Project Vehicle (SPV) may take a variety of forms, including a corporation, limited liability company, general partnership, limited partnership,

More information

Mining finance through the cycle in frontier countries

Mining finance through the cycle in frontier countries Mining finance through the cycle in frontier countries Ignacio de Calonje Global Mining Finance Conference 12 September 2012 IFC Overview 2 The World Bank Group IBRD International Bank for Reconstruction

More information

Africa Energy. Transformative Impact, Lessons Learned, and the Way Forward. Zayra Romo. Energy Unit - Africa Region World Bank November 2013

Africa Energy. Transformative Impact, Lessons Learned, and the Way Forward. Zayra Romo. Energy Unit - Africa Region World Bank November 2013 Africa Energy Transformative Impact, Lessons Learned, and the Way Forward Zayra Romo Energy Unit - Africa Region World Bank November 2013 Summary 1. Energy sector development is necessary to reduce poverty

More information

PPI 1 in IDA Countries, 2009 to 2014

PPI 1 in IDA Countries, 2009 to 2014 PPI 1 in IDA Countries, 2009 to 2014 This note is a product of the Public-Private Partnership Group of the World Bank, and the Private Participation in Infrastructure Database (PPI Database), written by

More information

PANDE-TEMANE GAS FIELDS SASOL CMH IFC PPA UJV

PANDE-TEMANE GAS FIELDS SASOL CMH IFC PPA UJV PANDE-TEMANE GAS FIELDS SASOL CMH IFC PPA UJV Initiating development and monetization of Mozambique s substantial natural gas resources in an environmentally sustainable manner, thereby contributing towards

More information

Guarantees for development

Guarantees for development December 2014 Report Guarantees for development A review of multilateral development bank operations Chris Humphrey and Annalisa Prizzon Guarantees have several characteristics that bring advantages over

More information

IBRD/IDA and Blend Countries: Per Capita Incomes, Lending Eligibility, and Repayment Terms

IBRD/IDA and Blend Countries: Per Capita Incomes, Lending Eligibility, and Repayment Terms Page 1 of 7 Note: This OP 3.10, Annex D replaces the version dated September 24, 2014. The financing terms below are effective for all loans that are approved by the Executive Directors on or after July

More information

American Funds Insurance Series. New World Fund. Summary prospectus Class 2 shares May 1, 2015

American Funds Insurance Series. New World Fund. Summary prospectus Class 2 shares May 1, 2015 American Funds Insurance Series New World Fund Summary prospectus Class 2 shares May 1, 2015 Before you invest, you may want to review the fund s prospectus and statement of additional information, which

More information

PROMOTING RENEWABLE ENERGY THROUGH THE PRIVATE SECTOR

PROMOTING RENEWABLE ENERGY THROUGH THE PRIVATE SECTOR PROMOTING RENEWABLE ENERGY THROUGH THE PRIVATE SECTOR PATRICK WILLEMS IFC EUROPE AND CENTRAL ASIA DEPARTMENT RUSSIA RENEWABLE ENERGY PROGRAM 01 October 2015 IFC: A MEMBER OF THE WORLD BANK GROUP IBRD IDA

More information

Toward a Low-Carbon Economy: Renewable Energy and Energy Efficiency Portfolio Review

Toward a Low-Carbon Economy: Renewable Energy and Energy Efficiency Portfolio Review Toward a Low-Carbon Economy: Renewable Energy and Energy Efficiency Portfolio Review A number of factors are influencing the trend in World Bank Group support for renewable energy and energy efficiency.

More information

One billion digital TV households

One billion digital TV households One billion digital TV households About 455 million digital homes were added around the world between end-2010 and end-2014, according to a new report from Digital TV Research. This took the digital TV

More information

International Development Association

International Development Association International Development Association Management s Discussion & Analysis and Financial Statements June 30, 2014 INTERNATIONAL DEVELOPMENT ASSOCIATION MANAGEMENT S DISCUSSION AND ANALYSIS JUNE 30, 2014

More information

Optimizing World Bank Group Resources and Supporting Infrastructure Financing 1

Optimizing World Bank Group Resources and Supporting Infrastructure Financing 1 Optimizing World Bank Group Resources and Supporting Infrastructure Financing 1 At their meeting in February 2014, G20 Ministers of Finance and Central Bank Governors requested the World Bank Group (WBG)

More information

MANAGING RISK IN EMERGING MARKETS OUR CORE BUSINESS

MANAGING RISK IN EMERGING MARKETS OUR CORE BUSINESS MANAGING RISK IN EMERGING MARKETS OUR CORE BUSINESS Fiscal Year 2014 PROVEN TRACK RECORD 58 Years of profitable investments in emerging markets $67b $51.7b $15.3b $22.4b $17.3b $5.1b $1.5b Diversified

More information

Quantitative investing in upcoming emerging markets

Quantitative investing in upcoming emerging markets WHITE PAPER July 14, 2014 For professional investors Quantitative investing in upcoming emerging markets Consequences of the recent upgrade of Qatar and UAE to emerging markets Wilma de Groot, CFA Weili

More information

Appendix A. Crisis Indicators and Infrastructure Lending

Appendix A. Crisis Indicators and Infrastructure Lending Appendix A. Crisis Indicators and Infrastructure Lending APPENDIX A Table A.1. Crisis Indicators (Case Study Countries) Country % as Share of GDP Share of in Bank Crisis Severity Score (principal factor

More information

Trade Credit & Political Risk Insurance: Critical Tools to Boost Investments in Africa s Agriculture Sector

Trade Credit & Political Risk Insurance: Critical Tools to Boost Investments in Africa s Agriculture Sector Trade Credit & Political Risk Insurance: Critical Tools to Boost Investments in Africa s Agriculture Sector 5 November, 2009: Dar, Tanzania Albert Rweyemamu African Trade Insurance Agency (ATI) Outline

More information

IFC s Experience in Financing Airports Queen Alia Airport: A Case Study. Dubai, February 23, 2011

IFC s Experience in Financing Airports Queen Alia Airport: A Case Study. Dubai, February 23, 2011 IFC s Experience in Financing Airports Queen Alia Airport: A Case Study Dubai, February 23, 2011 Content IFC An Overview IFC s Activities in Infrastructure, and IFC s Experience in Financing Airports Case

More information

The investment fund statistics

The investment fund statistics The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal

More information

Guidelines for DBA Coverage for Direct and Host Country Contracts

Guidelines for DBA Coverage for Direct and Host Country Contracts Guidelines for DBA Coverage for Direct and Host Country Contracts An Additional Help document for ADS Chapter 302 New Reference: 06/14/2007 Responsible Office: OAA/P File Name: 302sap_061407_cd48 BACKGROUND:

More information

Overview of the African Development Bank Group

Overview of the African Development Bank Group Overview of the African Development Bank Group A vision for Africa s transformation: AfDB Ten-Year Strategy: 2013-22 Two objectives to support transformation Three areas of special emphasis Building resilience

More information

Secured Transactions and Collateral Registries Program

Secured Transactions and Collateral Registries Program Secured Transactions and Collateral Registries Program Access to Finance, IFC Amman, Jordan, June 25, 2013 Alejandro Alvarez de la Campa Global Product Leader STCR OUTLINE 1. Definition of Secured Transactions

More information

Proforma Cost for international UN Volunteers for UN Partner Agencies for 2016. International UN Volunteers (12 months)

Proforma Cost for international UN Volunteers for UN Partner Agencies for 2016. International UN Volunteers (12 months) Proforma Cost for international UN Volunteers for UN Partner Agencies for 2016 Country Of Assignment International UN Volunteers (12 months) International UN Youth Volunteers (12 months) University Volunteers

More information

Fiscal Rules and Fiscal Responsibility Frameworks for Growth in Emerging and Low-Income Countries

Fiscal Rules and Fiscal Responsibility Frameworks for Growth in Emerging and Low-Income Countries Fiscal Affairs Department Effects of Good Government, by Ambrogio Lorenzetti, Siena, Italy, 1338-39 Fiscal Rules and Fiscal Responsibility Frameworks for Growth in Emerging and Low-Income Countries Martine

More information

Benjamin Mugisha Resident Underwriter African Trade Insurance Agency (ATI) Central, East & Southern Africa

Benjamin Mugisha Resident Underwriter African Trade Insurance Agency (ATI) Central, East & Southern Africa Benjamin Mugisha Resident Underwriter African Trade Insurance Agency (ATI) Central, East & Southern Africa Place your company logo here (i.e. replace the Spintelligent logo with your company s logo). NB:

More information

INSTRUCTIONS FOR COMPLETING THE USAID/TDA DEFENSE BASE ACT (DBA) APPLICATION

INSTRUCTIONS FOR COMPLETING THE USAID/TDA DEFENSE BASE ACT (DBA) APPLICATION INSTRUCTIONS FOR COMPLETING THE USAID/TDA DEFENSE BASE ACT (DBA) APPLICATION Full Name of Insured or Company and Complete Mailing Address: This is whoever has the contract with USAID. Generally, it is

More information

Guide to Treatment of Withholding Tax Rates

Guide to Treatment of Withholding Tax Rates Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep

More information

Assessment of World Bank Group s Revenue Transparency Implementation in the Extractive Industries March 2007 i By Heike Mainhardt-Gibbs

Assessment of World Bank Group s Revenue Transparency Implementation in the Extractive Industries March 2007 i By Heike Mainhardt-Gibbs Assessment of World Bank Group s Revenue Transparency Implementation in the Extractive Industries March 2007 i By Heike Mainhardt-Gibbs INTRODUCTION The following document is an assessment of how the World

More information

Secured Transactions & Collateral Registries: Global Expansion, Global Results

Secured Transactions & Collateral Registries: Global Expansion, Global Results Secured Transactions & Collateral Registries: Global Expansion, Global Results WHY SECURED TRANSACTIONS? CLEAR MARKET FAILURE IN LAC AND BEYOND SME Finance Gap 400 million SMEs in developing world 50%

More information

Overcoming financing challenges for Hydro Power Projects Francois Viljoen, Director, Cresco Project Finance, South Africa

Overcoming financing challenges for Hydro Power Projects Francois Viljoen, Director, Cresco Project Finance, South Africa Overcoming financing challenges for Hydro Power Projects Francois Viljoen, Director, Cresco Project Finance, South Africa Contents Features of Project Finance Challenges posed by Project Finance Risk assessment

More information

Global Fund Country Allocations:

Global Fund Country Allocations: Global Fund Country Allocations: 2014-2016 12 March 2014 In 2014, the Global Fund is implementing a new funding model. As partners in the response to HIV, tuberculosis and malaria, we expect to reach more

More information

Population below the poverty line Rural % Population below $1 a day % Urban % Urban % Survey year. National %

Population below the poverty line Rural % Population below $1 a day % Urban % Urban % Survey year. National % 2.7 International the the Afghanistan.................... Albania 2002 29.6 19.8 25.4...... 2002 a

More information

Bangladesh Visa fees for foreign nationals

Bangladesh Visa fees for foreign nationals Bangladesh Visa fees for foreign nationals No. All fees in US $ 1. Afghanistan 5.00 5.00 10.00 2. Albania 2.00 2.00 3.00 3. Algeria 1.00 1.00 2.00 4. Angola 11.00 11.00 22.00 5. Argentina 21.00 21.00 42.00

More information

Small Grants Program OCIAL DEVELOPMENT THE WORLD BANK

Small Grants Program OCIAL DEVELOPMENT THE WORLD BANK Small Grants Program OCIAL DEVELOPMENT THE WORLD BANK About the Program The Program provides grants to civil society organizations through participating World Bank Country Offices and is guided by the

More information

FDI performance and potential rankings. Astrit Sulstarova Division on Investment and Enterprise UNCTAD

FDI performance and potential rankings. Astrit Sulstarova Division on Investment and Enterprise UNCTAD FDI performance and potential rankings Astrit Sulstarova Division on Investment and Enterprise UNCTAD FDI perfomance index The Inward FDI Performance Index ranks countries by the FDI they receive relative

More information

Commercial Cofinancing and Guarantees

Commercial Cofinancing and Guarantees Commercial Cofinancing and Guarantees Commercial Cofinancing and Guarantees Office of Cofinancing Operations 2009 2010 Asian Development Bank All rights reserved. Published 2010. Printed in the Philippines.

More information

Review of Risk Mitigation Instruments for Infrastructure Financing and Recent Trends and Developments

Review of Risk Mitigation Instruments for Infrastructure Financing and Recent Trends and Developments TRENDS AND POLICY OPTIONS No. 4 HELPING TO ELIMINATE POVERTY THROUGH PRIVATE INVOLVEMENT IN INFRASTRUCTURE Review of Risk Mitigation Instruments for Infrastructure Financing and Recent Trends and Developments

More information

KEY CONSIDERATIONS IN POWER PURCHASE AGREEMENT (PPA) RISK ALLOCATION AND COMMON CLAUSES WHICH FORM PART OF A PPA

KEY CONSIDERATIONS IN POWER PURCHASE AGREEMENT (PPA) RISK ALLOCATION AND COMMON CLAUSES WHICH FORM PART OF A PPA KEY CONSIDERATIONS IN POWER PURCHASE AGREEMENT (PPA) RISK ALLOCATION AND COMMON CLAUSES WHICH FORM PART OF A PPA AFRICA UTILITY WEEK CONFERENCE Yesufu Longe Alonge Head, Power Procurement & Power Contracts

More information

Subnational Borrowing Framework Lili Liu Lead Economist Economic Policy and Debt Department

Subnational Borrowing Framework Lili Liu Lead Economist Economic Policy and Debt Department International Seminar on Building New Countryside and Promoting Balanced Regional Development for a Harmonious Society Haikou, China 2006 年 8 月 21-26 日 Subnational Borrowing Framework Lili Liu Lead Economist

More information

World Bank Group: Developing Domestic Securities Markets. Securities Markets Group Global Capital Markets Development Department

World Bank Group: Developing Domestic Securities Markets. Securities Markets Group Global Capital Markets Development Department World Bank Group: Developing Domestic Securities Markets Securities Markets Group Global Capital Markets Development Department 3 The demand for local currency bond markets remains strong and continues

More information

INDIA S EXTERNAL DEBT AS AT END-DECEMBER 2014

INDIA S EXTERNAL DEBT AS AT END-DECEMBER 2014 GOVERNMENT OF INDIA INDIA S EXTERNAL DEBT AS AT END-DECEMBER 2014 MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS EXTERNAL DEBT MANAGEMENT UNIT MARCH 2015 www.finmin.nic.in INDIA S EXTERNAL DEBT AS

More information

Political risk insurance

Political risk insurance INVESTMENT CLIMATE epsos.de Political risk insurance By Mary Porter Peschka Political risk insurance is designed to protect investors and lenders against a range of risks they may encounter, including

More information

FY 2014 Annual Report on Intercountry Adoption March 31, 2015

FY 2014 Annual Report on Intercountry Adoption March 31, 2015 Pursuant to Section 104 of the Intercountry Adoption Act of 2000 (IAA) (Public Law 106-279), the U.S. Department of State submits the FY 2014 Annual Report on Intercountry Adoption. IAA 104(b) Report Elements:

More information

at BROOKINGS GLOBAL VIEWS The World Bank and Coal Aid Global Economy and Development Washington, DC 20036 Policy Brief 2011-10

at BROOKINGS GLOBAL VIEWS The World Bank and Coal Aid Global Economy and Development Washington, DC 20036 Policy Brief 2011-10 Policy Brief 2011-10 Global Econo and Developm at BROOKINGS Global Economy and Development at BROOKINGS GLOBAL VIEWS PHOTO: INGA NIELSEN The World Bank and Coal Aid Abigail Jones Director of Research and

More information

WORLD HYDRO POTENTIAL AND DEVELOPEMENT.

WORLD HYDRO POTENTIAL AND DEVELOPEMENT. WORLD HYDRO POTENTIAL AND DEVELOPEMENT www.intpow.com Africa Africa Gross Theoretical Technically recent Algeria 12,000 4,000 278 560 2.7 0 n/a Angola 150,000 >65,000 790 3,147 77.7 >80 1,164-5,514 Benin

More information

Debt Conversion Development Bonds

Debt Conversion Development Bonds Debt Conversion Development Bonds Mobilizing Domestic Savings to Fund Development This paper was commissioned by UNESCO for the Advisory Panel of Experts on Debt Swaps and Innovative Approaches to Education

More information

FACT SHEET. Gini Coefficient

FACT SHEET. Gini Coefficient FACT SHEET 1. Overview 1.1 Developed by an Italian statistician Corrado in the 1910s, is commonly used to indicate income inequality in a society. is a number which has a value between zero and one. As

More information

Annual Report INSURING INVESTMENTS ENSURING OPPORTUNITIES

Annual Report INSURING INVESTMENTS ENSURING OPPORTUNITIES Annual Report INSURING INVESTMENTS ENSURING OPPORTUNITIES 20 15 MIGA s MISSION To promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people

More information

Consolidated International Banking Statistics in Japan

Consolidated International Banking Statistics in Japan Total (Transfer Consolidated cross-border claims in all currencies and local claims in non-local currencies Up to and including one year Maturities Over one year up to two years Over two years Public Sector

More information

Corporate Banking. Understanding your Corporate Banking needs in Africa. Search

Corporate Banking. Understanding your Corporate Banking needs in Africa. Search Corporate Banking Understanding your Corporate Banking needs in Africa Contents 3 Working alongside you to power your success 4 Bringing your business a dedicated relationship model 5 A range of services

More information

Raising Capital for Oil & Gas:

Raising Capital for Oil & Gas: Raising Capital for Oil & Gas: Options, Opportunities & Outlook Presented By: Dolapo Oni Ecobank Research About Ecobank Group A Snapshot Facts Present in 39 countries worldwide Operating in 35 African

More information

The Market for Infrastructure Finance A Navigational Aide

The Market for Infrastructure Finance A Navigational Aide The Market for Infrastructure Finance A Navigational Aide Jan Martin Witte, KfW Office Kampala Presentation at East African Power Industry Convention 31 August 2010, Nairobi 60 years of KfW Financing with

More information

IFC s Engagement in the Health Sector. November 2014

IFC s Engagement in the Health Sector. November 2014 IFC s Engagement in the Health Sector November 2014 IFC: Part of the World Bank Group IBRD IDA IFC MIGA ICSID International Bank for Reconstruction and Development International Development Association

More information

Triple-play subscriptions to rocket to 400 mil.

Triple-play subscriptions to rocket to 400 mil. Triple-play criptions to rocket to 400 mil. Global triple-play criptions will reach 400 million by 2017; up by nearly 300 million on the end-2011 total and up by 380 million on the 2007 total, according

More information

Black Sea Trade and Development Bank. Romania March 2011

Black Sea Trade and Development Bank. Romania March 2011 Black Sea Trade and Development Bank Romania March 2011 BSTDB Target Clients Project Finance Corporate Finance 1. Corporates in general industries, shipping, telecom and energy 2. BOT projects 3. Regional

More information

Emerging Markets Value Stock Fund

Emerging Markets Value Stock Fund SUMMARY PROSPECTUS PRIJX March 1, 2016 T. Rowe Price Emerging Markets Value Stock Fund A fund seeking long-term growth of capital through investments in undervalued stocks of companies in emerging market

More information

Digital TV Research. http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample

Digital TV Research. http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample Digital TV Research http://www.marketresearch.com/digital-tv- Research-v3873/ Publisher Sample Phone: 800.298.5699 (US) or +1.240.747.3093 or +1.240.747.3093 (Int'l) Hours: Monday - Thursday: 5:30am -

More information

Financing PPPs: Project Finance June 2006

Financing PPPs: Project Finance June 2006 Financing PPPs: Project Finance June 2006 Index Section I. Section II. Section III. Project Finance Spanish Market Advantages Risk Matrix P. 2 Section I Project Finance Project Finance Definition Definition:

More information

From Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/gini_coefficient

From Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/gini_coefficient Gini coefficient From Wikipedia, the free encyclopedia http://en.wikipedia.org/wiki/gini_coefficient Graphical representation of the Gini coefficient The Gini coefficient is a measure of inequality of

More information

VI Latin American and Caribbean Regional Meeting on International Trade Single Windows. Port of Spain, Trinidad and Tobago 30 and 31 October 2014

VI Latin American and Caribbean Regional Meeting on International Trade Single Windows. Port of Spain, Trinidad and Tobago 30 and 31 October 2014 VI Latin American and Caribbean Regional Meeting on International Trade Single Windows Port of Spain, Trinidad and Tobago 30 and 31 October 2014 VI Latin American and Caribbean Regional Meeting on International

More information

Options Assessment for Structuring and Financing new Hydropower in PNG

Options Assessment for Structuring and Financing new Hydropower in PNG Options Assessment for Structuring and Financing new Hydropower in PNG Issues and Options Report - Revised Judith Plummer November 2011 CONTENTS Summary...3 1 Introduction...4 Purpose of this Paper...4

More information

Supporting Private Financing for Energy Efficiency and Renewable Projects. Nicolas Souche, Principal Investment Officer June 26 th 2015

Supporting Private Financing for Energy Efficiency and Renewable Projects. Nicolas Souche, Principal Investment Officer June 26 th 2015 Supporting Private Financing for Energy Efficiency and Renewable Projects Nicolas Souche, Principal Investment Officer June 26 th 2015 INTRODUCTION TO IFC Introduction to IFC IFC: A member of the World

More information

Business 20 MIGA ANNUAL REPORT 2013

Business 20 MIGA ANNUAL REPORT 2013 Business 20 MIGA ANNUAL REPORT 2013 Operational Overview In fiscal year 2013, MIGA issued $2.8 billion in new guarantees. Of this, $1.3 billion was ceded to MIGA s reinsurance partners. An additional $3.5

More information

Institutions Type Activity

Institutions Type Activity Sıra Recipient Party Description Contributing Party Institutions Type Activity Amount (millions) Currency Report Implementation Period 1 Turkey The training for optimal power generation for peak demand

More information

Management s Discussion & Analysis and Financial Statements

Management s Discussion & Analysis and Financial Statements Management s Discussion & Analysis and Financial Statements June 30, 2015 TABLE OF CONTENTS 1. EXECUTIVE SUMMARY... 2 2. DEVELOPMENT ACTIVITIES... 4 3. FUNDING SOURCES... 8 4. CAPITAL MANAGEMENT... 9 5.

More information

SURVEY 2015. The Italian Construction Companies in the World EDITED BY ANCE - ITALIAN CONTRACTORS ASSOCIATION

SURVEY 2015. The Italian Construction Companies in the World EDITED BY ANCE - ITALIAN CONTRACTORS ASSOCIATION SURVEY 2015 The Italian Construction Companies in the World EDITED BY ANCE - ITALIAN CONTRACTORS ASSOCIATION Ten years of international growth The international turnover of the Italian Construction Companies

More information

Public-Private Partnerships

Public-Private Partnerships Public-Private Partnerships Closing Critical Issues Washington, Background In limited recourse finance, the primary source of debt service is the cash flow generated by the Project will evaluate all factors

More information

PROJECT FINANCE & PPPs

PROJECT FINANCE & PPPs PROJECT FINANCE & PPPs EIB Presentation, BOAD, 40 th Anniversary 1 14 November 2013 Definition of PPPs 1) An agreement between a government and one or more private partners whereby the private partner(s)

More information

High Income Fund, Inc.[NYSE: AWF] (the "Fund") today released its monthly portfolio update as of January 31, 2013.

High Income Fund, Inc.[NYSE: AWF] (the Fund) today released its monthly portfolio update as of January 31, 2013. News Release FOR IMMEDIATE RELEASE Contacts: Shareholder Contact: 1-800-221-5672 AllianceBernstein Global High Income Fund RELEASES MONTHLY PORTFOLIO UPDATE New York, NY, February 26, 2013 - AllianceBernstein

More information

Introducing Clinical Trials Insurance Services Ltd

Introducing Clinical Trials Insurance Services Ltd Introducing Clinical Trials Insurance Services Ltd Important Staff Richard Kelly Managing Director Richard joined CTIS in 2006 having previously managed the Pharmaceutical wholesale division at Heath Lambert

More information

India, The World Bank, and the International Development Architecture

India, The World Bank, and the International Development Architecture India, The World Bank, and the International Development Architecture Ravi Kanbur www.kanbur.dyson.cornell.edu Presentation at Center for Global Development, May 15, 2013 Outline IDA Graduation India,

More information

Investor presentation

Investor presentation Investor presentation May 2016 Our values Predictable Driving results Changemakers Working together Disclaimer The following presentation is being made only to, and is only directed at, persons to whom

More information

Secured Transactions and Collateral Registries Program

Secured Transactions and Collateral Registries Program Secured Transactions and Collateral Registries Program Access to Finance, IFC San Jose, Costa Rica, 18 septiembre, 2013 Alejandro Alvarez de la Campa Global Product Leader STCR OUTLINE 1. Definition of

More information

Mediterranean Guarantees

Mediterranean Guarantees A newsletter on risk mitigation instruments for infrastructure investment in the Mediterranean Issue 2, October 2013 The Investment Security in the Mediterranean (ISMED) Support Programme seeks to increase

More information

CHILD AT RISK The world s most vulnerable children: who they are, where they live, and what puts them at risk

CHILD AT RISK The world s most vulnerable children: who they are, where they live, and what puts them at risk CHILD AT RISK The world s most vulnerable children: who they are, where they live, and what puts them at risk November 2015 Abdelkader Fayad 2 CHILD AT RISK 2015 1 Introduction More than 7 billion people

More information

Small Investment PROGRAM

Small Investment PROGRAM Small Investment PROGRAM Multilateral Investment Guarantee Agency World Bank Group MIGA: Bringing Clients Unique Strengths The Multilateral Investment Guarantee Agency s (MIGA) mission is to promote foreign

More information

4th CREDIT REPORTING AND RISK MANAGEMENT TRAINING

4th CREDIT REPORTING AND RISK MANAGEMENT TRAINING 4th CREDIT REPORTING AND RISK MANAGEMENT TRAINING INTRODUCTION TO CREDIT REPORTING Overview & Current Status Shalini Sankaranarayanan, Global Product Leader, Global Credit Reporting Program Belize City

More information

COMMISSION IMPLEMENTING DECISION. of 24.5.2016

COMMISSION IMPLEMENTING DECISION. of 24.5.2016 EUROPEAN COMMISSION Brussels, 24.5.2016 C(2016) 3040 final COMMISSION IMPLEMENTING DECISION of 24.5.2016 amending Commission Implementing Decision C(2015) 8936 of 15.12.2015 on the financing of humanitarian

More information

Your Partner in International Trade, Investment & Structured Finance. Aon Trade Credit Asia

Your Partner in International Trade, Investment & Structured Finance. Aon Trade Credit Asia Your Partner in International Trade, Investment & Structured Finance The ever-changing financial and political landscape makes it impossible to predict the future. Our culture encourages us to aggressively

More information

INOMICS. Job Market Report Worldwide Overview

INOMICS. Job Market Report Worldwide Overview INOMICS Job Market Report 2014 Worldwide Overview 1 Table of Contents I. Methodology 03 II. Key Findings 04 III. Job Market Outlook 05 1. Profile of Respondents 05 a. Demographics 05 Age Gender Country

More information

Eligibility List 2015

Eligibility List 2015 The Global Fund adopted an allocation-based approach for funding programs against HIV/AIDS, TB and malaria in 2013. The Global Fund policy states that countries can receive allocation only if their components

More information

High Income Fund, Inc.[NYSE: AWF] (the "Fund") today released its monthly portfolio update as of September 30, 2012.

High Income Fund, Inc.[NYSE: AWF] (the Fund) today released its monthly portfolio update as of September 30, 2012. News Release FOR IMMEDIATE RELEASE Contacts: Shareholder Contact: 1-800-221-5672 AllianceBernstein Global High Income Fund RELEASES MONTHLY PORTFOLIO UPDATE New York, NY, October 31, 2012 - AllianceBernstein

More information

Program Brief. Public Sector Governance Program Capacity Enhancement and Learning

Program Brief. Public Sector Governance Program Capacity Enhancement and Learning Program Brief Public Sector Governance Program Capacity Enhancement and Learning 1. Program Justification and Alignment Program Justification A well functioning public sector that delivers quality public

More information

2009 Ghana PPP Conference

2009 Ghana PPP Conference 2009 Ghana PPP Conference Public-Private Partnership for Social Services and Infrastructure 10 September 2009 An Authorised Financial Services Provider Agenda: Introduction to Rand Merchant Bank Debt &

More information

PRESS RELEASE FOR IMMEDIATE RELEASE

PRESS RELEASE FOR IMMEDIATE RELEASE PRESS RELEASE FOR IMMEDIATE RELEASE Bujagali Wins Africa Power Deal of the Year for 2007 Kampala, Uganda, 11 March 2008. Bujagali Energy Limited (BEL) today announced that its Bujagali Hydropower Project

More information

HEALTHIEST COUNTRIES 1 to 40

HEALTHIEST COUNTRIES 1 to 40 BLOOMBERG RANKINGS THE WORLD'S HEALTHIEST COUNTRIES HEALTHIEST COUNTRIES 1 to 40 1 Singapore 89.45% 92.52% 3.07% 2 Italy 89.07 94.61 5.54 3 Australia 88.33 93.19 4.86 4 Switzerland 88.29 93.47 5.17 5 Japan

More information

PUBLIC-PRIVATE PARTNERSHIP (PPP)

PUBLIC-PRIVATE PARTNERSHIP (PPP) PUBLIC-PRIVATE PARTNERSHIP (PPP) Virginia Tan, Allen & Overy Type: Published: Last Updated: Keywords: Legal guide June 2012 June 2012 PPP, infrastructure assets, public and private sectors This document

More information

World wide qualifications framework developments and (V)ET reforms some early findings

World wide qualifications framework developments and (V)ET reforms some early findings World wide qualifications framework developments and (V)ET reforms some early findings National Qualifications Frameworks in an international perspective International seminar on the occasion of the launch

More information

Norwegian Climate Finance 2010.

Norwegian Climate Finance 2010. Norwegian Climate Finance 2010. In Decision 1/CP.16 (Cancun Agreements AWGLCA outcome), relevant parties were invited to submit information on the resources provided for the fast start period (2010 2012).

More information

Appendix 1: Full Country Rankings

Appendix 1: Full Country Rankings Appendix 1: Full Country Rankings Below please find the complete rankings of all 75 markets considered in the analysis. Rankings are broken into overall rankings and subsector rankings. Overall Renewable

More information

Contact Centers Worldwide

Contact Centers Worldwide A Contact Centers Worldwide Country Tel.no. Supported lang. Contact Center Albania Algeria 852 665 00 +46 10 71 66160 Angola 89900 +34 91 339 2121 (Port) and Portuguese +34 913394044 +34 913394023 (Por)

More information