DEVELOPMENT FINANCE INSTITUTIONS
|
|
- Marcus Dale Burke
- 8 years ago
- Views:
Transcription
1 DEVELOPMENT FINANCE INSTITUTIONS Rhianydd Griffith and Matthew Evans Reed Smith LLP Type: Published: Last Updated: Keywords: Legal Guide July 2012 July 2012 International Law, Debt and Finance, DFI
2 This document provides general information and comments on the subject matter covered and is not a comprehensive treatment of the subject. It is not intended to provide legal advice. With respect to the subject matter, viewers should not rely on this information, but seek specific legal advice before taking any legal action Any opinions expressed in this document are those of the author and do not necessarily reflect the position and/or opinions of A4ID Advocates for International Development 2012
3 What is a Development Finance Institution (DFI)? DFIs occupy the space between public aid and private investment. They are financial institutions, which provide finance to the private sector for investments that promote development. They focus on developing countries and regions where access to private sector funding is limited. They are usually owned or backed by the governments of one or more developed countries. What do they do? DFIs provide finance: to financial institutions that provide long-term capital and know-how to local small and medium size businesses; to private sector intermediaries (such as funds of funds) which invest in underlying private enterprises involved in development projects; directly to underlying private enterprises. The finance is generally offered in the form of long-term loans (between 10 and 25 years), equity investment and credit risk guarantees. As well as providing finance, DFIs often act in co-operation with governments and other organisations in providing, (or financially contributing to/supporting), management consultancy and technical assistance. This assistance can be project specific, or general. DFIs aim to promote best practices in business, governance and environmental standards in the funds or companies in which they invest. Why do they exist? Private sector investment is strongly associated with economic growth, through the creation of profits, jobs, government tax revenues as well as other benefits to society. The purpose of DFIs is to fill a gap in the financial market. Most low income countries do not have sovereign credit ratings that are up to investment grade; they do not have a rating between 'AAA' and 'BBB' awarded by an international credit rating agency. This discourages private investors. It also makes it difficult and expensive for entrepreneurs and companies to raise the finance they need in order to develop, with small and medium sized enterprises in particular lacking access to finance.
4 DFIs invest in areas where, typically, commercial investors/banks would not. For example in poorer countries and sectors, providing finance involves higher risk. By taking on this risk, DFIs allow development projects to begin when they otherwise may not, or to continue when plans may have otherwise been abandoned due to a lack of long-term financing and knowhow. DFI s aim to invest on a sustainable basis by providing the means for developing country governments to invest in projects that encourage socio-economic development, thereby reducing the dependency on aid. The finance provided by the DFI is also intended to act as a catalyst, which helps to attract and mobilise the involvement of other private investors. Where a DFI is ultimately crowded out of an investment, area, or sector by private investors, this is considered an indicator of the DFI s success. What forms can they take? Many DFIs have been established and are operated under specialist legislation. Some are wholly owned by the public sector (i.e. governments and states). Examples include CDC, which is owned by the UK Government s Department for International Development ( DfiD ) and Norfund, which is owned by the Norwegian Government s Ministry of Foreign Affairs. Others have a mixed public and private ownership. Examples include COFIDES, which is owned jointly by the Spanish Foreign Trade Institute and various Spanish banks, and FMO, which is owned jointly by the Dutch government and commercial banks. DFIs can be bi-lateral (owned by one country to form partnerships with the private sector) multilateral or regional (with multiple shareholders from various countries). Examples of the latter include the Asian Development Bank, the International Finance Corporation ( IFC ) which is part of the World Bank Group and the European Bank for Reconstruction and Development ( EBRD ). The IFC and EBRD are the biggest DFIs in terms of annual commitments to the private sector. How do they operate? DFIs will usually be funded by their shareholders, including government funds, and will be backed by government guarantees. As a result of their perceived creditworthiness, DFIs can also raise large amounts of funds on the international capital markets and borrow internationally at low rates. DFIs have higher levels of liquidity than commercial banks because of their large levels of paid-in capital, additional callable capital from a reliable source and exemptions from paying tax
5 on their income. Shareholders of a DFI will not usually require dividends to be paid on their investment. DFIs depend on profits from their investments to ensure they have the resources for their ongoing engagements. CDC, for example, has received no government funds for over 15 years. Instead, all profits are re-invested in the business throughout its target emerging markets. DFIs can become very profitable because, while they are required to take higher levels of risk than commercial investors, they often naturally find themselves with first-mover advantage in certain markets. A well known example is the Celtel telecommunications company in Africa, in which DFIs invested early and later found themselves with significant profits. Investment decisions of the DFI will be overseen by a supervisory and management board. The make up of the supervisory board varies from DFI to DFI and will not always include representatives of the government by which the DFI is owned. For example, the supervisory board of the FMO does not include representatives of the Dutch government. Which investments are made on a day to day basis will generally be governed by one or more of the following: shareholder targets with respect to countries or instruments 1 ; the economic and social impact of the relevant sector 2 ; lack of capital/market failure in specific sectors; the comparative advantage of the DFI in certain sectors, countries or instruments 3 ; and the commercial interest of home country firms 4. Assessing impact DFIs take account of the financial returns to the investment, the economic contribution through employment and taxes, the social impact on beneficiaries and compliance with social and environmental standards. Various monitoring and measurement models have been established to measure the impact of DFI investments, 5 some of which are based on developing standard 1 In 2009, approximately 45% of CDC s portfolio was invested in sub-saharan Africa due to the low income status of its various countries 2 FMO specialises in housing, energy and finance, on the basis that investments in these sectors make a real impact 3 A perceived comparative advantage in selecting good fund managers may lead to a decision to favour funds of funds as an investment mechanism 4 Sectors may be chosen by a bilateral DFI on the basis of its home country s perceived comparative advantage in those areas.
6 indicators that can be reported on by investees, or the progress of which can be tracked using readily available data. These models, or variants on them, are used by the majority of DFIs. Over the past decade, the evidence suggests that sectors such as agriculture, infrastructure, financial sector and manufacturing produce strong development impacts. Despite a growing literature assessing the effects of individual investments and projects on development, there are gaps in the research on the macro impact of DFI investments. For one, most impact systems focus on micro-level impact of the relevant investment and secondly, systems for monitoring any wider development impacts can be demanding, meaning smaller institutions with lesser volume lack the capacity to match the scope, reporting and review frequencies that the system demands. DFIs provide two types of evidence of their catalytic effects: (i) descriptions of where their presence may have been catalytic and (ii) leverage ratios (i.e. how much the private sector or other DFI input has invested alongside). For example, CDC estimates that every dollar of CDC investment coincides with $5 of third party investment. DFIs do not tend to report development impacts by financial instrument (e.g. equity or credit) so it is not possible to analyse which type of instrument delivers the highest development impact. Risks and challenges DFIs must take care to avoid crowding out private sector investors through their subsidised pricing structure, as their access to cheap funds allows them to provide cheaper downstream finance. There has been particular discussion recently about DFIs crowding out private funding for microfinance, as well as a concern that DFIs have a tendency to lend to the most creditworthy Microfinance Institutions (MFIs), forcing private microfinance investment vehicles to invest in smaller and riskier institutions. Some DFIs, like CDC, invest through intermediaries in an attempt to minimise the risks of direct competition. Pursuing a double bottom line of both profit and development can prove difficult as the two often contradict each other. On the one hand, DFIs must invest shrewdly and generate returns yet on the other they must facilitate the economic development of the countries they invest in. Along similar lines, it has been argued that DFIs strict social and environmental sustainability policies are a constraint on their flexibility and capacity to close deals. During the global financial crisis, international commercial banks pulled away from the perceived risks of long-term debt finance and in some cases DFIs filled the 5 For example: IFC s Development Outcome Tracking System (DOTS), the German Investment Corporation (DEG) s Corporate-Policy Project Rating and EBRD s Transition Impact Monitoring System (TIMS).
7 space being the first to enter or the last to leave a troubled sector. However, not all DFIs were able to play a countercyclical or additional role; commitments and investment fell in a number of DFIs in , including CDC, DEG and IFC. DFIs have been criticised for using tax havens as the location for intermediate holding companies when making investments and for participating in third party funds domiciled in those locations. Certain DFIs have justified the use of such entities on the grounds that they accommodate the requirements of institutional investors who may invest alongside the DFI, whereas others have made it their policy not to continue this practice. The Future DFIs should not lose sight of their responsibility to expand access to financing through consistently searching out under-invested countries and sectors, while working to maximise the social outcomes of their projects. Improving the monitoring of impact on a macro scale is something various DFIs are working on which should also allow us to undertake a broader evaluation of their overall role in global development. Primary Sources Development Finance Institutions: Profitability Promoting Development* Thomas Dickinson CDC s position in the wider DFI architecture Christian Kingombe, Isabella Massa and Dirk Willem te Velde, Overseas Development Institute, 17 January 2011 The Growing Role of the Development Finance Institutions in International Development Policy Published by Dalberg Global Development Advisors Copenhagen 2010
The role of development finance institutions in tackling global challenges. Dirk Willem te Velde
The role of development finance institutions in tackling Dirk Willem te Velde August 2011 Acknowledgements This document is an output from a project funded by the UK Department for International Development
More informationPRIVATE EQUITY IN THE DEVELOPING WORLD
PRIVATE EQUITY IN THE DEVELOPING WORLD Aditi Kapoor, Reed Smith LLP Type: Published: Last Updated: Keywords: Legal Guide June 2012 June 2012 Private Equity, Funds, Investors This document provides general
More informationCDC Strategy 2012-2016
CDC Strategy 2012-2016 Contents 1. Summary and evolution of strategy 2. CDC mission and focus on development impact 3. Investment strategies 4. Financial projections 5. Execution 6. Measurement 2 1. Summary
More informationThe future of UK aid Should the UK give aid as loans?
Regent s Wharf 8 All Saints Street London N1 9RL United Kingdom +44 (0)20 7837 8344 bond.org.uk Published TBC Registered Charity No. 1068839 Company Registration No. 3395681 (England and Wales) SteersMcGillanEves
More informationGlobal Economic Governance Seminar
Global Economic Governance Seminar Analistas Financieros Internacionales (Afi) Independent consultants March 11 th 2013 Emilio Ontiveros (ontiveros@afi.es) Verónica López Sabater (vlopez@afi.es) We are
More informationCDC audit disclosure. How CDC has worked to drive implementation of the Investment Code. Working with fund managers on ESG management systems
CDC Group plc 1 How CDC has worked to drive implementation of the Investment Code CDC is a Development Finance Institution (DFI), owned by the UK Government s Department for International Development (DfID).
More informationCHAPTER 8: Organisational objectives, growth and scale
CHAPTER 8: Organisational objectives, growth and scale The Objectives of Organisations Key Revision Points Organisational goals can be classified into a number of categories: Those that aim to make a profit
More informationA brief review of the role of development finance institutions in promoting jobs and productivity change
A brief review of the role of development finance institutions in promoting jobs and productivity change Isabella Massa, ODI March 2013 Acknowledgements This report has been funded by UK aid from the UK
More informationBlending loans and grants: to blend or not to blend?
Blending loans and grants: to blend or not to blend? San Bilal and Florian Kratke 22 May 2013 Blending loans and grants has become common practice in international development finance. It is one of the
More informationOptimizing 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 informationPUBLIC-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 informationIMPULSE MICROFINANCE INVESTMENT FUND
IMPULSE MICROFINANCE INVESTMENT FUND INVESTMENT OBJECTIVES AND GUIDELINES Investment objective The Investment Fund is being established primarily to build a well-structured portfolio of microfinance investments,
More informationObviam s approach to responsible investment. Concept Document
Obviam s approach to responsible investment Concept Document 1 TABLE OF CONTENTS 1. Introduction... 3 2. Rationale... 3 3. Objectives... 4 4. Scope... 4 5. International Reference Standards and Guidelines...
More informationFROM BILLIONS TO TRILLIONS:
FROM BILLIONS TO TRILLIONS: MDB Contributions to Financing for Development In 2015, the international community is due to agree on a new set of comprehensive and universal sustainable development goals
More informationfor Analysing Listed Private Equity Companies
8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.
More informationNMRC AND THE NIGERIAN MORTGAGE MARKET:
NMRC AND THE NIGERIAN MORTGAGE MARKET: An Intermediate Step to a full Secondary Mortgage Market 2014 CAPITAL MARKET COMMITTEE (CMC) RETREAT & CONFERENCE Sonnie Ayere Interim CEO, NMRC Chairman, Dunn Loren
More informationHow To Invest In A Farm Business
Impact Investment AFI Summit Discussion August 18, 2015 Catalyzing Investments Over Time Impact Investing S SCALE OF OUTREACH c a l e Institution Building Governance Project-based TA SUSTAINABILITY Why
More informationUNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS
UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS Background A United Kingdom Limited Liability Partnership (LLP) has become a very popular vehicle for international commercial activity. This is because the
More informationSaving and Investing. Chapter 11 Section Main Menu
Saving and Investing How does investing contribute to the free enterprise system? How does the financial system bring together savers and borrowers? How do financial intermediaries link savers and borrowers?
More informationCaleb M Fundanga: Innovative financial products on the Zambian market in relation to credit interest rates and the private sector development
Caleb M Fundanga: Innovative financial products on the Zambian market in relation to credit interest rates and the private sector development Remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia,
More informationBy Alister Steele September 2012
A New Role for Housing Associations By Alister Steele September 2012 Introduction Housing association s core role is providing housing for those in greatest need underpinned by traditionally high levels
More informationInsolvency and. Business Recovery. Procedures. A Brief Guide. Compiled by Compass Financial Recovery and Insolvency Ltd
Insolvency and Business Recovery Procedures A Brief Guide Compiled by Compass Financial Recovery and Insolvency Ltd I What is Insolvency? Insolvency is legally defined as: A company is insolvent (unable
More informationFINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES
FINANCIAL SERVICES BOARD COLLECTIVE INVESTMENT SCHEMES INTRODUCTION This booklet will provide you with information on the importance of understanding ways in which Collective Investment Schemes ( CIS )
More informationPRIVATE SECTOR INVESTORS: TYPES, MOTIVATIONS, SOURCES AND FINANCING INSTRUMENTS WORKSHOP ON BUILDING MULTI-SOURCE REDD+ FINANCING STRATEGIES
PRIVATE SECTOR INVESTORS: TYPES, MOTIVATIONS, SOURCES AND FINANCING INSTRUMENTS WORKSHOP ON BUILDING MULTI-SOURCE REDD+ FINANCING STRATEGIES Antigua, Guatemala July 17 and 18, 2014 Potential Funding Sources
More informationBUSINESS INVESTMENT RELIEF. Private company investing for non-domiciled ordinary UK residents
BUSINESS INVESTMENT RELIEF Private company investing for non-domiciled ordinary UK residents May 2014 Rockpool is an independent firm dedicated to creating tax-efficient investment opportunities for individuals.
More informationCatalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015
Catalyst/Princeton Floating Rate Income Fund Class A: CFRAX Class C: CFRCX Class I: CFRIX SUMMARY PROSPECTUS NOVEMBER 1, 2015 Before you invest, you may want to review the Fund s complete prospectus, which
More informationDefinition of an enhanced Bank strategy in the microfinance sector
Definition of an enhanced Bank strategy in the microfinance sector The present policy document outlines an enhanced strategy for the Bank in the microfinance sector, alongside the European Commission and
More informationD. Capital. The Africa Talent Fund. An Introduction. May 2012. D. Capital CONSULTING EXPERTISE INNOVATION AND IMPACT DEVELOPING MARKET INSIGHT
CONSULTING EXPERTISE INNOVATION AND IMPACT DEVELOPING MARKET INSIGHT The Africa Talent Fund An Introduction May 2012 Partners is an experienced impact investment manager that applies financial acumen to
More informationStandard Chartered offers Strategic Solutions
FOR IMMEDIATE RELEASE Standard Chartered offers Strategic Solutions First and only multi-manager fund in Singapore to provide access to Alternative Investments 23 August 2006, Singapore Standard Chartered
More informationThe Pinnacle Funds. Simplified Prospectus. December 11, 2009 Class A and Class F units and Class I units where noted. Money Market Fund.
The Pinnacle Funds Simplified Prospectus December 11, 2009 Class A and Class F units and Class I units where noted Money Market Fund Pinnacle Short Term Income Fund Bond Funds Pinnacle Income Fund Pinnacle
More informationCONTACT(S) Koichiro Kuramochi kkuramochi@ifrs.org +44 (0)20 7246 6496
IASB Agenda ref 12C STAFF PAPER March 2014 IASB Meeting IFRS IC Nov 2013 and Jan 2014 Project Paper topic Narrow-scope amendments to IFRS 10 Consolidated Financial Statements Investment Entities Amendments
More informationSOCIAL IMPACT INVESTING
SOCIAL IMPACT INVESTING Luke Fletcher Bates Wells and Braithwaite Type: Legal guide Published: August 2012 Last Updated: August 2012 Keywords: Impact investing; responsible business; finance; This document
More informationIFC. 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 informationThe global financial crisis is already causing a
Overseas Development Institute Background Note October 008 The global financial crisis and developing countries Which countries are at risk and what can be done? By Dirk Willem te Velde The global financial
More informationPAPER IIA UNITED KINGDOM OPTION
THE ADVANCED DIPLOMA IN INTERNATIONAL TAXATION June 2008 PAPER IIA UNITED KINGDOM OPTION ADVANCED INTERNATIONAL TAXATION TIME ALLOWED 3¼ HOURS You should answer FOUR out of the seven questions. Each question
More informationThe SWAIN guide to taxation issues and EIS
The SWAIN guide to taxation issues and EIS The SWAIN guide to taxation issues and EIS The South West Angel and Investor Network (SWAIN) connects private investors or Business Angels with companies looking
More informationSecondary research into the availability of business finance
Secondary research into the availability of business finance NESTA The National Endowment for Science, Technology and the Arts (NESTA) is an independent body with a mission to make the UK more innovative.
More informationInvestment Bond. Funds key features. This is an important document. Please keep it safe for future reference.
Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to
More informationWorking Capital Finance to RE SMEs. Gouri Sankar, Managing Director, Maanaveeya Manila, June 16, 2015
Working Capital Finance to RE SMEs Gouri Sankar, Managing Director, Maanaveeya Manila, June 16, 2015 Oikocredit Oikocredit is a Dutch Cooperative working in Development financing in more than 60 countries,
More informationMediterranean 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 informationMobilizing investment for development
INVESTMENT, ENTERPRISE AND DEVELOPMENT COMMISSION 7th Session Palais des Nations, Geneva 20 April 2015 Agenda Item 4 Mobilizing investment for development By Dr. Patrick Scheurle Chief Operating Officer
More informationTECHNICAL NOTE 2 EQUITY & LEVERAGE IN INDIAN MFIS
TECHNICAL NOTE 2 EQUITY & LEVERAGE IN INDIAN MFIS Micro-Credit Ratings International Limited, Gurgaon, India September 2005 The purpose of this technical note is to provide a practical understanding of
More informationMaking financial markets work for the poor: From theory to praxis
Making financial markets work for the poor: From theory to praxis BDS Seminar 2005 Turin David Ferrand FSD Kenya Making financial markets work in Kenya 1. Conceptual issues 2. Understanding the market
More informationAlternative Finance for Small Business
Accountants E-Guide Alternative Finance for Small Business Find the best options for your clients What is Alternative Finance? Alternative Finance, or Non-Bank Finance means those financial products provided
More informationCASE STORY ON GENDER DIMENSION OF AID FOR TRADE. Banking on Women Pays Off: Creating Opportunities for Women Entrepreneurs
CASE STORY ON GENDER DIMENSION OF AID FOR TRADE Banking on Women Pays Off: Creating Opportunities for Women Entrepreneurs Banking on Women Pays Off Creating Opportunities for Women Entrepreneurs International
More informationPRIMER on DEVELOPMENT BANKING (Compiled by the ADFIAP 1 Secretariat) 1. What is the concept and purpose of development banking?
PRIMER on DEVELOPMENT BANKING (Compiled by the ADFIAP 1 Secretariat) 1. What is the concept and purpose of development banking? Development banking means different to different people, in different places,
More informationBuy-to-let guide about tax
Perrys Chartered Accountants Buy-to-let guide about tax Introduction As a buy-to-let landlord it is important you know about tax and how it affects you and your investment. This is why Perrys Chartered
More informationEvergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009
Evergreen INSTITUTIONAL MONEY MARKET FUNDS Prospectus July 1, 2009 Evergreen Institutional 100% Treasury Money Market Fund Evergreen Institutional Money Market Fund Evergreen Institutional Municipal Money
More informationDSF POLICY BRIEFS No. 1/ February 2011
DSF POLICY BRIEFS No. 1/ February 2011 Risk Based Deposit Insurance for the Netherlands Dirk Schoenmaker* Summary: During the recent financial crisis, deposit insurance cover was increased across the world.
More informationCAO Audit of a Sample of IFC Investments in Third-Party Financial Intermediaries
AUDIT REPORT CAO Audit of IFC CAO Compliance C-I-R9-Y10-F135 October 10, 2012 CAO Audit of a Sample of IFC Investments in Third-Party Financial Intermediaries Office of the Compliance Advisor Ombudsman
More informationGuide to Establishing a Business in Denmark
Guide to Establishing a Business in Denmark www.investindk.com Contents Introduction: Establishing a Business in Denmark... 2 Key Facts About Setting up a Business in Denmark... 2 Business Activities in
More informationTraditionally pension schemes invested in four main asset classes: Shares (Equities or Stocks), Bonds, Property and Cash.
Asset Classes Traditionally pension schemes invested in four main asset classes: Shares (Equities or Stocks), Bonds, Property and Cash. Shares (also called Equities or Stocks) are shares bought in quoted
More informationNon-Complex Products. Complex Products. General risks of trading
We offer a wide range of investments, each with their own risks and rewards. The following information provides you with a general description of the nature and risks of the investments that you can trade
More informationLiberia Leasing Investment Forum
Liberia Leasing Investment Forum Finance Leasing in Liberia: June 13-14, 2012 Monrovia, Liberia Leasing is both a source of affordable capital for small and medium-sized businesses and a catalyst for socio-economic
More informationJanus Investment Fund
January 28, 2013 Class A Shares Ticker Class C Shares Ticker Class S Shares Ticker Class I Shares Ticker Class N Shares Ticker Class R Shares Ticker Class T Shares Ticker Global & International Janus Asia
More informationThe Chair CABINET ECONOMIC GROWTH AND INFRASTRUCTURE COMMITTEE
In Confidence Office of the Minister of Finance The Chair CABINET ECONOMIC GROWTH AND INFRASTRUCTURE COMMITTEE REGULATIONS EXCLUDING CERTAIN ENTITIES FROM THE SCOPE OF THE PRUDENTIAL REGIME FOR NON-BANK
More informationSuccessful value investing: the long term approach
Successful value investing: the long term approach Neil Walton, Head of Global Strategic Solutions, Schroders Do you have the patience to be a value investor? The long-term outperformance of a value investment
More informationOPES International Retirement Plan
OPES OPES Advanced OPES Advanced Plus FE ATUR ES AND BENE FI TS OPES International Retirement Plan 2 OPES International Retirement Plan OPES lets you retire at a time and in a manner that suits you. This
More informationThe Sovereign Wealth Fund Initiative Fall 2012
The Sovereign Wealth Fund Initiative Fall 2012 Growing a Middle East- Middle Class: Where Small Investment Goes a Long Way Summary By Elissa McCarter Vice President of Development Finance CHF International
More informationEmerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Currency Bond Fund International Bond Fund
PROSPECTUS PREMX TRECX PRELX RPIBX T. Rowe Price Emerging Markets Bond Fund Emerging Markets Corporate Bond Fund Emerging Markets Local Currency Bond Fund International Bond Fund May 1, 2016 A choice of
More informationCorporate Financing Strategies For Emerging Companies HAUSWIESNER KING LLP
Corporate Financing Strategies For Emerging Companies What is Corporate Finance? The process by which companies raise capital, especially to fund growth, acquisitions etc. The primary goal of corporate
More informationThe Treasury. 2015 Loan-to-Value Ratios/Macroprudential Policy Information Release. Release Document. June 2015
The Treasury 2015 Loan-to-Value Ratios/Macroprudential Policy Information Release Release Document June 2015 www.treasury.govt.nz/publications/informationreleases/financialsector/lvr www.rbnz.govt.nz/research_and_publications/official_information/lvr-restrictions
More informationBANK INTEREST RATE MARGINS
Reserve Bank of Australia Bulletin May BANK INTEREST RATE MARGINS Bank interest rate margins the difference between what interest rates banks borrow at and what they lend at have been the subject of much
More informationHAS FINANCE BECOME TOO EXPENSIVE? AN ESTIMATION OF THE UNIT COST OF FINANCIAL INTERMEDIATION IN EUROPE 1951-2007
HAS FINANCE BECOME TOO EXPENSIVE? AN ESTIMATION OF THE UNIT COST OF FINANCIAL INTERMEDIATION IN EUROPE 1951-2007 IPP Policy Briefs n 10 June 2014 Guillaume Bazot www.ipp.eu Summary Finance played an increasing
More informationFund guide. Prudence Bond Prudence Managed Investment Bond
Fund guide Prudence Bond Prudence Managed Investment Bond Introduction to this guide We know that choosing which fund may be best for you isn t easy there are many options and everyone is different so
More informationThe Advantages of the UK as a Location for a Holding Company. David Gibbs May 2015
The Advantages of the UK as a Location for a Holding Company David Gibbs May 2015 The UK is an attractive location to site an international holding company since not only does it offer a relatively stable
More informationFINANCING OF THE SMEs IN THE EUROPEAN UNION THROUGH CREDIT INSTITUTIONS
FINANCING OF THE SMEs IN THE EUROPEAN UNION THROUGH CREDIT INSTITUTIONS Valentina Diana Ignătescu Alexandru Ioan Cuza University of Iaşi Abstract: It is widely acknowledge that financial constraints are
More informationIndividual Bonds or Bond Funds?
Individual Bonds or Bond Funds? April 2014 When it comes to fixed income investing, advisors can choose between a variety of vehicles to implement bond portfolios. Many choose to construct ladders of individual
More informationBritish Virgin Islands Insurance Companies
British Virgin Islands Insurance Companies Foreword This memorandum has been prepared for the assistance of those who are considering the formation of insurance companies in the British Virgin Islands.
More informationStructuring of Investment Managed Accounts for Alternative Investment Funds
Uwe Bärenz Attorney at Law and Partner at P+P Pöllath + Partners, Berlin 2 Uwe Bärenz P+P Pöllath + Partners Structuring of Investment Managed Accounts Over the last few years, German institutional investors
More informationADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015
ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of additional
More informationInfrastructure Financing by the EIB
Infrastructure Financing by the EIB Regional conference on Infrastructure Financing in Central Africa Yaoundé, 10 March 2014 Laurence Doumenc, ACP-IF Department 1 I who is the EIB? 2 The (EIB) The Bank
More informationConsultation on Social Investment Tax Relief
Consultation on Social Investment Tax Relief Comments by Francis Clark LLP in response to the H M Treasury and Department for Business Innovation and Skills consultation document on social investment tax
More informationResponse by the Social Enterprise Coalition to Social Investment Wholesale Bank: A consultation on the functions and design
Response by the Social Enterprise Coalition to Social Investment Wholesale Bank: A consultation on the functions and design Contact: Jon Woolfson Telephone: 020 7793 2325 Email: jon.woolfson@socialenterprise.org.uk
More informationThe Debt Crisis and the Future of International Bank Lending. H. Robert Heller. Member, Board of Governors of the Federal Reserve System
DEC3 11386 For release upon delivery 10 A.M. CST (11 A.M. EST) December 29, 1986 The Debt Crisis and the Future of International Bank Lending H. Robert Heller Member, Board of Governors of the Federal
More informationCrowdfunding and Tax Consequences
1 Kongens Lyngby, April 10, 2014 Crowdfunding and Tax Consequences 1. Introduction Crowdfunding is emerging around the world and attracts more and more interest from both investor and investees. Crowdfunding
More informationComplex Products. Non-Complex Products. General risks of trading
We offer a wide range of investments, each with their own risks and rewards. The following information provides you with a general description of the nature and risks of the investments that you can trade
More informationSection N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013. Cambridge University Endowment Fund
Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013 Cambridge University Endowment Fund Reports and financial statements 30 June 2013 IMPORTANT NOTICE The Cambridge
More informationENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES
ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES by Gerry Dickinson Professor and Director, Centre for Insurance & Investment Studies, City University Business School,
More informationInvesting Offers Rewards And Poses Risks. Investment Basics: The Power of Compounding. How Do Americans Invest Their Savings? (HA)
How Do Americans Invest Their Savings? (HA) Learning how to save money for future use is an important first step in reaching your long-term goals. But saving alone is not enough. You will also need to
More informationLEGAL REGIMES GOVERNING FOREIGN DIRECT INVESTMENT (FDI) IN HOST COUNTRIES
LEGAL REGIMES GOVERNING FOREIGN DIRECT INVESTMENT (FDI) IN HOST COUNTRIES SRIJANEE BHATTACHARYYA SLAUGHTER AND MAY Type: Published: Last Updated: Keywords: Legal Guide November 2012 November 2012 Foreign
More informationCREDIT BUREAUS AND FINANCIAL CO-OPERATIVES: TIME TO JOIN THE BANDWAGON?
CREDIT BUREAUS AND FINANCIAL CO-OPERATIVES: TIME TO JOIN THE BANDWAGON? Agenda Introduction Role of credit bureaus Definition of a credit bureau Solving the challenge of asymmetric information Contributors
More informationGuidance for companies, trusts and partnerships on completing a self-certification form
Guidance for companies, trusts and partnerships on completing a self-certification form In order to combat tax evasion by both individuals and businesses, the UK and many other countries have entered into
More information2. IFC s Global Trade Finance Program: Objectives and Design
2. IFC s Global Trade Finance Program: Objectives and Design Chapter Highlights IFC introduced its current trade finance model in FY05 to support the supply of trade finance to underserved clients globally.
More informationThe rise and rise of non-bank lenders.
DC Edge Issue 3 The rise and rise of non-bank lenders. There has been a seminal shift in the leveraged and infrastructure lending markets over the last year. Historically, the big UK clearing banks have
More informationLiberia Leasing Investment Forum
Finance Leasing in Liberia: Unlocking Accelerated Market and Business Development GROWING COMPETITIVE AND EFFECTIVE LEASING MARKETS Collins David-Ikpe Past chairman, Equipment Leasing Association of Nigeria
More informationPOLICY ON COAL-FIRED POWER GENERATION
POLICY ON COAL-FIRED POWER GENERATION January 2014 POLICY ON COAL-FIRED POWER GENERATION CDC s mission is to support the building of private sector businesses throughout Africa and South Asia, to create
More informationA FEASIBILITY STUDY INTO THE CREATION OF A DEVELOPMENT BANK FOR WALES
A FEASIBILITY STUDY INTO THE CREATION OF A DEVELOPMENT BANK FOR WALES A report to the Minister for Economy, Science and Transport from the Development Bank for Wales Task and Finish Group March 2015 TABLE
More informationMin. Investment Class A Units Initial: USD 1,000 Additional: USD 250
Issuer: PineBridge Investments Ireland Limited Product Key Facts PineBridge Global Funds PineBridge Global Emerging Markets Bond Fund 22 February 2013 This statement provides you with key information about
More informationSweeter tax planning ideas
Sweeter tax planning ideas Helping to ensure you have made full use of the reliefs and allowances available www.bakertilly.co.uk Contents Sweeter tax planning ideas To ensure that you optimise your tax
More informationShares Mutual funds Structured bonds Bonds Cash money, deposits
FINANCIAL INSTRUMENTS AND RELATED RISKS This description of investment risks is intended for you. The professionals of AB bank Finasta have strived to understandably introduce you the main financial instruments
More informationMANAGING 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 informationALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015
ALLOCATION STRATEGIES A, C, & I SHARES PROSPECTUS August 1, 2015 Investment Adviser: RidgeWorth Investments A Shares C Shares I Shares Aggressive Growth Allocation Strategy SLAAX CLVLX CVMGX Conservative
More informationPublic consultation on the possibility for an investment fund to originate loans
Public consultation on the possibility for an investment fund to originate loans The purpose of this consultation is to gather the opinions of all interested parties about the possibility for French investment
More informationTax Impacts to Structure Investments in Brazil Debt or Equity. Andrea Bazzo Lauletta November 2012
Tax Impacts to Structure Investments in Brazil Debt or Equity Andrea Bazzo Lauletta November 2012 Introduction Brazilian Scenario for Non-Resident Investments Brazil has a specific set of rules for non-resident
More information4. The minimum amount of owners' equity in a bank mandated by regulators is called a requirement. A) reserve B) margin C) liquidity D) capital
Chapter 4 - Sample Questions 1. Quantitative easing is most closely akin to: A) discount lending. B) open-market operations. C) fractional-reserve banking. D) capital requirements. 2. Money market mutual
More informationBond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank
Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration
More informationFIRST ANNUAL REPORT ON THE LATIN AMERICA SMALL BUSINESS LENDING INITIATIVE AUGUST 2008
FIRST ANNUAL REPORT ON THE LATIN AMERICA SMALL BUSINESS LENDING INITIATIVE AUGUST 2008 I. OVERVIEW This report summarizes the first year of implementation of the Latin America Small Business Lending Initiative
More informationINCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX
INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX NAVIGATING A CHANGING INTEREST RATE ENVIRONMENT Rise to the challenge
More information