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Southern-Led Development Finance: Solutions from the Global South

Introductory Issues and Roadmap to Southern-Led Development Finance Rationale - why we need regional integration and development banks The "special offer" of banks from the south Going in a different direction Africa and new options Scaling up - new challenges, experimental responses Benefits of being borrower-led Evolving processes What else is needed - more than just money The historical multilateral lenders - what role remains? Firepower, leadership and governance issues References Southern-Led Development Finance – Rationale, Innovations and Implications Solidarity and The South: The New Landscape of Long-Term Development Finance and How to Support It Introduction Charting a new, Southern-led landscape a. National initiatives are looking outwards b. Southern-led multinational or multilateral initiatives c. Creating a new center of gravity Doing things differently?a. Mandate, ownership and governance b. Forming partnerships; links with the private sector c. Loan portfolios: are Southern-led institutions more willing to support productive economic activities and green investments?d. Macroeconomic coherence Some things are not different a. Concerns about regional imbalances b. The continued power of CRAs c. What future for concessional lending?How to support this new opportunity for development Acknowledgements Notes References The New Development Banks and the Financing of Transformation in Latin America and the Caribbean Introduction Development banking, growth and transformation a. Beyond the "prior-savings approach"b. Development banks, financial conditions, and functionality c. Evolving views on the role of development banks Infrastructure and transformation Development banking in Latin America a. Latin America: development banking under ideological pressure b. Brazil's BNDES New multilateral banks in the block Findings and conclusions Notes References Long-Term Finance – Banks, Funds and Other Sources of Private and Public Investment The ‘New’ in the New Development Bank and Implications for Africa Introduction Africa's infrastructure deficit and MDB response Alternative infrastructure financing sources a. Private funding b. ODA c. China d. Local development finance institutions e. MDBs' important role New Development Bank a. Origins of the NDB b. Structure, capital and membership The first seven NDB projects NDB impact on infrastructure financing a. How does the NDB differ from existing financial sources?b. Expanding the NDB - which African countries could join?Conclusion Notes The Neoliberal Transformation of Development Banking: The Indian Experience Why development banks?The creation of a development banking infrastructure in India Changing direction The limited role of the bond market The search for other sources of long-term investment finance 'Flexibility', fragility and risk Notes References Chinese Development Finance in the Americas The need for development finance in Latin America China's development finance institutions in context a. China's policy banks go global b. China-backed development funds c. New multilaterals d. China and the MDBs Chinese development finance in Latin America a. Flows of Chinese development finance to LAC b. Determinants of Chinese development finance to LAC c. Commodity-backed finance d. Market analysis e. Social and environmental policies Looking forward: seizing opportunity, rising to challenge References Scaling Up Finance For the Sustainable Development Goals: Experimenting with South–South Models of Multilateral Development Banking Introduction The Addis Ababa Action Agenda, institutional investors and development banks a. MDBs: bridging the infrastructure gap?Alternative models towards bridging the financing gap Gearing ratios of MDBs and NDBs Scaling up: the role of AIIB special funds a. China-backed investment funds Summary and conclusions Notes References A Connected and Sustainable Future – Comparing Lessons From Southern-Led Regional Banks and Networks, CAF and the Islamic Development Bank Compared Introduction Bank origins and governance a. CAF b. IsDB Financing infrastructure a. Paid-in capital b. Credit ratings of member countries Bank lending for infrastructure Infrastructure: risk management Future prospects and lessons for new MDBs Notes References Towards a Regional Financial Architecture: The East Asian Experience Introduction The state of traditional international financial architecture The Asian Financial Crisis and the emergence of RFA Asian initiatives in RFA- defensive and developmental Developmental pillar of RFA Asian bond market initiatives Performance of bond markets Critical assessment of bond market7 Liquidity-stability trade-off Regional development bank New business model Conclusion Notes References Regional Transformation and Growth in Practice – It’s More than Money Industrial Structure, Intra-Regional Trade and Financial Cooperation in South America: Challenges, Links and Hidden Opportunities Introduction Growing challenges: South America and the global economy Heterogeneity and regression: industrial production and structure Weak and decreasing extra- and intraregional trade Missing links: financial integration in South America a. Short- and long-term financing, and sharing of portfolio wealth b. FDI flows and stocks Hidden opportunities: infrastructure investment and physical integration References Physical Integration in Latin America, a Review of Recent Experiences and Policy Lessons Introduction Physical integration: some key issues that are relevant for analyzing the Latin American case a. Relevant features of Latin American integration and trade strategies b. Improving connectivity: the challenge of infrastructure development c. Analytical matrix for reviewing Latin American experiences of physical integration South America: IIRSA-UNASUR (COSIPLAN), a new integration initiative a. Main features b. Planning, finance and institutional arrangements at regional level Regional planning and project identification Finance, project execution and the role of regional banks Institutional arrangements MERCOSUR's structural convergence fund (FOCEM)56 a. Main features b. Planning, finance and institutional arrangements at regional level Regional planning and project identification Finance, project execution and the role of regional banks Institutional arrangements Mesoamerican integration and development project (MIDP)66 a. Main features b. Planning, finance and institutional arrangements at regional level Regional planning and project identification Finance, project execution and the role of regional banks Institutional arrangements Concluding remarks Notes References

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