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Facilitating local capital market development through swap counterparty support

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Listed:
  • Nick K. Kolev
  • Jonathan Stilwell

    (FirstRand Group Treasury)

Abstract

This article proposes a portfolio insurance approach to help Multilateral Development Banks (MDBs) and Development Finance Institutions (DFIs) manage currency risk. The approach facilitates warranted MDB/DFI local currency (LCY) lending and contributes to local capital market development. As they manage currency risk actively, MDBs and DFIs strengthen local financial institutions by enhancing their capabilities to deal with complex financial instruments. This capacity-building benefit gives our proposal extremely high development impact potential.

Suggested Citation

  • Nick K. Kolev & Jonathan Stilwell, 2025. "Facilitating local capital market development through swap counterparty support," Development Finance Agenda, Chartered Institute of Development Finance, vol. 10(1), pages 14-15.
    • Handle: RePEc:afj:journ4:v:10:y:2025:i:1:p:14-15
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    File URL: https://journals.co.za/doi/abs/10.10520/ejc-defa_v10_n1_a4
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