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When billions meet trillions: impact investing and shadow banking in Pakistan

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  • Juvaria Jafri

Abstract

This article argues that impact investing is a means to promote shadow banking. This is reflected in the rise of impact investing in Pakistan, particularly its predilection for inclusive finance. Two contentions are made: one, that impact investors fill the void in enterprise finance created by regulatory constraints on banks, and two, that impact investors accommodate the demand for yield by shepherding global capital into poor countries. These contentions augment the finance and development literature which critiques the financialized development associated with the Finance for Development (FfD) agenda construed by global institutions ostensibly for the Millennium Development Goals, or MDGs, of 2015 and subsequently the Sustainable Development Goals, or SDGs, of 2030. More recently, the narrative of slogans such as Billions to Trillions and the World Bank’s Maximizing Finance for Development agenda, have drawn criticism because they advance shadow banking. The case of Pakistan exemplifies the traction gained by impact investing as an asset class and the related imperative to measure and evaluate outcomes. The resultant focus on base-of-pyramid initiatives such as inclusive finance is thus a corollary of the financialization of development and the shifts and transformations in development initiatives that incorporate private and philanthropic or ‘patient’ capital.

Suggested Citation

  • Juvaria Jafri, 2019. "When billions meet trillions: impact investing and shadow banking in Pakistan," Review of International Political Economy, Taylor & Francis Journals, vol. 26(3), pages 520-544, May.
  • Handle: RePEc:taf:rripxx:v:26:y:2019:i:3:p:520-544
    DOI: 10.1080/09692290.2019.1608842
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    Cited by:

    1. Farwa Sial & Juvaria Jafri & Abdul Khaliq, 2023. "Pakistan, China and the Structures of Debt Distress: Resisting Bretton Woods," Development and Change, International Institute of Social Studies, vol. 54(5), pages 1226-1263, September.
    2. Brendan Whitty & Jessica Sklair & Paul Robert Gilbert & Emma Mawdsley & Jo‐Anna Russon & Olivia Taylor, 2023. "Outsourcing the Business of Development: The Rise of For‐profit Consultancies in the UK Aid Sector," Development and Change, International Institute of Social Studies, vol. 54(4), pages 892-917, July.
    3. Ida Ayu Agung Faradynawati & Inga-Lill Söderberg, 2022. "Sustainable Investment Preferences among Robo-Advisor Clients," Sustainability, MDPI, vol. 14(19), pages 1-16, October.

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