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Braced for Impact

Author

Listed:
  • Martin Melecky
  • Pasquale Di Benedetta
  • Ismael Ahmad Fontan
  • Ganbaatar Jambal
  • Michel Noel

Abstract

Braced for Impact: Reforming Kazakhstan’s National Financial Holding for Development Effectiveness and Market Creation offers a framework for assessing the readiness of development finance institutions (DFIs) and their conglomerates to deliver credible development impact and create financial markets. The framework focuses on accountability for impact, responsible leveraging of entrusted capital, holistic risk management, and proper governance. It is used to assess Baiterek, Kazakhstan’s national financial holding—a conglomerate of DFIs—and to derive policy options and practical recommendations for the given country context. If the recommended reforms are implemented, Baiterek will be braced for positive impact on Kazakhstani firms, households, and the environment while also helping create deeper financial markets through robust mobilization of private capital. A reformed Baiterek could become a leading global DFI conglomerate and a role model for similar institutions in other countries. However, if too few or none of the recommended reforms are undertaken, Baiterek will need to brace for further criticism from unhappy stakeholders.

Suggested Citation

  • Martin Melecky & Pasquale Di Benedetta & Ismael Ahmad Fontan & Ganbaatar Jambal & Michel Noel, 2023. "Braced for Impact," World Bank Publications - Books, The World Bank Group, number 40512.
    • Handle: RePEc:wbk:wbpubs:40512
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