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Innovating development finance - from financing sources to financial solutions

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  • Girishankar, Navin

Abstract

As early as 2000, development partners embarked on a decade-long search for"innovative"or alternative sources of Official Development Assistance to help finance achievement of the Millennium Development Goals. For their part, developing countries have sought not only more financial flows but better financial solutions, for example, through partnerships that mobilize private finance for public service delivery, risk mitigation efforts that promote private entry in the productive sectors, and support for carbon trading. This paper offers a framework to organize and understand this heterogeneous mix of innovations in fund-raising and financial solutions for development. It also provides, for the first time, a stocktaking of actual innovations that make up the international landscape and highlights the World Bank Group’s role to date. The stocktaking shows that innovative finance mechanisms have played a more significant role in supporting financial solutions on the ground than in identifying and exploiting"alternative sources of ODA."Innovative fund-raising therefore should be viewed as a complement to - rather than a substitute for - traditional efforts to mobilize official flows, in particular concessional flows. Going forward, innovations need to be tested and evaluated to determine value-added.

Suggested Citation

  • Girishankar, Navin, 2009. "Innovating development finance - from financing sources to financial solutions," Policy Research Working Paper Series 5111, The World Bank.
  • Handle: RePEc:wbk:wbrwps:5111
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    1. repec:nam:befdwp:9 is not listed on IDEAS
    2. Daniel L. Nielson & Bradley Parks & Michael J. Tierney, 2017. "International organizations and development finance: Introduction to the special issue," The Review of International Organizations, Springer, vol. 12(2), pages 157-169, June.
    3. Peter Nunnenkamp & Rainer Thiele, 2013. "Financing for Development: The Gap between Words and Deeds since Monterrey," Development Policy Review, Overseas Development Institute, vol. 31(1), pages 75-98, January.
    4. Hasanuzzaman Zaman & Mashfique Ibne Akbar, 2013. "Exploring non-traditional sources of development finance: The case of remittance in Bangladesh," Progress in Development Studies, , vol. 13(2), pages 105-116, April.
    5. Luc Christiaensen & Lei Pan, 2010. "Transfers and Development: Easy Come, Easy Go?," WIDER Working Paper Series 125, World Institute for Development Economic Research (UNU-WIDER).
    6. Luc Christiaensen & Lei Pan, 2010. "Transfers and Development: Easy Come, Easy Go?," WIDER Working Paper Series wp-2010-125, World Institute for Development Economic Research (UNU-WIDER).
    7. Vibhas Sukhwani & Arie Nurzaman & Nadia Paramitha Kusumawardhani & Anwaar Mohammed AlHinai & Liu Hanyu & Rajib Shaw, 2019. "Enhancing Food Security by Institutionalizing Collaborative Food Alliances in Urban Areas," Sustainability, MDPI, vol. 11(15), pages 1-16, July.
    8. Rehman Sobhan, 2013. "Innovation and Additionalty for Development Finance: Looking at Asia," CPD Working Paper 102, Centre for Policy Dialogue (CPD).
    9. repec:ocp:ppaper:pb-16/23 is not listed on IDEAS
    10. Landry Signé, 2016. "How to Implement DRM Successfully for Effective Delivery of SDGs in Africa: Part 2 – Illustrative Actionable Solutions for Policy Leaders," Research papers & Policy papers on Economic Trends and Policies 1609, Policy Center for the New South.
    11. Clark, Robyn & Reed, James & Sunderland, Terry, 2018. "Bridging funding gaps for climate and sustainable development: Pitfalls, progress and potential of private finance," Land Use Policy, Elsevier, vol. 71(C), pages 335-346.
    12. Emilie Bécault & Axel Marx, 2015. "International Climate Finance to developing countries. Taking stock of the variety of bilateral, private and hybrid financing initiatives," BeFinD Working Papers 0109, University of Namur, Department of Economics.
    13. Perry, Keston K., 2020. "The New ‘Bond-age’, Climate Crisis and the Case for Climate Reparations: Unpicking Old/New Colonialities of Finance for Development within the SDGs," SocArXiv h9s2z, Center for Open Science.
    14. Landry Signé, 2016. "How to Implement DRM Successfully for Effective Delivery of SDGs in Africa: Part 2 – Illustrative Actionable Solutions for Policy Leaders," Policy briefs on Economic Trends and Policies 1609, Policy Center for the New South.

    More about this item

    Keywords

    Debt Markets; Access to Finance; Banks&Banking Reform; Emerging Markets; Public Sector Economics;
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