Ad Hoc Expert Group Meeting
“Rethinking the Role of National Development Banks”
(New York, 1-2 December 2005)
Report
Introduction
1.
The UN General Assembly, in its resolution 58/230 of 23 December 2003, called on the
Financing for Development (FfD) Office of UN-DESA to “organize workshops and multistakeholder consultations, including experts from the official and private sectors, as well as
academia and civil society, to examine issues related to the mobilization of resources for
financing development and poverty eradication” and “to convene activities involving various
stakeholders … to promote best practices and exchange information on the implementation of
the commitments made and agreements reached at the International Conference on Financing for
Development”. In response, the FfD Office, in cooperation with major institutional and noninstitutional stakeholders, launched, in 2004-2005, a series of multi-stakeholder events, to
explore selected FfD-related issues on which informal and expert-level discussions by multiple
stakeholders might facilitate policy debates in international forums.
2.
The Ad Hoc Expert Group Meeting on “Rethinking the Role of National Development
Banks” was held on 1 and 2 December 2005 at UN Headquarters in New York. The main
purpose of the meeting was to seek intellectual inputs from a representative group of experts
from around the world for the launch, in 2006, of a research project, entitled “Multi-stakeholder
Consultations on Rethinking the Role of National Development Banks”. To that end,
participating experts were invited to engage in an interactive discussion, with a view to
identifying and exploring key substantive issues to be addressed during the envisaged
consultation process, including relevant national and regional experiences, as well as some
organizational matters. The agenda of the meeting and the list of participants are attached to this
report (see annexes 1 and 2, respectively). The background documentation before the expert
group and presentations made by the panelists can be downloaded from the following website
address: www.un.org/esa/ffd/ndb.htm.
3.
The present report broadly follows the organizational structure of the meeting. The final
section on “Next Steps” outlines the key ideas provided by the participants during the concluding
brainstorming session on the way forward. Accordingly, annex 3 contains a draft model agenda,
based on the background documentation and the additional points raised by the experts during
the meeting, to serve as a framework for the proposed series of follow-up regional meetings on
the theme of the project.
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Session 1.
Introduction of the Project Proposal
4.
Mr. José Antonio Ocampo, UN Under-Secretary-General for Economic and Social
Affairs, opened the meeting. In his introductory remarks, Mr. Ocampo emphasized that the
present dialogue on National Development Banks (NDBs) should be seen as part and parcel of
the various multi-stakeholder consultations that have been taking place in the context of the UN
financing for development process. Indeed, these consultations have been an effective
mechanism for following-up on the commitments made and agreements reached by
Governments and other stakeholders at the International Conference on Financing for
Development, held in Monterrey, Mexico, in March 2002. He pointed out that the principal aim
of the present meeting was to understand the potential opportunities and current challenges
facing NDBs.
5.
Mr. Ocampo stated that NDBs should be seen as entities that complement commercial
activities and can help create markets that the private sector cannot develop by itself. He also
observed that the functions of NDBs can be manifold. In addition to their role in providing longterm finance, some of these institutions have been involved in providing shorter-term capital for
agricultural projects, small and medium enterprises, exports and, in some cases, for educational
scholarships. In many of these areas, NDBs complement existing private sector activities.
However, in the 1980s, many of these institutions came under pressure owing to excessive risktaking and a failure to maintain sustainable finance. While many went bankrupt, they did not
entirely disappear. In Latin America, in fact, there has been resurgence of the idea of
development banking and countries such as Brazil, Mexico, Chile and Colombia have active
institutions of this kind. In Asia also, NDBs continue to exist. Moreover, a number of
industrialized countries have active development banks.
6.
Looking ahead, Mr. Ocampo believed that there was a need to redefine the functions of
NDBs. To that end, he presented some possible areas where NDBs could play a useful role.
These include the financing of small and medium enterprises, the development of bond markets,
infrastructure finance and counter-cyclical financing. In addition, NDBs could also assist in the
development of infrastructure for greater economic integration between neighbouring countries.
In closing, the speaker presented two issues for consideration that would, in his view, be central
to the functioning of NDBs. The first relates to standards of governance. Indeed, the
governance structure and the relationship between NDBs and ministries of finance are of critical
importance. In particular, where subsidies are given to these institutions by the government, they
need to be made transparent so that the social function that they are supporting should be
evident. The second issue involves regulation and supervision of NDBs. There needs to be
consideration of whether these institutions should be subject to the same regulations as
commercial banks, including the Basle standards, or whether they require different rules.
Session 2.
Setting the Stage: Sustainability versus Privatization
7.
This session was chaired by Mr. José Antonio Ocampo, UN Under-Secretary-General for
Economic and Social Affairs. The panelists were Mr. Rommel Acevedo, Secretary General,
Asociación Latinoamericana de Instituciones Financieras para el Desarrollo (ALIDE) (Lima,
Perú); Mr. Ignace Monkam Daverat, Division banques et marchés financiers, Département
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secteur financier, Agence Française de Développement (AFD) (Paris, France); and Mr. Lemma
W. Senbet, Chair of the Finance Department, Robert H. Smith School of Business, University of
Maryland (College Park, MD, USA).
Presentations
8.
Mr. Rommel Avecedo’s presentation was titled “Development Banking in Latin
America: Present Situation and Prospects”. He outlined the evolution of development banking in
Latin America and commented on the commercial viability and prospects for these institutions.
Development banks in the region first emerged with the aim of providing long-term financing.
More recently, they have also increased services in areas not covered by the private sector.
These have included enhancing the access of low-income groups to financial services, directing
subsidies to small and medium enterprises and encouraging sectors with positive externalities,
such as education and housing. Most of their loans go to agriculture, agro-industry and leasing.
In 2004, the combined assets of these development banks amounted to $400 billion, 71 per cent
of which were in public ownership and 9 per cent in combined/mixed ownership. Development
banks in Latin America have assumed diverse structures and changed their organizational forms
depending on local needs, the institutional environment and public policies. These institutions
need to develop an inclusive financial system through further diversification of their financial
services and instruments. At the same time, they face the challenge to remain financially
sustainable. In that regard, critical factors are adequate internal and external supervision,
adherence to international norms and banking standards and independent external auditing. In
concluding, Mr. Acevedo stressed the importance of a strong relationship between NDBs,
commercial banks and other financial intermediaries, the need to carefully assess the viability of
their investments, the significance of technology development and innovation for their financing
instruments, and their important role in identifying business opportunities.
9.
Mr. Ignace Monkam Daverat spoke on “The Quest for Sustainability in National
Development Banking”. He argued that the financial sustainability of NDBs was predicated on
three factors. The first factor relates to effective governance and management. The important
criteria here include having systems to ensure effective supervision of NDBs, such as an
independent board, ensuring sound risk assessment of projects, and applying enforceable
prudential norms. The second factor that would enhance financial sustainability concerns their
competitive positioning. Mr. Daverat emphasized that the activities of NDBs should be
complementary to those of private financial intermediaries in all areas, be it the financing of
sectors, the targeting of clientele or the provision of financial instruments. Finally, the financial
sustainability of the activities of NDBs is also dependent upon their development impact.
Producing indicators that measure development impact would provide valuable information for
NDBs, governments and donors and serve to enhance the benefits of projects for final
beneficiaries. In concluding, Mr. Daverat stressed that each of the above factors should be
adapted to the national context and that effective and sustainable NDBs can play an important
role in making up for the shortcomings of local financial systems in many developing countries.
10.
Mr. Lemma W. Senbet focused on the “Benefits and Costs of Privatization of Stateowned Banks”. According to him, the important issue is the balancing of commercial viability
with developmental goals. On the one hand, privatization may strengthen competition and
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improve governance and efficiency. At the same time, private banks do not pursue
developmental goals and may shun certain sectors and activities that state-owned banks may
serve. Measuring the financial gains from privatization has been difficult in regions such as
Africa, which experienced a sharp decline in state ownership of banks. In general, privatizations
were less successful where partial and substantial state involvement remained. However,
research into the net gains from bank privatizations is difficult since it is often not possible to
capture all the relevant dimensions of performance, in particular social returns. Ultimately,
according to Mr. Senbet, the effect of privatization on state-owned banks depends on how it is
implemented and on what institutional infrastructure exists in the home country. In any event,
the role of development banking should not be understated, especially in socially important
sectors that may be inadequately served by commercial banks.
Discussion
11.
The ensuing discussion included the following points:

Questions were posed regarding the operations of Agence Française de
Développement (AFD) and its sources of finance. Explanation was given as to how third
party operations were managed at AFD and the importance of having careful assessment
of costs and non-interference from governments. While AFD is partially funded by the
French Government, it also raises a significant part of its resources on international
financial markets, mainly through bonds that enjoy an AAA rating.

The critical importance of local capacity building to enhance the knowledge and
operations of NDBs was stressed. In that respect, it was pointed out that engaging with
the private sector and recruiting external consultants would be helpful.
Session 3.
Financing of Infrastructure Development: Mechanisms and
Experiences
12.
This session was chaired by Mr. Oscar de Rojas, Director, Financing for Development
Office, UN-DESA (first part) and Mr. Alex Trepelkov, Chief, Multi-stakeholder Engagement
and Outreach Branch, FfD Office, UN-DESA (second part). The panelists were Mr. Daniel
Titelman, Coordinador, Unidad de Estudios Especiales, UN Economic Commission for Latin
America and the Caribbean (ECLAC) (Santiago, Chile); Mr. Toru Tokuhisa, Resident Executive
Director for the Americas, Japan Bank for International Cooperation (JBIC) (New York, NY,
USA); Mr. Lumkile Mondi, Chief Economist, Industrial Development Corporation of South
Africa and Vice-President, Association of African Development Finance Institutions (AADFI)
(Johannesburg, South Africa); and Mr. Akash Deep, Associate Professor of Public Policy,
Harvard University (Cambridge, MA, USA).
Presentations
13.
Mr. Daniel Titelman’s presentation was titled “Is There a Role for Development Banks in
Long-term Financing?” He argued that development banks have had an important role to play in
providing finance for medium- and long-term projects due to underdeveloped financial systems
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in many developing countries. However, he stressed that it was important that their role should
be complementary to the activities of private financial institutions and markets and the resources
provided should be additional to those provided by them. Moreover, a market for their products
must be sufficiently developed if they wanted to be efficient institutions. He illustrated his point
with examples from Latin America and, in that context, also argued that development banks
should play a role in helping to develop the financial system and capital markets. However,
these instruments should be developed taking into account the deepness and development of
domestic financial markets. In Latin America, the short-term nature of finance, the scarcity of
risk management instruments and the scarcity of credit for smaller enterprises indicate an
important role that development banks can play in encouraging financial sector development.
Mr. Titelman also mentioned the successful experiences of several development banks in Latin
America such as the Banco Multisectorial de Inversiones of El Salvador, COFIDE of Peru,
CORFO of Chile, and Corporación Andina de Fomento (CAF) at a sub-regional level.
14.
Mr. Toru Tokuhisa looked at the issue of “Supporting Long-term Financing Mechanisms:
JBIC’s Experience”. He suggested some critical issues to be addressed with regard to the role of
NDBs in long-term financing, based on the experience of the Japan Bank for International
Cooperation (JBIC). JBIC is the sole Japanese governmental financial institutions promoting
Japan’s economic interchange with foreign countries. Some of its finance for developing
countries has been channeled through NDBs. JBIC’s interaction with NDBs and local financial
institutions has had positive results, including facilitating and increasing long-term financing and
mitigating the credit risks. According to Mr. Tokuhisa, the critical issues to be addressed include
the provision of capacity building to improve the ability of these institutions to undertake credit
analysis, to enable them to deal with internationally accepted financial practices through
technical assistance, and to provide them with the tools to analyze the environmental and social
impacts of projects to be financed. He also stressed the importance of developing local financial
and capital markets to mobilize local savings and increase foreign investment.
15.
Mr. Lumkile Mondi provided an “Evaluation of the Industrial Development Corporation
(IDC) of South Africa”. IDC is a self-financing, national development finance institution placed
at the heart of South Africa’s industrial development. It is a financial institution, a development
agency, and an industrial policy actor. As a financial institution, IDC has an appetite for risk, is
able to evaluate it and can also lower it through its participation. As a development agency, IDC
represents a centre of knowledge and information. As an industrial policy actor, IDC interacts
actively with the government at ministry levels and also has strong links at industry/sector and
firms/associations levels. Using its knowledge and analysis capacity, IDC proactively
anticipates development needs, understands market failures and uses finance to shape the
economy. With respect to the issues that need to be taken up further, Mr. Mondi stressed, among
other things, the importance of having a strong focus on small and medium enterprises, given
their important role in generating employment. He also called for an enhancement of the
screening and prioritization of projects, and emphasized that the performance of firms receiving
IDC financing should be more closely monitored. He said that IDC should concentrate on
increasing economic linkages in order to maximize the development impact of projects on South
Africa’s industry and economy. Mr. Mondi also pointed out the importance of improving
information flows and utilizing the existing knowledge base to enhance performance.
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16.
Mr. Akash Deep spoke on “Public-Private Partnerships for Financing of Infrastructure
Development”. He stressed, in particular, the possibilities for NDBs to act as a conduit for
government participation in Public-Private Partnerships (PPPs) focused on infrastructure
development. He pointed out that while government involvement in infrastructure development
was necessary for many reasons, including the significant social benefits and externalities that
the private operators may not take into account, its ability to do so may be limited by fiscal
pressures. At the same time, private investment in infrastructure has been constrained by a
number of factors including concerns about regulatory, currency and political risks. It therefore
makes sense, according to Mr. Deep, for governments and the private sector to collaborate
through PPPs. There are different models of PPPs, but NDBs can in general usefully serve as a
conduit for public participation in them in many ways. These include holding a diversified
portfolio of a government’s stake in infrastructure projects, facilitating learning across projects
and creating a repository of expertise and information, gaining an inside view of projects at par
with private investors and commercial banks, and maintaining a sustained role that provides
continuity of public participation. Nevertheless, the effective implementation of such a role by
NDBs is dependent upon a number of factors, including its complementarity to their other
activities, their relationship with governments, and the financial and economic performance of
their investments. Moreover, according to Mr. Deep, there also needs to be objective
consideration of whether there are alternative conduits for public participation that may be more
effective.
Discussion
17.
A number of points were raised during the discussion, including the following:

On the issue of competition between NDBs and private banks, it was pointed out
that such competition was not a problem if state-owned banks were able to compete
without subsidies. For example, the State Bank of Chile is a state-owned entity that has a
commercial focus but has still maintained its role of fostering economic development.

One participant suggested that regulation of PPP projects should be carefully
thought out. In this respect, the negotiation of contracts between public and private
entities has been an important issue. Moreover, insurance may also be necessary to cover
the risks of contract renegotiation. Another participant pointed out that contracts cannot
be expected to be totally complete; they should instead aim at being robust in the face of
small changes, while in the event of bigger shocks an independent settlement process
may need to be established.

It was pointed out that, in regions such as Latin America, NDBs have had an
important role to play in attracting and channeling funds from abroad. This led to some
discussion of the risk mitigation function that they could perform, though a number of
issues remain unresolved including that of whether exchange rate risk should be covered
by the public sector.
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Session 4.
Attracting Private Capital and Private Sector Development
18.
This session was chaired by Mr. Robert P. Vos, Director, Development Policy and
Analysis Division, UN-DESA. The panelists were Ms. Barbara Samuels, President, Samuels
Associates (New York, NY, USA); Mr. Saleindra Narein, Chairman, Centre for SME Growth
and Development Finance (Mumbai, India); Mr. Randall Dodd, Director, Financial Policy Forum
(Washington, DC, USA); and Mr. Gilles Genre-Grandpierre, Head of Banking & Capital
Markets, Proparco (Paris, France).
Presentations
19.
Ms. Barbara Samuels focused on “The Role of National Development Banks in Risk
Mitigation”. She outlined four critical action steps that would enhance the functioning of NDBs
in this area, especially with regard to facilitating private capital into infrastructure projects. First,
she called for a reassessment of the missions and culture of NDBs. In particular, there is a need
for key stakeholders from the public and private sectors to jointly identify financing gaps, needs
and markets failures at a country level and, based on that, determine the core activities and
objectives of development banks. Second, Ms. Samuels argued that NDBs could play an
important role in identifying tools to better mitigate the risks faced by private investors in
infrastructure projects, which relate to the regulatory environment, currency fluctuations and
government performance. Third, to enhance the functioning of NDBs, it is important to develop
effective performance matrices that would also incorporate new benchmarks such as the amount
of additional private finance that has been mobilized through risk mitigation activities. Finally,
Ms. Samuels pointed out that NDBs could provide valuable assistance in the development of
new delivery mechanisms to speed up capacity building and in building project development
capacities.
20.
Mr. Sailendra Narain spoke on “Promoting Competition and Entrepreneurship”. He
stressed that the debate on NDBs should be addressed in the broader context of the relevance of
development finance institutions (DFIs) in the financial system. Mr. Narain highlighted
innovative financing tools (equity, venture capital, risk capital, and microfinance) and business
development services (including human resource development, capacity building,
entrepreneurship development programs, technology upgrading, and market development) as
mechanisms through which DFIs could foster entrepreneurship and competitiveness. While
stressing that these institutions would need to reform in order to be successful, he pointed out
that changing policy towards DFIs in some countries has led to unfair competition between them
and commercial banks. DFIs are at a disadvantage here since they have limited access to lowcost deposits and therefore face difficulties in pricing lending products at competitive rates. This
can affect sources of long-term financing for industry and also the provision of developmentfocused services that commercial banks do not usually deliver. Mr. Narain referred to a study on
the long-term financing needs of Indian industry, where 80 per cent of the respondents were of
the opinion that the revival and strengthening of DFIs was extremely important. He therefore
highlighted the need for further discussion on how DFIs and commercial banks could function in
a complementary manner.
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21.
Mr. Randall Dodd addressed the topic “The US Experience: Lessons for National
Development Banks”. He pointed out that NDBs in the United States have over time delivered
important services, such as credit to farm and rural economies, counter-cyclical financing, as
well as financial support for housing, municipalities and education. For example, farm credit
system lending entities helped provide public credit to areas and sectors neglected by
commercial lending, in particular during economic downturns. Similarly, the counter-cyclical
financing provided by schemes such as the Tennessee Valley Authority and the Reconstruction
Finance Corporation were also of significant importance since inadequate new lending provided
by the financial sector during downturns often prolonged its impact. In housing, likewise,
government-sponsored institutions such as the Federal National Mortgage Association (Fannie
Mae) were successful in providing a greater amount of credit for home ownership in spite of
instances of accounting problems and some failures to properly comply with new derivatives
accounting rules. In all those instances, Mr. Dodd stressed, successful efforts to provide remedy
for market failures in financial markets had required the creation of a variety of flexible
institutions and instruments, including government agencies, as well as publicly and/or privately
owned corporations.
22.
Mr. Gilles Genre-Grandpierre’s presentation was on “Supporting National Development
Banks in Attracting Long-term Capital: Lessons from Experience in Africa”. He focused on the
criteria that enabled NDBs to be successful in attracting private capital. A study on this issue
had been undertaken by Proparco1, based on its NDB portfolio in Africa. The study explored
internal as well as external criteria (sophistication of local banking and financial markets).
Successful NDBs were defined as those that succeeded in mobilizing private capital, being
financially sustainable and additional in filling market gaps. The initial findings of the analysis
were that successful NDBs operated in heterogeneous environments, whether internal (with a
mixed shareholding structure), or external (in a competitive environment). The speaker argued
that NDBs operating in such conditions were generally more efficient in attracting private
capital. Moreover, they exhibited good governance and sound risk management as a
consequence of external pressure. The key criteria for successful NDBs include the ability to
effectively manage their heterogeneous internal and external environments, to fill an incremental
– but determining – gap in the market, and to avoid market distortions and crowding-out effects
on the private sector. In addition, successful NDBs should also be able to mitigate risks. In
concluding, Mr. Grandpierre stressed that the existing level of banking and financial
sophistication in a country was key to determining the relevant market gaps and appropriate
levels of public support for NDBs.
Discussion
23.
The main points that came out of the ensuing discussion were as follows:

On the issue of risk mitigation activities that could be undertaken by development
banks, it was suggested that a distinction should be made between financial risk and
macroeconomic risk (which includes exchange rate risk). According to one participant,
the public sector should not get involved in covering macroeconomic risks for the private
1
Proparco is a French Development Finance Institution and a member of the European Development Finance
Institutions (EDFI) network that has operations in 60 countries in Africa, the Middle-East, Asia and the Caribbean.
8
sector as this could prove very costly. However, another participant asserted that
macroeconomic risk was often a “deal-stopper” for private sector investment and that the
public sector had some responsibility for devaluations generated by government policies.

A participant pointed out that, with appropriate hedging of their internal balance
sheets, NDBs could effectively borrow from abroad, provide long-term finance in local
currency for infrastructure projects, and at the same time mitigate their currency risks.
By directing local currency loans to firms with substantial foreign currency revenues,
NDBs could avoid further strain on their own foreign currency borrowing portfolio if a
devaluation of the domestic currency occurred.

The potential role of NDBs in developing the local financial sector was
emphasized. In particular, NDBs could play a role in the development of private
commercial banks and markets catering to the financial needs of small and medium
enterprises. However, the success of such efforts would be greater where real economic
conditions and the business environment were stronger.
Session 5.
Capacity Building, Governance and Management
24.
This session was chaired by Mr. Jan Kregel, Chief, Policy Analysis and Development
Branch, Financing for Development Office, UN-DESA. The panelists were Mr. Admassu
Tadesse, Head, Corporate Strategy and Planning, Development Bank of South Africa (DBSA)
(Johannesburg, South Africa); Mr. Demian Fiocca, Executive Vice President and Director of
Control, Infrastructure and Basic Industry Areas, Banco Nacional de Desenvolvimento
Econômico e Social (Rio de Janeiro, Brazil); and Mr. Larry D. Hays, Director, Sovereign
Ratings, Standard & Poor’s (New York, NY, USA).
Presentations
25.
Mr. Admassu Tadesse addressed the issue of “Governance and Management of
Development Financing Institutions as a Key Element of Monitoring and Evaluation”. He
emphasized that NDBs, to be an effective tool for development financing, needed to have high
standards of corporate governance. He observed that there was no one correct formula for
corporate governance and the appropriate settings needed to be determined within the framework
of a nation’s legal environment. However, he mentioned that four important pillars of corporate
governance that had been highlighted in international guidelines were fairness, accountability,
responsibility and transparency. Mr. Tadmassu pointed out that evaluation was also an important
aspect of governance and must go beyond cost-benefit analysis to address systemic, policy and
ethical issues. He then highlighted some aspects of the functioning of the Development Bank of
South Africa as examples of good corporate governance. One important factor was the existence
of effective oversight and accountability by the board of directors. In that sense, it was important
to have an independent, well-informed and diversified board with members from public, private
and non-profit sectors. In addition, systems that promoted effective risk management and
strategic control were also important. Finally, Mr. Tadesse highlighted the need for codes of
ethical conduct to be adopted for board members, employees and suppliers, as well as having a
compliance strategy, in order to ensure adherence to those codes.
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26.
Mr. Demian Fiocca’s presentation focused on the achievements of Banco Nacional de
Desenvolvimento Econômico e Social (BNDES) in financing development in Brazil. He
asserted that Brazil and many other countries in Latin America had suffered from a shortage of
credit rather than savings, which had served to limit infrastructure investment and economic
growth. The provision of credit by development banks such as BNDES has been important in
that it has taken into consideration factors beyond the financial return of a project and has sought
to promote economic and social development. Moreover, according to Mr. Fiocca, lending by
these institutions can also be beneficial through having a counter-cyclical effect. In Brazil, for
example, lending by the private banking system has been pro-cyclical and has increased in line
with economic growth rates. By contrast, BNDES’ share of total credit has grown during
periods when the credit/GNP ratio declined; it has therefore provided much needed finance for
development at the time when private lending has fallen. Another area where BNDES has
played a critically important role has been employment creation. He provided statistics to
illustrate that firms supported by BNDES had generated a higher growth in formal job creation
than those that had not received such backing. The employment creation effect of such support
was even stronger in the case of smaller firms. Finally, Mr. Fiocca outlined BNDES’ sources of
funding and emphasized the need for NDBs to have reliable sources of finance, in order to
operate effectively.
27.
Mr. Larry Hays spoke on “Rating of National Development Banks”. In particular, he
focused on the methodology undertaken by Standard and Poor’s (S&P) in rating NDBs. He
began by pointing out that it was the sovereign rating group within S&P, not the bank rating
group, which had taken the lead in rating NDBs since many of these entities had been
incorporated in the public sector. Hence, the rating of a NDB would normally be no higher than
that of its country of domicile since the bank situation is dependent upon support from and
policies of the government. Mr. Hays then stressed that S&P has had a very narrow focus when
undertaking a rating, which has been to assess the willingness and ability of NDBs to serve their
obligations in time and in full. He went on to describe the two-step analysis followed by S&P in
rating NDBs. In the first step, the rating agency would assess the stand alone strength of an
NDB, looking at its financial health and risk-bearing capacity. In the second stage, consideration
would be given to government support; and NDBs are in fact divided into different groups
depending on their level of integration with the government. Mr. Hays concluded by calling on
NDBs to have audited financial statements and to be part of the same regulatory regime as
commercial banks. Moreover, he pointed out that the relationship between governments and
NDBs should be transparent, especially where subsidies are concerned.
Discussion
28.
The discussion highlighted the following points:

There was some discussion of the relationship between NDBs and the private
sector. At one level, it was observed by some participants that private participation in the
ownership of NDBs may provide benefits in the form of additional capital. However, the
degree of private interest in owning a portion of NDBs is open to question. On another
front, some experts argued that the practice adopted by some governments to impose zero
10
losses on development banks’ private portfolios constrained their activities and may also
lead to distortions and corruption in the reporting process. Finally, a participant
questioned the view that development banks should only work where the private sector
would not be involved, arguing that, as long as NDBs were not being subsidized, they
should be able to compete with commercial actors.

Another participant questioned whether there was a danger that BNDES’ support
for smaller enterprises may focus on the already strong firms rather than the needy ones.
In response, it was pointed out that BNDES provided its support through commercial
banks who in fact selected the companies to lend to. In general, commercial banks are
likely to use their own deposits to lend to the already fit companies, while BNDES’
resources may be used to provide funding for potentially good but needy enterprises.

Disagreement was expressed with the view that commercial and development
banks should be subject to the same regulations. A participant argued that, in some
countries, commercial banks have been in any case subject to advantages that have not
been available to NDBs and the playing field should consequently be leveled. In that
respect, it was also argued that the Basle regulations, by squeezing liquidity, could hinder
NDBs in their employment-generation and risk-covering roles.

The importance of equity support for SMEs was stressed by a participant. A
suggestion was made for international financial institutions to establish a mutual fund for
equity development in the various regions, which NDBs could draw upon.
Session 6.
Drawing Lessons from Regional and National Experiences
29.
This session was chaired by Mr. Jan Kregel, Chief, Policy Analysis and Development
Branch, Financing for Development Office, UN-DESA. The panelists were Ms. Jacqueline
Noel, Associate Director for Financing Development in Africa, European Investment Bank (EIB)
(Luxembourg); Mr. Fulvio Mazzeo, Conseiller du Directeur Général, Banque Gabonaise de
Développement (Libreville, Gabon); and Mr. Nicholas Bruck, Special Advisor, World
Federation of Development Financing Institutions (WFDFI) and President, International
Development Enterprise Associates (IDEA) (Washington, DC, USA).
Presentations
30.
Ms. Jacqueline Noel spoke on the issue of “Cooperation between Regional and National
Development Banks in Africa”. While the European Investment Bank (EIB) serves as the longterm financing institution of the European Union (EU), Ms. Noel pointed out that its operational
priorities also included the support of EU development and cooperation policies in partner
countries. In this respect, the EIB has established an Investment Facility (IF) with a budget of
2.2 billion Euros and a special mandate for various developing country regions, in particular
those that fall under the Cotonou Agreement, a trade accord between the EU and members of the
African, Caribbean and Pacific (ACP) group of states. According to Ms. Noel, the IF has
provided various forms of risk sharing financing instruments to most sectors of the economy for
projects that were economically, financially, technically and environmentally viable. In
11
providing these services, the EIB has worked with NDBs in Africa and the Caribbean. An
important lesson from this experience has been that development financing institutions need to
engage with the end-users of loans in order to clearly asses their needs. Moreover, Ms. Noel
stressed that successful NDBs need to remain capable of adjusting their governing structures and
management strategies to ever-changing market conditions.
31.
Mr. Mazzeo’s presentation was on “Gabon Development Bank: Lessons from
Experience”. The Gabon Development Bank was established over four decades ago and its core
activities comprise small and medium enterprises, consumer loans, investment and other
services. Moreover, it has managed to meet and exceed international solvency, liquidity and
capital adequacy standards. According to Mr. Mazzeo, the characteristics that have helped
ensure the economic viability of the institution include the fact that its public-private ownership
structure has not constrained the independent decision-making process of the bank, the absence
of excessive state intervention into strategic lending decisions, and the fact that it has played a
complementary role to other financial intermediaries and never attempted to substitute private
sector banks. Moreover, he emphasized the strong emphasis placed on the Gabon Development
Bank’s adherence to prudential regulation, including the Basle norms, and pointed out that its
flexibility in redefining its missions and adopting new strategies had been a key factor in its
success. He stressed that, with the Millennium Development Goals serving as its overall
strategic framework, the Gabon Development Bank would continue to focus on areas where it
had a comparative advantage to other financial intermediaries.
32.
Mr. Nicholas Bruck spoke on the “Evolution and Prospects of National Development
Banking”. He stressed that given the major changes, adjustments and adaptations to create more
free market-oriented economies, development banks needed to take stock and develop a new
vision for the twenty-first century. This vision would vary with each institution, depending on
the local environment. In many countries, it would include expanded roles for these institutions
in the development of the private sector and the financial system. Through their activities,
development banks could also increasingly assist small and medium enterprises and engage in
microfinance. At the same time, according to Mr. Bruck, development banks should not lose
their focus on what they know best, which is managing the risks that are inherent in financing
long-term projects. Moreover, given that development banks are more specialized and complex
than other banks, they require more highly trained staff and need to update their skills in areas
relating to financial resource engineering (asset and liability management), risk management and
new financial instruments.
Session 7.
Next Steps: Refining the Project Proposal
33.
The final session was chaired by Mr. Alex Trepelkov, Chief, Multi-stakeholder
Engagement and Outreach Branch, Financing for Development Office, UN-DESA. In the
interest of time, he proposed to skip oral presentations on the overview of “Multi-stakeholder
Consultations on Financing for Development, 2004-2005” and on the background document for
a proposed new set of multi-stakeholder consultations on “Rethinking the Role of National
Development Banks”, which had been made available to the expert group in written form.
Instead, he invited experts to engage in an interactive discussion on ways of taking the project
12
forward, including substantive issues related to the agenda, process and methodology of the
proposed consultations.
34.
In outlining a proposal for follow-up consultations on “Rethinking the Role of National
Development Banks”, Mr. Trepelkov suggested a series of regional meetings, to be held during
the period 2006-2007, covering Latin America, Asia and the Pacific, West Asia, Africa and
Europe, i.e. the five UN regions. If needed, there could be an additional global meeting. These
meetings would be multi-stakeholder and involve participation from interested governments,
national development banks (and associations of NDBs), regional development banks, relevant
UN agencies, the Bretton Woods institutions, civil society, academia and the private sector. He
stressed that these would not be official UN meetings but rather informal expert-level
discussions on key policy issues, to be included in a model framework agenda. Nevertheless,
their outcomes (i.e., main findings and recommendations) would be reported to the UN General
Assembly as part of the annual report on the FfD follow-up process. Apart from a separate
report on each meeting, the project as a whole is expected to produce a consolidated publication
on the role of NDBs as a renewed mechanism of development finance, to be made available to
the 2007 High-level Dialogue of the General Assembly on Financing for Development.
Agenda
35.
Many experts felt that there was a need to ensure comparability among the agendas of the
various regional meetings. It was pointed out that whereas each region may have its own
specific features, which may be different from those of other regions, their development
problems and possible solutions to them were, to a large extent, comparable. Thus, there should
be a consistent set of themes for discussion throughout all the regional meetings. Moreover, it
was suggested that experts from other regions should also participate in each regional meeting, in
order to ensure cross-fertilization of ideas. At the same time, several participants stressed the
need to avoid coming up with straightjacket solutions that do not take into account regional
differences. “One size does not fit all”. In addition, it was suggested that bilateral consultations
between various stakeholders should also be built into the work program, since such encounters
are sometimes more likely to generate frank views.
36.
It was agreed that the FfD Office would prepare a draft model agenda to serve as a
framework for a series of follow-up regional meetings. That agenda would be based on the
background document on the project proposal and the additional points raised by the experts
during the meeting. As part of the draft report on the meeting (see annex 3), the draft model
agenda for the proposed consultations was submitted by e-mail to all the participants for their
review and comments. In addition, some participants also called for a template of relevant
issues, under each agenda item, which would support and strengthen the framework agenda and
would contribute to setting the stage for advance assessments and studies, to be analyzed during
the consultations.
Process
37.
Officials of UN-DESA pledged to provide substantive, organizational and financial
support to the proposed series of regional meetings. However, it is imperative to have
13
regional/local sponsors to host the meetings and meet local costs. In that regard, the discussion
generated a number of invitations, as outlined in Annex 4: Corporación Financiera de Desarrollo
(COFIDE) and the Asociación Latinoamericana de Instituciones Financieras para el Desarrollo
(ALIDE) offered to host a meeting in Lima, Peru in early June 2006. The Banco Nacional de
Desenvolvimento Economico e Social (BNDES) offered to host a meeting in Rio de Janeiro,
Brazil, while agreeing to coordinate with COFIDE and ALIDE’s invitation. Agence Française de
Développement (AFD), the European Investment Bank (EIB) and Kreditanstalt für
Wiederaufbau (KfW) offered to host a meeting in Paris, France, in late June 2006. The Ministry
of Investment, Egypt and UN Economic and Social Commission for West Asia (ESCWA)
offered to host a meeting in Cairo, Egypt, in 2006. The Industrial Development Corporation of
South Africa and Association of African Development Finance Institutions (AADFI) offered to
host a meeting in Johannesburg, South Africa, in August/September 2006. The Centre for SME
Growth and Development Finance (CESMED), India in cooperation with United Nations
Development Programme (UNDP) offered to host a meeting in New Delhi, India, in
November/December 2006. Finally, in the immediate follow-up to the conference, the Center for
International Development at Harvard University’s J.F. Kennedy School of Government offered
to host the closing meeting in its premises, in Cambridge, USA in January/February 2007.
Methodology
38.
It was agreed that NDBs can play an important role in the development process of
developing countries, and that their place in the financial system should be sustained. It was also
agreed that the overall framework of the consultations should not be restricted solely to NDBs
but should include the entire gamut of DFIs at the national and sub-regional levels, including the
synergies among them and between them and a broader financial architecture.
39.
An important initial step would be to analyze the success stories and failures of NDBs.
As part of such a study, there should be identification of best practices that could be scaled up.
Some participants called for a proactive stance in disseminating best practices, including having
participants fill out a questionnaire on this subject prior to the forthcoming meetings. In
addition, there should also be a broad identification of market failures or development gaps
across the regions and assessment of the institutions and products that would address them. This
would contribute to the reassessment of the mission and products of development banks, by
directing their focus to areas where they are deemed to be the appropriate institutions to provide
solutions. From this perspective, it seemed that the proper logic was a process that would first
identify market failures, then suggest adequate instruments and finally choose the optimal
provider. It is thus the process that would yield the rationale of national development banking,
and not the rationale that yields the instruments.
40.
The above analyses can in turn provide direction to the issues of the financing and
governance structure of development banks. The identified mission and products of these
institutions would determine the composition of their funding (in particular the mix between
public and private funds) and the nature of their management.
41.
Participants also identified a need to develop performance matrices that would capture
the success of these institutions in fulfilling their mission. Such an appraisal needs to go beyond
14
financial sustainability indices and also capture development impact. Moreover, given the
increasing importance of private sector in the developing world, the matrices may also need to
capture the extent to which development banks facilitate private capital flows into relevant
projects and sectors. In this sense, it would be valuable to ensure that the identified final
beneficiaries of the activities of development banks also participate in the regional meetings.
This would enable a better assessment of their needs and thereby facilitate the development of
performance measures. Moreover, best practices can also be shared between the different
institutions and regions on methods of performance appraisal.
42.
Overall, it was agreed that the final output of the regional meetings would be a report that
could comprise a policy “cookbook” of problems, solutions and best practices. More
specifically, participants agreed to address such issues as the possibilities for development banks
to undertake equity participation, to facilitate increased lending in local currency, and to promote
compensatory financing. There was consensus that the ultimate goal of the project should be to
enhance the contribution of development banks to the mobilization of resources for financing
economic and social development and poverty eradication.
43.
In this context, the Kennedy School of Government’s Center for International
Development at Harvard University suggested that a final conference to be held in early 2007
distill the main findings and conclusions from the previous consultations. Selected presenters
from the regional meetings will be invited to prepare papers elaborating on their presentations.
This set of papers should span most of the issues in the proposed agenda and be presented at the
conference. Following the discussion, the revised papers could be published as a volume on
NDBs as a renewed mechanism of development finance.
15
Annex 1
Ad Hoc Expert Group Meeting
“Rethinking the Role of National Development Banks”
Revised agenda
Thursday, 1 December 2005 – Conference Room 4
Session I
Introduction of the Project Proposal
10:00 a.m.
Opening Remarks
José Antonio Ocampo, Under-Secretary-General for Economic and Social Affairs
Oscar de Rojas, Director, Financing for Development Office (FfDO), UN-DESA
10:30 a.m.
Multi-stakeholder Consultations on Financing for Development, 2004-2005
Alex Trepelkov, Chief, Multi-stakeholder Engagement & Outreach Branch, FfDO, UNDESA
10:45 a.m.
Presentation of the Project Proposal: Multi-stakeholder Consultations on “Rethinking
the Role of National Development Banks” (2006-2007)
Hazem Fahmy, Ricardo Espina, Julien Serre, FfDO, UN-DESA
Session II
Setting the Stage: Sustainability vs. Privatization
11:00 a.m. –
12:00 p.m.
Chair: José Antonio Ocampo, Under-Secretary-General for Economic and Social Affairs
Development Banking in Latin America: Present Situation and Prospects
Rommel Acevedo, Secretary General, Asociación Latinoamericana de Instituciones
Financieras para el Desarrollo (ALIDE) (Lima, Perú)
The Quest for Sustainability in National Development Banks
Ignace Monkam Daverat, Division banques et marchés financiers, Département secteur
financier, Agence Française de Développement (AFD) (Paris, France)
Benefits and Costs of Privatization of State-Owned Banks
Lemma W. Senbet, Chair of the Finance Department, Robert H. Smith School of
Business, University of Maryland (College Park, MD, USA)
Session III
Financing of Infrastructure Development: Mechanisms and Experiences
12:00 p.m. –
1:00 p.m.
Chair: Oscar de Rojas, Director, Financing for Development Office, UN-DESA
Is There a Role for Development Banks in Long-term Financing?
Daniel Titelman, Coordinador, Unidad de Estudios Especiales, Economic Commission
for Latin America and the Caribbean (ECLAC) (Santiago, Chile)
Supporting Long-term Financing Mechanisms: JBIC’s Experience
Toru Tokuhisa, Resident Executive Director for the Americas, Japan Bank for
International Cooperation (JBIC) (New York, NY, USA)
16
3:00 p.m. –
Chair: Alex Trepelkov, Chief, Multi-stakeholder Engagement & Outreach Branch,
FfDO/DESA
4:00 p.m.
Evaluation of Industrial Development Corporation of South Africa
Lumkile Mondi, Chief Economist, Industrial Development Corporation and VicePresident, Association of African Development Finance Institutions (AADFI)
(Johannesburg, South Africa)
Public-Private Partnerships for Financing of Infrastructure Development
Akash Deep, Associate Professor of Public Policy, Harvard University (Cambridge, MA,
USA)
Session IV
Attracting Private Capital and Private Sector Development
4:00 p.m. –
6:00 p.m.
Chair: Robert Vos, Director, Development Policy and Analysis Division, UN-DESA
The Role of National Development Banks in Risk Mitigation
Barbara Samuels, President, Samuels Associates (New York, NY, USA)
Promoting Competition and Entrepreneurship
Sailendra Narein, Chairman, Centre for SME Growth and Development Finance
(Mumbai, India)
US Experience: Lessons for National Development Banks
Randall Dodd, Director, Financial Policy Forum (Washington, DC, USA)
How to support NDBs in Attracting Long-term Capital: Lessons from Experience in
Africa
Gilles Genre-Grandpierre, Head of Banking & Capital Markets, Proparco (Paris, France)
Friday, 2 December 2005 – Conference Rooms 4 (AM) and 8 (PM)
Session V
Capacity Building: Governance and Management
10:00 a.m. –
11:00 p.m.
Chair: Jan Kregel, Chief, Policy Analysis and Development Branch, FfDO/DESA
A Culture of Evaluation – A Key to Effective Governance & Management of Development
Financing Institutions?
Admassu Tadesse, Head, Corporate Strategy and Planning, Development Bank of South
Africa (DBSA) (Johannesburg, South Africa)
BNDES: Financing the Brazilian Development
Demian Fiocca, Executive Vice President, Director of Control, Infrastructure and Basic
Industry Areas, Banco Nacional de Desenvolvimento Econômico e Social (BNDES) (Rio
de Janeiro, Brazil)
Rating National Development Banks
Larry D. Hays, Director, Sovereign Ratings, Standard & Poor's (New York, NY, USA)
17
Session VI
Drawing Lessons from Regional and National Experiences
11.00 a.m. –
1:00 p.m.
Chair: Jan Kregel, Chief, Policy Analysis and Development Branch, FfDO/DESA
Cooperation between Regional and National Development Banks in Africa
Jacqueline Noel, Associate Director for financing development in Africa, European
Investment
Bank (EIB) (Luxembourg)
Gabon Development Bank: Lessons from Experience
Fulvio Mazzeo, Conseiller du Directeur Général, Banque Gabonaise de Développement
(Libreville, Gabon)
Evolution and Prospects of National Development Banking
Nicholas Bruck, Special Advisor, World Federation of Development Financing
Institutions (WFDFI) and President, International Development Enterprise Associates
(IDEA) (Washington, DC, USA)
Session VII
Next Steps: Refining the Project Proposal
3:00 p.m. –
Chair: Alex Trepelkov, Chief, Multi-stakeholder Engagement & Outreach Branch,
FfDO/DESA
6:00 p.m.
Refining the Project Proposal: Multi-Stakeholder Consultations on “Rethinking the Role
of National Development Banks”
18
Annex 2
Ad Hoc Expert Group Meeting
“Rethinking the Role of National Development Banks”
Revised list of participants
List of experts
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
Rommel Acevedo Fernandez de Paredes, Secretario General, Asociación Latinoamericana de
Instituciones Financieras para el Desarrollo (ALIDE), Lima, Perú
Nicholas Bruck, Special Advisor, World Federation of Development Financing Institutions
(WFDFI) and President, International Development Enterprise Associates (IDEA), Washington,
DC, USA
Akash Deep, Associate Professor of Public Policy, Harvard University, Cambridge, MA,USA
Randall Dodd, Director, Financial Policy Forum, Washington, DC, USA
Demian Fiocca, Executive Vice President, Director of Control, Infrastructure and Basic Industries
Areas, Banco Nacional de Desenvolvimento Econômico e Social (BNDES), Rio de Janeiro,
Brazil
Gilles Genre-Grandpierre, Head of Banking & Capital Markets, Proparco, Paris, France
Larry D. Hays, Director, Sovereign Ratings, Standard & Poor's, New York, NY, USA
Racha Khalil, Investment & Financial Services Specialist, Ministry of Investment, Cairo, Egypt
Fulvio Mazzeo, Conseiller du Directeur Général, Banque Gabonaise de Développement,
Libreville, Gabon
Ignace Monkam Daverat, Division Banques et Marchés Financiers, Département Secteur
Financier, Agence Française de Développement (AFD), Paris, France
Lumkile Mondi, Chief Economist, Professional Services Division, Industrial Development
Corporation and Vice President, Association of African Development Finance Institutions
(AADFI), Johannesburg, South Africa
Sailendra Narain, Chairman, Centre for SME Growth and Development Finance (CESMED),
Mumbai, India
Jacqueline Noel, Associate Director, European Investment Bank (EIB), Luxembourg
Albert Ondo Ossa, Professeur, Laboratoire d'économie appliquée (LEA), Université Omar
Bongo, Libreville, Gabon
Sherif Oteifa, Advisor on Mortgage Finance, Ministry of Investment, Cairo, Egypt
Ricardo Palma-Valderrama, Special Representative, Internacional Organizations and NonRegional Countries, Asociacion Latinoamericana de Instituciones Financieras para el Desarrollo
(ALIDE), Lima, Peru
Barbara Samuels, Samuels Associates, New York, NY, USA
Lemma W. Senbet, Professor and Chair, Finance Department, Robert H. Smith School of
Business, University of Maryland, Collage Park, MD, USA
Neo Sowazi, First Vice Chairperson, Association of African Development Finance Institutions
(AADFI) and Executive Vice President for Marketing and Corporate Affairs, Industrial
Development Corporation, Johannesburg, South Africa
Admassu Tadesse, Head, Corporate Strategy and Planning, Development Bank of Southern
Africa Group, Midrand, South Africa
Toru Tokuhisa, Resident Executive Director for the Americas, Japan Bank for International
Cooperation (JBIC), New York, NY, USA
19
United Nations Secretariat
Department of Economic and Social Affairs (UN-DESA)
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
José Antonio Ocampo, Under-Secretary-General for Economic and Social Affairs
Oscar de Rojas, Director, Financing for Development Office
Robert Vos, Director, Development Policy and Analysis Division
Jan Kregel, Chief, Policy Analysis and Development Branch, Financing for Development Office
Alex Trepelkov, Chief, Multi-stakeholder Engagement and Outreach Branch, Financing for
Development Office
Hazem Fahmy, Senior Officer, Multi-stakeholder Engagement and Outreach Branch, Financing
for Development Office
Ricardo Espina, Economic Affairs Officer, Multi-stakeholder Engagement and Outreach Branch,
Financing for Development Office
Krishnan Sharma, Economic Affairs Officer, Multi-stakeholder Engagement and Outreach
Branch, Financing for Development Office
Tania Cernuschi, Associate Economic Affairs Officer, Multi-stakeholder Engagement and
Outreach Branch, Financing for Development Office
Daniel Platz, Associate Economic Affairs Officer, Multi-stakeholder Engagement and Outreach
Branch, Financing for Development Office
Julien Serre, Associate Economic Affairs Officer, Multi-stakeholder Engagement and Outreach
Branch, Financing for Development Office
Economic Commission for Latin America and the Caribbean (UN-ECLAC)
33.
Daniel Titelman, Coordinator, Unidad de Estudios Especiales, UN-ECLAC, Santiago, Chile
Economic and Social Commission for Western Asia (UN-ESCWA)
34.
Grace Victoria Chomo, Economic Affairs Officer, Globalization and Regional Integration
Division, UN-ESCWA, Beirut, Lebanon
20
Annex 3
Multi-stakeholder Consultations
“Rethinking the Role of National Development Banks”
Model Agenda
I.
II.
III.
THE EVOLVING ROLE OF NATIONAL DEVELOPMENT BANKS
A.
Setting the Stage: Evolution of Development Banking
B.
Addressing Market Failures and Development Gaps
C.
Relationship with Other Development Institutions and the Private Sector
D.
Defining the Rationale and Missions of National Development Banks
FILLING THE GAPS: FUNCTIONS AND INSTRUMENTS OF NATIONAL
DEVELOPMENT BANKS
A.
Providing Effective Financing Mechanisms
B.
Assisting Financial Sector Development
C.
Supporting the Local Business Sector
D.
Facilitating Regional Cooperation and Integration
ENHANCING THE EFFECTIVENESS OF NATIONAL DEVELOPMENT
BANKS
A.
Rating, Regulation and Supervision
B.
Governance, Management and Skills
C.
Measuring and Monitoring Results
D.
Sustainability and Funding
21
Annex 4
Multi-stakeholder Consultations
“Rethinking the Role of National Development Banks”
Tentative Schedule of Regional Meetings
i.
Sponsor: Corporación Financiera de Desarrollo (COFIDE), Perú and Asociación
Latinoamericana de Instituciones Financieras para el Desarrollo (ALIDE).
Venue:
Lima, Peru.
Date:
12-13 June 2006.
ii.
Sponsor: Agence Française de Développement (AFD), European Investment Bank (EIB)
and Kreditanstalt für Wiederaufbau (KfW).
Venue:
Paris, France.
Date:
27-28 June 2006.
iii.
Sponsor: Centre for SME Growth and Development Finance (CESMED), India and United
Nations Development Programme (UNDP).
Venue:
New Delhi, India.
Date:
27-28 November 2006.
iv.
Sponsor: Ministry of Investment, Egypt and UN Economic and Social Commission for
West Asia (ESCWA).
Venue:
Cairo, Egypt.
Date:
Second half of 2006 – early 2007.
v.
Sponsor: Industrial Development Corporation of South Africa and Association of African
Development Finance Institutions (AADFI).
Venue:
Johannesburg, South Africa.
Date:
Second half of 2006 – early 2007.
vi.
Sponsor: Center for International Development at Harvard University’s J.F. Kennedy
School of Government.
Venue:
Cambridge, USA.
Date:
First half of 2007.
22