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Building Robust Financial Markets and Institutions in EMDEs

The course begins with an overview of the global context of investment and finance in EMDEs, and the opportunities and challenges inherent to increasing these flows in EMDEs. We will review the global context of investment and finance, learn about the Sustainable Development Goals (SDGs) and financing for development, and understand the new development finance paradigm. Next, we will take a closer... view more

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In this video, Demet Cabbar introduces the objectives and content of the fourth week of the MOOC.

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In this video, Samuel Munzele Maimbo describes global shifts towards sustainable and inclusive approaches to financial sector development. He also discusses the future of finance in Africa in this context.

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In this video, Ana Fiorella Carvajal discusses the role of capital markets in helping to mobilize institutional investors' money to strategic sectors. She highlights global pension funds, global insurance companies and sovereign wealth funds as examples of institutional investments which can be mobilized.

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A decade since the start of the global financial crisis, G20 countries have rebuilt the financial system so that it serves society, not the other way around. According to the Financial Stability Board, the financial system is now safer, simpler and fairer than before.

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Jaeheung Park discusses the importance of Korea’s capital markets in driving the country’s historical development and shared lessons for policymakers and regulators to similarly leverage the strengths of capital markets.

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In this video, Eric Bouyé summaries results from a survey of some of the world’s largest investors on their areas of concern and views on opportunities related to the investment and global economy. He also reports on what joint actions investors believe are needed by public, private and regulatory actors to increase opportunities and address global challenges related to investments.

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Svetlana Klimenko talks about the profound shifts in geopolitics, technology, demographics, and climate that have raised the stakes for policymakers and are triggering an investor revolution. She notes the closer alignment of interest that has emerged between public policy and private investment and that business leaders are now seeking to have a greater influence in shaping this emerging ecosystem. In this context, she concludes that there is an unprecedented opportunity to orchestrate public and private action in ways that lead to high private yield and high sustainable impact.

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This video introduces the new World Bank Group (WBG) Country Private Sector Diagnostic (CPSD) tool. CPSDs are used to systematically identify the main policy reforms – both cross-cutting and sector specific – required to unleash transformative private investment. CPSDs gather the expertise of the WBG and others to provide a clear direction for support of key reforms to enable growth through private investment.

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Dr. K.Y. Amoako, President and Founder, African Center for Economic Transformation, describes opportunities to economically transform Africa within a generation through helping government and business deliver economic transformation that improves lives. He also shares how Africa’s economic transformation and improved human well-being can be sustained through diversified production, competitive exports, increased productivity, and upgraded technology.echnology.

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That staggering sum represents the "unbanked”; people without access to transaction accounts. That lack of access is especially a problem for the poor, for women, and for people in rural areas. But a new focus on leveraging data and digital technology is transforming the business model for providing financial services for low income individuals and for small enterprises, and is opening up opportunities which can help reduce poverty for millions.

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In this video, Zamir Iqbal introduces Islamic finance and its role in achieving the SDGs.

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In August 2018 the World Bank issued the first bond globally to be created, allocated, transferred and managed through its life cycle using distributed ledger technology. Blockchain technology has the potential to streamline processes among numerous debt capital market intermediaries and agents. This can help simplify raising capital and trading securities; improve operational efficiencies; and enhance regulatory oversight.

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10 years ago, The World Bank issued the first-ever green bond set the foundation for sustainable fixed income investing, transforming development finance and sparking a sustainability revolution in the capital markets. Watch these videos to hear from the first investors, the first green bond evaluator, SEB, the World Bank and others to learn about how, in 2008 the World Bank’s first Green Bond created the blueprint for what is today a US$500+ billion market.

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A women’s insurance program, launched by IFC with support from the governments of Canada and Japan, as well as the Women Entrepreneurs Finance Initiative (We-Fi), is helping women live healthier, more productive lives. It spans from Nigeria to the Philippines—and just kicked off in Ghana and Cameroon. Working alongside insurers, the program focuses on designing solutions to improve the financial security of women in emerging markets.

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Concluding Summary Video

About the Presenters

Demet Cabbar

Financial Specialist, Development Finance, The World Bank Group

Demet Cabbar is Financial Officer in Development Finance, where she supports the World Bank Group’s engagement in the 2030 development agenda and its financing. Previously she worked as an investment analyst in the World Bank Treasury’s Pension and Endowments Department. Previously, Demet worked as learning coordinator with the World Bank’s Financial Sector Learning Program, where she played a key role in growing the program from a small initiative to a global network of more than 3,000 government officials and private sector executives. In 2006-2007, as an elected officer to the Youth-to-Youth Community of the World Bank, she co-managed the Youth Innovation Fund, a small grant program aimed at bringing innovative and fresh ideas from youth into the World Bank’s development agenda. Demet earned her bachelor’s degree in management engineering at Istanbul Technical University. She has an MBA/MA in international business and an MS in finance from George Washington University.

Samuel Munzele Maimbo

Senior Adviser, Office of the Managing Director & Chief Financial Officer The World Bank Group

Mr. Samuel Munzele Maimbo, a Zambian national, is Head of the Financing for Development Unit and Senior Advisor in the office of the Managing Director & Chief Financial Officer, IBRD/IDA. He leads a unit tasked with carrying forward the work on financing for development with new instruments established in IDA-18; supporting the strategic oversight of Finance Partners, including financial and risk management strategies of the World Bank and reporting of its financial conditions; and fostering the development of new and innovative financial products and services to increase the mobilization of private and public financial resources. Mr. Maimbo also supports Finance Partners international dialogue on financial standards and best practices.

Since joining the World Bank in 2001 Mr. Maimbo has since worked on a diverse range of operations and countries and held various positions, including a Financial Sector Specialist in South Asia, Africa and ECA Regions, Practice Manager for Strategy and Operations in the Finance & Markets Practice. His most recent assignment was Practice Manager for Long-Term Finance & Risk Management (Agriculture Finance & Insurance, Capital Market Development, Disaster Risk Finance, Housing Finance, Infrastructure Finance, Pensions & Insurance and Climate Finance) in the Finance & Markets Practice Global Practice.

Mr. Maimbo holds a Ph.D in Public Administration (Banking) from the University of Manchester, an MBA in Finance, (University of Nottingham), a B.Sc. in Accounting (Copperbelt University, Zambia) and is a Fellow Chartered Certified Accountant (FCCA, UK). Prior to joining the World Bank, he worked at the Bank of Zambia and PWC.

Ana Fiorella Carvajal

Lead Financial Sector Specialist, Finance, Competitiveness & Innovation, The World Bank Group

Ana Fiorella Carvajal is an expert with over 20 years of experience in financial sector issues, with a focus on securities markets regulation and supervision and shadow banking.

Since October 2013, Ms. Carvajal works as Lead Securities Markets Specialist at the Finance and Markets Global Practice of the WBG. Prior to her work at the WBG, she worked as Senior Financial Sector Expert at the International Monetary Fund.

Through these positions Ms. Carvajal has helped to form the position of the Bank and the Fund on issues pertaining the regulation and supervision of securities markets and shadow banking. She has also led policy work for the G20 on the use of capital markets for infrastructure and SME financing. She has provided advisory services in these topics in a wide range of countries, including Brazil, Chile, Colombia, Kenya, Jamaica, Lebanon, Morocco, Peru, Romania and Turkey. She has participated in financial sector stability assessments (FSAPs) for many countries including Canada, France, Hong Kong, India, Italy, Japan, Spain and the United States. In all these countries she was responsible for the assessment of the securities markets against the IOSCO Principle and Objectives of Securities Regulation.

Prior to joining the Fund in 2005, she was General Counsel at the Superintendencia General de Valores de Costa Rica (SUGEVAL), the securities regulator in Costa Rica. She was also Advisor to the Minister of Finance of Costa Rica, where she coordinated the first placement of Costa Rica Eurobonds. Ms. Carvajal holds a Master degree of Public Administration and a Law degree.

Jaeheung Park

Deputy Director General, Financial Supervisory Service (FSS), The Republic of Korea

Mr. Jaeheung Park is the Deputy Director General leading the Financial Investment Team in the International Cooperation Department of Financial Supervisory Service (FSS). He has had a long career at the FSS including previously as Head of the Corporate Disclosure Team in the Disclosure Review Office and Head of Investment Advisory Supervision in the Asset Management Supervision Office. He holds a Master in Public Policy from the Harvard Kennedy School.

Eric Bouyé

Lead Financial Sector Specialist, The World Bank Group

Eric Bouyé leads the Strategic Asset Allocation and Quant Solutions team, responsible for asset allocation and financial solutions for Treasury clients.

Eric has over 18 years of asset management and capital markets experience. Prior to joining the Bank, Eric was Senior Strategist at the Fonds de Réserve pour les Retraites (FRR, $40bn+). He was previously Director, Investment Products and Strategies, and, Director, Structuring Team for Asia (based in Tokyo) at Sociéte Générale.

Eric holds a Ph.D. in Finance from Cass Business School, London, a Magistere in International Economics and Finance from the University of Bordeaux, and a MSc. in Banking and Finance from the University of Birmingham. He has been Adjunct Professor in various universities, including the University la Sorbonne (Paris 1) and the University of Evry. He has also published in academic journals and participated to various conferences.

Svetlana Klimenko

Lead Financial Management Specialist, operational Policy & Country Services, The World Bank Group

Svetlana Klimenko is a lead financial management specialist at the World Bank Group. As part of her work she leads dialogue and partnerships with global standard-setting bodies focused on such areas as financial reporting in both the private and public sector, integrated/sustainability reporting, and reporting on the Sustainable Development Goals (SDGs). In the course of her career with the Bank she has focused on the issues of public financial management, financial reporting and auditing in the public and private sectors, and sustainability and integrated reporting. Prior to joining the Bank, she was a manager at Deloitte. She holds a master’s degree in economics and engineering, and is a Certified Public Accountant (US) and a Fellow Certified Chartered Accountant (UK).

Vincent Palmade

Lead Economist, The World Bank Group

Vincent Palmade is Lead Economist in the Private and Financial Sector group of the Africa region of the World Bank. Vincent joined the World Bank in 2004 as Lead Economist for FIAS, the investment climate advisory service of the World Bank Group. Prior to joining the World Bank, Vincent worked for twelve years with McKinsey and Company where he was a Partner of the McKinsey Global Institute (McKinsey’s economic research group). Vincent’s work focuses on the strategy and institutional issues related to private sector development. Vincent graduated from the Kellogg Graduate School of Management and the École Nationale des Ponts et Chaussées.

K.Y. Amoako

President and Founder, African Center for Economic Transformation (ACET)

Dr. K.Y. Amoako, Founder and President of the African Center for Economic Transformation and former Executive Secretary of the Economic Commission for Africa, has dedicated his career to solving the development challenges of the world’s poorest countries, especially those in Africa.

Amoako began his career in 1974 at the World Bank, becoming the Bank’s Director for Education and Social Policy from 1992-1995. From 1995-2005, Amoako served as Executive Secretary of the Economic Commission for Africa (ECA) at the rank of Under Secretary General of the UN, during which he transformed the institution to more effectively serve African policy-makers, to amplify the African voice internationally and to influence African partners.

After his 10-year stint at ECA, Amoako spent 2006 as a Distinguished African Scholar at the Woodrow Wilson International Center for Scholars in Washington, DC. Amoako has worked with leading development experts and political leaders on high-level international commissions and task forces that address the development prospects of Africa and many of today’s central global issues. Among many others, he chaired the Commission for HIV/AIDS and Governance in Africa, convened by Kofi Annan and was a member of the Commission for Africa established and chaired by Tony Blair as well as a member of the Commission on Macroeconomics and Health chaired by Jeff Sachs and the Task Force on Global Public Goods co-chaired by Ernesto Zedillo. Amoako holds an undergraduate degree from the University of Ghana, and a PhD in Economics from University of California, Berkeley.

Douglas Pearce

Practice Manager for Financial Infrastructure & Access, Finance, Competitiveness & Innovation, The World Bank Group

Douglas Pearce is Practice Manager for Financial Infrastructure & Access in the Finance, Competitiveness, and Innovation Global Practice at the World Bank Group. Previously he was Global Lead for Payment & Market Infrastructures and Responsible Financial Access. He also jointly leads (with an IFC co-Head) the Universal Financial Access 2020 initiative. He was previously Practice Manager for Financial Inclusion. He manages the global Financial Inclusion Support Framework program, and the global Financial Consumer Protection program. Previously he led financial inclusion operations and technical advisory work for the World Bank in the Middle East and North Africa region.

Prior to joining the World Bank he was Country Manager for DFID, led DFID’s global financial sector team, was Deputy Head of the Growth and Investment Group, and chaired the FIRST Initiative steering committee. While at CGAP as Senior Financial Sector Specialist he led CGAP's work in the Eastern Europe and Central Asia region, and introduced a program of innovation funding and research in agricultural finance. Before joining CGAP he set-up and managed a successful microfinance institution (Bosnia), and was a senior economist at the Natural Resources Institute (UK).

Zamir Iqbal

Chief Financial Officer, Islamic Development Bank

Zamir Iqbal is Vice President, Finance, and Chief Financial Officer at the Islamic Development Bank. Previously, he headed World Bank’s Global Islamic Finance Development Center in Istanbul, with earlier assignments in the World Bank Treasury and the Finance and Markets Global Practice. His experience spans the capital markets, asset management and risk management. Islamic finance has been his research focus, and he has co-authored articles and books on Islamic finance on the topics of banking risk, financial inclusion, economic development, financial stability and risk-sharing. He played a central role in the World Bank’s and IDB’s first global reporting on Islamic finance. He earned his Ph.D. in international finance from the George Washington University and served as professional faculty at the Carey Business School of Johns Hopkins University.