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Overview of Investment and Finance in EMDEs

This bite+ 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, Julius Gwyer introduces the objectives and content of this first week of the MOOC.

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This video asks what could happen to our world if we allow global problems to worsen. ‘What if’ we are unable to make progress on climate change, fragility, gender, jobs, and governance, especially in the poorest countries?

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In this video, Mahmoud Mohieldin provides an overview of initiatives through which the World Bank Group is mobilizing finance towards the SDGs.

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The Third International Conference on Financing for Development gathered high-level political representatives in Addis Ababa, Ethiopia from 13 to 16 July 2015. In addition to Heads of State and Government, Ministers of Finance, Foreign Affairs and Development Cooperation, the Conference hosted all institutional stakeholders, non-governmental organizations and business sector entities. The conference resulted in an intergovernmentally negotiated and agreed outcome, the Addis Ababa Action Agenda, to finance the Sustainable Development Goals.

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In this video, Christine Lagarde, IMF’s Managing Director, discusses the importance of integrating the SDGs into national budgets.

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Progress on delivering the commitments of the Addis Ababa Action Agenda (AAAA) are presented by Navid Hanif, Director of Financing for Sustainable Development at the UN’s Department of Economic and Social Affairs (UN DESA). His remarks are based on the 2019 Inter-Agency Task Force (IATF) report, coordinated by his office.

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Clive Harris defines Maximizing Finance for Development and explains how it works in practice, illustrating MFD in action with examples.

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In this video, Afsaneh Beschloss, President and CEO, The Rock Creek Group, discusses the institutional investors’ perspective, their objectives and motivations, as well as what it takes to direct a percentage of their large assets towards financing development projects.

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Impact investing has the potential to raise trillions of dollars to meet the world’s greatest challenges—from quality education for all to tackling climate change.

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Neil Gregory shares what impact investing is in this video, and describes the Operating Principles for Impact Management that sixty global investors agreed to.

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The World Bank Group surveyed hundreds of executives at multinational companies to find out what drives decisions around foreign direct investment. The results show that investors value a business-friendly regulatory environment as well as stable macroeconomic and political conditions.

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John Gandolfo describes how some of the world’s biggest investors are meeting with leaders of G20 countries, international regulators and policy makers, and heads of international organizations to agree on actions needed to increase sustainable and long-term investment to tackle global challenges.

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Heike Reichelt shares how investor behavior in the capital markets has been changing from the perspective of the World Bank as a bond issuer in the markets.

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This video describes the role and functioning of multilateral development banks and how their business model has a multiplier effect on their financing, technical assistance and knowledge. She underscores the importance that this multiplier effect has on scaling up scarce development resources to maximize their contribution to financing the new development agenda.

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Concluding summary video

About the Presenters

Julius Gwyer

Program Officer, Development Finance 

The World Bank Group Julius Gwyer is Program Officer in Development Finance, where he helps foster the development of new and innovative financial products and services to increase the mobilization of private and public financial resources. His recent engagements include with the global investor forum ahead of the G20 in Argentina, building partnerships with institutional investors and other large asset managers, and coordination with the UN’s Interagency Task for on Financing for Development. Previously he supported for the President's Special Envoy with leading the World Bank Group's international engagements on the Sustainable Development Goals (SDGs) and their means of implementation. He has worked with World Economic Forum and was secretary to the high-level panel of experts reviewing Doing Business, as well as the World Bank Group’s Financing for Development committee. Previously he worked in the World Bank and IFC leadership teams on knowledge and learning; established the World Bank Group’s web governance model; led an online community of practice with 30,000 members on the topic of development effectiveness and conducted evaluations of the World Bank Group's strategies and programs in Poland, India, the Philippines, Nepal and Mexico. Prior to joining the Bank, he was an executive officer for the British government. He has authored numerous op-eds and articles. Mr. Gwyer earned his bachelor’s degree in economics and public administration at the University of London. He has an MBA in international business from the University of Glasgow and has taken executive education training at the Massachusetts Institute of Technology (MIT). Outside of work he is a keen photographer and world traveler.

Mahmoud Mohieldin

Senior Vice President for the 2030 Development Agenda, UN Relations and Partnerships

Before joining the World Bank, Mohieldin held numerous senior positions in the government of Egypt, including minister of investment from 2004 until 2010. He also served on several boards of directors, including the Central Bank of Egypt and the banking and corporate sector. He was a member of the Commission on Growth and Development and selected a Young Global Leader of the World Economic Forum.

He is a professor of economics and finance at Cairo University, an honorary professor at Durham University and a member of the Advisory Board of the Durham Business School. He also held leading positions in national and regional research centers and think tanks. He has authored numerous publications and articles in leading journals in the fields of international finance, economics, and development in English and Arabic.

He received his doctorate in economics from the University of Warwick, M.Sc. in economic and social policy analysis from the University of York, and B.Sc. in economics, first in the order of merit, from Cairo University.

Christine Lagarde

Managing Director of the International Monetary Fund (IMF)

Christine Lagarde is the Managing Director of the International Monetary Fund. Having served her first five-year term, she was re-appointed in July 2016 for a second term. A national of France, she was previously French Finance Minister from June 2007 to July 2011, and had also served as France’s Minister of State for Foreign Trade for two years.

Ms. Lagarde also has had an extensive and noteworthy career as an anti-trust and labor lawyer, serving as a partner with the international law firm of Baker & McKenzie, where the partnership elected her as chairman in October 1999. She held the top post at the firm until June 2005 when she was named to her initial ministerial post in France. Ms. Lagarde has degrees from Institute of Political Sciences (IEP) and from the Law School of Paris X University, where she also lectured prior to joining Baker & McKenzie in 1981.

Navid Hanif

Director, Financing for Sustainable Development Office, UN Department of Economic and Social Affairs

Mr. Navid Hanif is the Director of the Financing for Sustainable Development Office of the United Nations Department of Economic and Social Affairs (UNDESA). He joined UNDESA in 2001; until 2003, he was Senior Policy Adviser in the Division for Sustainable Development and member of the team for the World Summit on Sustainable Development held in Johannesburg in 2002.

He later joined the office of the Under-Secretary General for UNDESA and focused on departmental initiatives in various policy areas. He worked as the Chief of Policy Coordination Branch in the office for Economic and Social Council (ECOSOC) support from 2004 to 2009. In 2005, he was sent on a special one-year assignment to work as a Principal Officer in the Office of the United Nations Secretary-General. He worked there as a member of the team for the 2005 World Summit. In 2010, he was appointed as Head of the newly established DESA Strategic Planning Unit. He served as Director of the Office for ECOSOC Support and Coordination (June 2012 – February 2018).

Mr. Hanif holds Masters in International Political Economy from Columbia University, New York and Masters in English Literature from Government College, Lahore.

Clive Harris

Head, Maximizing Financing for Development, The World Bank Group

Clive Harris is Head of Maximizing Financing for Development at the World Bank—where he leads the organization’s approach to systematically leverage all sources of finance, expertise, and solutions to support developing countries’ sustainable growth. Previously, he was the Practice Manager for Public-Private Partnerships at the World Bank Group. There, he advised on strategic direction, promoted partnerships, and facilitated global knowledge about PPPs. He has worked on the development of markets for infrastructure services and the contracting of basic services to the private sector through PPPs for over 25 years, including in his native United Kingdom, Australia, and many countries in Latin America, Asia, and Africa. He has published on infrastructure regulation, private provision of basic services, and institutional mechanisms for implementing PPPs. Previously Clive was Manager for PPPs in the World Bank Institute, with a focus on capacity building and knowledge dissemination.

S. Vijay Iyer

Vice President and Chief Operating Officer, Multilateral Investment Guarantee Agency

S. Vijay Iyer is Vice President and Chief Operating Officer at the Multilateral Investment Guarantee Agency (MIGA), the political risk insurance and credit enhancement arm of the World Bank Group. He is responsible for overseeing the Guarantee Operations Group of the Agency and leading the Agency’s partnerships with the World Bank Group, other Multi and Bilateral institutions and governments.

Iyer served at the World Bank Group between 1993 and 2015, where he has held various positions, including Sector Manager, Africa Energy; Director, Sustainable Energy and Extractives; and Senior Adviser, Infrastructure. He joined MIGA from Rio Tinto, a leading global metal and mining company, where he served as Managing Director in India for the past three years. Iyer previously had important positions in public administration and economic development as a member of the Indian Administrative Services, and experience in banking and private industry. He holds MS Chemistry from Jabalpur University India, and a Masters in Management from Yale University.

Afsaneh Beschloss

President and CEO, The Rock Creek Group

Afsaneh Beschloss is the founder and CEO of RockCreek, a leading global investment firm that applies technology and innovation to investments. Previously, she was Managing Director and Partner at the Carlyle Group and President of Carlyle Asset Management. She was Treasurer and Chief Investment Officer of the World Bank and worked at Shell International and J.P. Morgan. Ms. Beschloss has advised governments, central banks, and regulatory agencies on global public policy and financial policy.

She led the World Bank’s energy investments and policy work on infrastructure, and sustainable investing in traditional and renewable and clean energy and power projects to reduce carbon emissions. She founded its Natural Gas Group to invest in natural gas and power projects in emerging economies.

Ms. Beschloss is on the boards of the Institute for Advanced Study in Princeton, the World Resources Institute, the American Red Cross, and is the Vice-Chair of the Public Broadcasting Service (PBS). She is on the Visiting Committee at the Center for Development Economics at Williams College and is a member of the World Economic Forum and the Council of Foreign Relations. Ms. Beschloss is a past Trustee of the Ford Foundation, where she chaired the Investment Committee.

She is a recipient of the Institutional Investor Lifetime Achievement Award and the Robert F. Kennedy Ripple of Hope Award. She was recognized as one of American Banker’s Most Powerful Women in Banking. Ms. Beschloss holds an MPhil (Honors) in Economics from the University of Oxford, where she taught international trade and economic development. She is the co-author of The Economics of Natural Gas and author of numerous journal articles on energy and finance. 

Neil Gregory

Chief Thought Leadership Officer, International Finance Corporation

Neil Gregory is Chief Thought Leadership Officer of the International Finance Corporation, the private investment arm of the World Bank Group. He has held a range of senior strategy and management roles at IFC, including research, business planning, investment and advisory functions. He was previously Adviser to the UK Executive Director of the World Bank and International Monetary Fund, and an Economic Adviser to the UK Government. He has extensive work experience in South Asia, China, Africa and the Caribbean. A British national, Neil has MA and MSc degrees in Economics from Cambridge and Oxford and an MBA from Georgetown.

John Gandolfo

Vice President and IFC Treasurer, The World Bank Group

As Vice President and Treasurer of IFC, a member of the World Bank Group and the largest global development institution focused on the private sector, John F. Gandolfo leads a global team responsible for managing IFC's financial position, safeguarding its international triple-A rating and maintaining its standing as a premier issuer in the global capital markets.

He leads IFC's Treasury and Syndications' global team in delivering on IFC's strategy to create markets and mobilize private capital for development. The team manages over $100 billion of liquid assets, global market borrowings, and derivatives transactions and is responsible for strengthening local currency financing by arranging and executing local currency and risk management transactions for clients and raising third-party capital through innovative syndication and mobilization platforms such as the Managed Co-Lending Portfolio Program (MCPP).

Prior to taking the role of IFC Treasurer, Gandolfo was Director and Chief Investment Officer of the pension and Endowments Department at the World Bank. His team managed $27 billion of World Bank Group pension and other retirement-benefit portfolios invested across a range of asset classes and strategies.

Over a highly successful career spanning more than 30 years in the World Bank Group, Gandolfo acquired broad experience in financial markets and treasury operations. He was Director of the Quantitative Strategies, Risk and Analytics Department, where he was responsible for the development of strategic and tactical asset allocations, risk management, and financial modeling for the asset management, capital markets, and banking businesses. Before that, he was the Director of the Investment Management Department. He began his career in IFC's Financial Management and Planning Department.

Gandolfo, a U.S citizen, holds a BA from the University of Pennsylvania and an MBA from the George Washington University.

Heike Reichelt

Head, Investor Relations & New Product Development, Capital Markets Department, Treasury

Heike Reichelt is Head of Investor Relations and New Products at the World Bank. The World Bank borrows around USD 50-60 billion annually in the international capital markets through a diversified funding program, offering investors around the world bonds in various currencies, markets, structures and maturities. Her team’s responsibilities include managing relationships with bond investors and rating agencies, and developing new debt products for investors – such as for climate change mitigation and adaptation through products like World Bank Green Bonds. Her team also manages communication with the financial media on the World Bank’s issuance activities in the capital markets. Her team performs similar functions for the International Finance Facility for Immunisation (IFFIm), for which the World Bank acts as treasury manager.

Heike plays a key role in the World Bank’s outreach to the sustainable and impact investing community. She has also been a part of the World Bank Treasury's Reserves Advisory Management Program for central banks.

Heike has over 20 years of experience in finance – including the areas of project finance and capital markets, is frequently invited as a speaker at conferences and workshops, and has published blogs and articles on the topic of sustainable fixed income finance.

Before joining the World Bank in 2000, she held various positions in the German development agency Kreditanstalt fuer Wiederaufbau (KfW).

Susan McAdams

Former Senior Adviser, Development Finance, The World Bank Group

Susan McAdams leads the World Bank Group’s engagement in the post-2015 Financing for Development process. In her prior position as Director of Multilateral and Innovative Finance, she was responsible for the financial management and trust administration by the World Bank of major multilateral trust funds and innovative financing initiatives, including for the Global Fund to Fight AIDS, Tuberculosis and Malaria, the Global Environment Facility and the Heavily Indebted Poor Countries Debt Initiative. She led the World Bank’s engagement in the design, negotiation and implementation of the International Finance Facility for Immunisation, the pilot Advance Market Commitment for vaccines against pneumococcal diseases, and the AgResults initiative. At the World Bank, she was also Lead Counsel for the International Development Association, and Senior Counsel with respect to the Bank’s financial policies and Treasury services. Prior to joining the Bank, Ms. McAdams was a financial transactions lawyer at major law firms in Washington, D.C. and Tokyo. She holds degrees in law and public policy from Harvard University.