Public Finance Strategies to Unlock Finance and Investment in EMDEs

In this bite+, we will learn about how countries are using scarce international public finance catalytically while also mobilizing more resources domestically to fund their own development. We will review trends in Official Development Assistance (ODA) and understand how concessional finance can be catalytic, using the example of innovation in the International Development Association (IDA) – the ... view more


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


This video describes what Integrated Financing Frameworks are and why they are critical in achieving the SDGs.


Cecile Fruman discusses the role of concessional finance delivered by Multilateral Development Banks (referred to as MDBs) and Global Thematic Funds in achieving the ambitious 2030 Agenda for Sustainable Development.


A future free of extreme poverty starts with healthy, well-educated people. IDA has the big ideas to get us there.


In this video, Federica Dal Bono introduces IDA’s Private Sector Window and its role in mobilizing private sector investment in the world’s poorest countries.


In this video, Michael Keen provides an overview of the various forms of taxation that help to raise revenue. Special attention is given to issues of fairness and equity.


In this video, James Brumby describes which policies and actions are needed to increase domestic resource mobilization and public expenditure efficiency. He also highlights challenges encountered by policy makers and progress to date with this agenda.


In this video, DRM and IFF experts unpack what the IFFs are, and discuss latest developments from the field.


The international community has set ambitious goals to end extreme poverty and boost inclusive and sustainable growth by 2030. Achieving the Sustainable Development Goals requires massive investment in physical and human capital. Focus is needed on the quality, fairness, and equity of domestic tax collection.


Many countries in West Africa struggle to collect the revenue needed to provide basic services to their citizens: clean water, education, electricity. In May, tax officials from Francophone countries came together for a conference in Lome, Togo, to discuss some of the challenges they face in collecting tax revenue. As a sponsor of the conference, this video by the WBG touches upon the themes discussed.


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.

Shari Spiegel

Chief, Policy Analysis & Development, Financing for Sustainable Development Office, UN DESA

Shari Spiegel is Chief of the Policy Analysis & Development Branch in the Financing for Sustainable Development Office of the Department of Economic and Social Affairs at the United Nations (UN-DESA). She was integral in the negotiations on the Addis Ababa Action Agenda, and currently leads the work on the 60-agency Inter-agency Task Force on Financing for Development. Ms. Spiegel has extensive private sector experience, including as a Principal at New Holland Capital (an advisor to APG, the Dutch Pension Fund) and the Director of fixed income emerging markets at Lazard Asset Management. In the early 1990s, she co-founded and was CEO of Budapest Alapkezelő, which launched the first domestic investment funds in Hungary, and remains one of its largest asset management companies. From 2002-2007 she served as the Executive Director of IPD, a think-tank at Columbia University founded by Nobel Laureate, Joseph Stiglitz, while teaching at Columbia University’s School of International and Public Affairs. She has also worked as a foreign adviser to the Hungarian Central Bank and as a consultant to the World Bank and the IFC. She is author and co-author of several books and articles, and has an MA (ABD) in economics from Princeton University and a BA in economics and applied mathematics from Northwestern University.

Cecile Fruman

Senior Manager, Development Finance, The World Bank Group

Cecile Fruman is Senior Manager for Financial Intermediary Funds (FIFs) and Partner Relations in the Development Finance Vice-Presidency (DFi). In this capacity she oversees a portfolio of FIFs that disburse in the order of $6 billion a year in grants for key global development priorities to multiple implementation agencies. She also coordinates the World Bank’s strategic engagement with development partners.

Previously, Cecile was Director in the World Bank Group’s Trade & Competitiveness (T&C) Global Practice, a joint practice of IFC and World Bank.

Cecile has dedicated her career to international development with a focus on private sector solutions. She was a manager in the World Bank Group Investment Climate Department for several years, leading new business in the areas of climate change, infrastructure, PPPs, health and education, e-Government solutions, and competition. She has deep experience in strategy development, knowledge management, results measurement, portfolio management and donor relations. Cecile served as Manager of the World Bank Change Team in 2013 where she led the design and establishment of the World Bank Group’s global practices and cross-cutting solution areas.

A French national, Cecile started her career in microfinance and SME development, spending four years in Mali managing a rural microfinance institution and several years working on a World Bank global research program (Sustainable Banking with the Poor). She has also worked on higher education, community driven development, and poverty reduction programs.

Cecile holds an MBA from ESCP Europe, one of France’s top business schools, and furthered her studies at the Osaka University in Japan.

Federica Dal Bono

Lead Strategy Officer, Development Finance, World Bank Group

Overseeing financing of the International Development Association (IDA), the fund for low income countries. Her responsibilities include managing the implementation of the Private Sector Window (PSW), an innovative US$2.5 billion allocation under IDA18 for de-risking lending and guarantees to the private sector.

Prior to joining IDA, Federica was a Senior Underwriter in the Multilateral Investment Guarantee Agency, the insurance arm of the World Bank Group. In this capacity, she was responsible for project origination and execution in Energy and Extractive Industries, with a focus on power generation and gas distribution. As an underwriter, she led cross-functional teams assessing non-commercial risks of equity and debt financing to projects in emerging markets and determining terms and conditions of coverage.

Federica holds a BA/MA in Political Science from the University of Bologna, Italy, and an MA in International Relations and Economics, from the School of Advanced International Studies of Johns Hopkins University.

Michael Keen

Deputy Director, Fiscal Affairs Department, International Monetary Fund

Michael Keen is Deputy Director of the IMF’s Fiscal Affairs Department. Before joining the IMF, he was Professor of Economics at the University of Essex and visiting Professor at Kyoto University. He was awarded the CESifo-IIPF Musgrave prize in 2010, and is an Honorary President of the International Institute of Public Finance. Mr. Keen has led technical assistance missions to over thirty countries, and is co-author of books on The Modern VAT; the Taxation of Petroleum and Minerals; and Changing Customs.

James Brumby

Director, Governance Global Practice, World Bank Group

Jim Brumby is a Director of the Governance Global Practice, and is responsible for the governance program in the East Asia & Pacific, Latin America and the Caribbean and the South Asia regions. He also heads the public sector family which comprises staff working on domestic resource mobilization, public economics, justice and public sector reform. Jim has been engaged on public management and economic reform at state, national and international levels for more than thirty years, having worked for the Treasury of the state of Victoria in Australia, the Treasury of New Zealand, the OECD, the IMF and currently since 2007, at the World Bank. He returned to World Bank headquarters in Washington D.C. in 2015 to take up the position of Director after a period in Indonesia as Lead Economist and Sector Manager. He holds an MPA from Harvard University.

Marijn Verhoeven

Lead Economist, The World Bank Group

Marijn Verhoeven is a Lead Economist and Cluster Lead with the World Bank Group’s Governance Global Practice, where he leads work on domestic revenue mobilization and fiscal risk of state-owned enterprises and contributes to work streams on extractive industry governance, evidence-based PFM reforms, political economy analysis, and public expenditure reviews. Before joining the World Bank, Marijn worked at the IMF where he was the Fund’s resident representative in Bangladesh and Deputy Division Chief of the Expenditure Policy Division. He was educated at Tilburg University in the Netherlands.