Innovative Financing for Development by Suhas Ketkar, Dilip Ratha

By Suhas Ketkar, Dilip Ratha

Constructing international locations desire extra, cross-border capital channeled into their deepest sectors to generate employment and progress, lessen poverty, and meet the opposite Millennium improvement ambitions. leading edge financing mechanisms are essential to make this take place. 'Innovative Financing for improvement' is the 1st publication in this topic that makes use of a market-based technique. It compiles pioneering tools of elevating improvement finance together with securitization of destiny move receivables, diaspora bonds, and GDP-indexed bonds. It additionally highlights the position of shadow sovereign scores in facilitating entry to foreign capital markets. It argues that negative international locations, particularly these in Sub-Saharan Africa, can possibly bring up tens of billions of bucks every year via those tools. The chapters within the e-book specialize in the constructions of a number of the cutting edge financing mechanisms, their song documents and capability for tapping overseas capital markets, the limitations restricting their use, and coverage measures that governments and foreign associations can enforce to relieve those constraints.

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In the Unites States, for example, assets that have been securitized (or used as collateral) include revenues from existing or future films of a studio; music royalty rights, often including a catalog of revenues from a single artist or a group; franchise loans and leases; insurance premiums to be earned from customers; life settlements (the issuer is usually a life settlement company that monetizes a pool consisting of life insurance policies—gen- (c) The International Bank for Reconstruction and Development / The World Bank 22 KETKAR AND RATHA erally from individuals over the age of 65 and with various ailments—that may otherwise be permitted to lapse); patent rights (intellectual property); small business loans; stranded cost (financing used by a utility to recover certain contractual costs that would otherwise not be recovered from rate payers due to deregulation of the electric power industry); structured settlements (bonds are secured by rights to payments due to a claimant under a settlement agreement); and tobacco settlements and legal fees (bonds are secured by tobacco settlement revenues—over $200 billion over the first 25 years—payable to states under the Master Settlement Agreement; also legal fees awarded to attorneys who represented the states are being securitized).

Typically, it is easier to control product risk for commodities like oil, gas, metals, and minerals, for which there is demand from many diverse sources. In contrast, custom-made products are likely to have high product risk unless the parties have adequately enforceable long-term sales contracts. 1. Securitization of heavy crude oil receivables is deemed to be the most secure. DPR flows that come through the SWIFT system represent a new collateral that has been securitized since 2000. Such SWIFT flows include qualified export earnings, foreign direct investment inflows, and workers’ remittances.

1999 BϪ CCCϩ Comment At issuance due to its structure Following the detonation of a nuclear device, which led to the imposition of trade sanctions and the freezing of $13 billion in foreigncurrency bank deposits Following a downgrade of Pakistan’s rating from BϪ to CCC Following a tentative agreement with the International Monetary Fund, which opened the way for debt restructuring while it left uncertain the precise fate of PTCL debt Following the rescheduling of $969 million of commercial loans in default since July 1998 Expected to be upgraded to BB Source: Standard & Poor’s 1999b.

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