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Follow the Money: the World Bank Group and the Use of Financial Intermediaries APRIL 2014 Climatefollow the Investment Money Funds Monitor 7

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Follow the Money: the World Bank Group and the Use of Financial Intermediaries APRIL 2014 Climatefollow the Investment Money Funds Monitor 7 Follow the money: The World Bank Group and the use of financial intermediaries APRIL 2014 ClimateFollow the Investment money Funds Monitor 7 Contents 1 Introduction 13 How the IFC currently Boxes measures development 3 Background 1 Box1. What is a financial outcomes intermediary (FI)? 3 Broader perspective – BRICS, 14 An alternative model infrastructure and climate 5 Box 2. Gender implications of 17 Ways forward supporting FIs 4 Financial sector investment at the IFC 17 Broader implications 6 Box 3. IFC FI investments alleged to have harmed 5 Implications of these 18 Approach 1: Same tools, same communities developments operators, stronger rules 10 Box 4. Country analysis: 7 Analysis of IFC FI portfolio 18 Approach 2: Same tools, Russia, India and Kenya different operators 7 Financial sector support 14 Box 5. Financial inclusion and growing 18 Approach 3: New tools financialisation 8 Hogging the money: Large 19 Future agenda commercial banks benefit, 20 Annexes SMEs miss out 20 Annex A: Methodology for the 9 Help for the poorest or finance analysis for upper middle income countries? 21 Annex B: IFC FI risk categorisation 10 Risky projects are a problem 22 Annex C: Projects chanelled 11 Do resources stay: dubious tax through secrecy jurisdictions structures, returned capital 25 Annex D: Resource list 12 What are the environmental implications? 26 Endnotes 13 Assessing development impact Cover photo: Bank of England © Katie Chan Follow the money Executive summary Just five years after a major international going to financial intermediaries (FIs). In The IFC has not proven the effectiveness financial crisis the financial sector is now the wake of the 2008 financial crisis, the IFC of the FI model and should do so before the largest beneficiary of World Bank rapidly increased its support to the financial commitments on such a massive scale Group investment. A push for channelling sector, especially trade finance. The IFC are acceptable. The onus is on the IFC to money through the private financial sector accountability mechanism released an audit show that investing in FIs leads to direct is occurring despite the failures of the into the social and environmental outcomes and tangible positive results for people’s financial systems of US and European of the IFC’s investment in FIs in February livelihoods in developing countries. The countries in the last five years. 2013. It concluded that: “The result of [the] broader question remains unanswered: lack of systematic measurement tools is Is this a valuable use of development This report should be viewed as a research that IFC knows very little about potential resources? An expansion of investments in tool to stimulate debate about how civil environmental or social impacts of its FIs at the expense of direct investments society organisations can engage with [financial market] lending.” Communities should only be done with clear proof that the increasing support being given to the in Honduras, Cambodia, India and Uganda they have a greater positive development financial sector. With detailed information have complained about negative impacts impact than direct investments. A on IFC financial sector investments it allows of FI investments ranging from water preferable alternative model to consider civil society to discuss ways forward. pollution, to land grabs, to torture and development impact would include better murder of farmers. This has led civil society client choice, stronger measurement, and Donors, international financial institutions groups to demand a new World Bank Group more independent reporting and evaluation. and elites in developing countries are strategy for investments in the financial pursuing so-called financial deepening, sector. Given the trend towards bolstering the which is one component of financialisation financial sector with international public – the increasing importance of financial Between July 2009 and June 2013 the resources, it is important to grapple markets, financial motives, financial IFC invested $36 billion in FIs. This is with the nature of FIs, their potential institutions and financial elites in the three times as much as the rest of the environmental and social risks, and question operation of the economy. It is a step World Bank Group invested directly into what development impacts they have for change in the way financial institutions education and 50% more than into health people living in developing countries. This interact with the rest of the economy care. The IFC justifies its investments in report sets out three possible approaches which has major implications for long- the financial sector because they “spur for civil society to achieve this calling for: run economic development, including economic growth” that will then lead stronger rules, different operators and new transforming the functioning of households to positive development outcomes. The tools based on different mandates and and the productive parts of the real IFC’s portfolio of FI investments shows a ownership models. economy. concentration of funding in commercial banking rather than in small and medium The international development finance While the World Bank and its private sector enterprises (SMEs). Funding is also skewed environment is currently fixated upon arm the International Financial Corporation to upper-middle-income countries such as the use of the private financial sector as (IFC) are leaders in this area, they are not Russia, Brazil, China and Turkey, despite the development actors, without fully thinking the only public institutions that promote poor living predominantly in low-income through the implications of this. Though use financial deepening or provide finance to and lower-middle-income countries. of the private financial sector as a channel the private financial sector in developing Additionally, at least $2.2 billion worth of of development finance is controversial, countries. A host of development finance public money from the IFC was channelled the fact remains that it is growing. Each institutions now operate in this fashion, through secrecy jurisdictions because of national context, where different amounts including Brazil’s Banco Nacional de their attractive low-tax, low-regulation of financial liberalisation have occurred and Desenvolvimento Econômico e Social environments. variable levels of governmental interest (BNDES) and the China Development Bank. in sustainable and pro-poor development The UN’s Green Climate Fund plans to When assessing the development impact exist, will determine the best fit of use this model. It is also likely the new of investing in FIs, the IFC uses either reach approaches and strategies. Yet, unifying civil development bank being proposed by Brazil, indicators (the number of clients) or purely society positions and demands as much as Russia, China, India and South Africa (BRICS) financial indicators (such as return on possible can enable successful challenges will use this method. invested capital and return on equity). While to the underlying systems of international an increasing number of public institutions finance. From 2005, there was both a large increase are channelling capital into the financial in the IFC’s overall portfolio and an increase sector there remain large risks from this in the percentage of new commitments approach for overall development efforts. Follow the money 1. Introduction Just five years after a major international financial crisis driven by unsustainable activities by the financial sector, this $36 billion sector is now the largest beneficiary of World Bank Group investment. IFC investment in financial intermediaries between July 2009 and June 2013; three times as much as The World Bank Group’s 2013 strategy says “private sector resources and expertise are the rest of the World Bank group invested in education critical to achieve the two goals” of ending and 50% more than it invested in health care extreme poverty by 2030 and boosting shared prosperity.1 The World Bank, a public body, invests directly in the private sector through the International Finance Corporation (IFC), its private sector arm. The IFC has a large portfolio of investment successful in doing no harm” and indicated 1 Provide detailed information on IFC across a range of economic sectors, that “the result of this lack of systematic investments in FIs in terms of location, however, the largest portion has been measurement tools is that IFC knows size and financial instrument; and still is invested in the financial sector. very little about potential environmental The pre-crisis thinking about the need to or social impacts of its [financial market] 2 Consider the development impact of increase the role of the financial sector has lending.” While overall the World Bank investment in FIs, given that the IFC’s remained unscathed within the IFC; this Group has a mandate for poverty reduction mandate is to reduce poverty; report aims to analyse the implications of and procedures to ensure responsibility for this thinking and present some ideas for impacts of its investments, in the case of 3 Discuss ways forward for civil society civil society groups working on international the IFC investment in FIs, this mandate and given the increasing focus on the finance. responsibility is abdicated in favour of the financial sector from a range of FI’s own judgements and systems. institutions, including the UN’s Green The IFC justifies its investments in the Climate Fund, the G20, and more. financial sector because they
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