The Future of Development Finance

21 Pages Posted: 16 Jul 2011 Last revised: 20 Jul 2011

Date Written: May 10, 2011

Abstract

Development finance is at a turning point. There is talk about a “triple revolution of goals, actors and tools.” As much of Asia grows its way out of poverty, aid will increasingly be focused on Africa and on countries plagued by instability, or with governments unable to meet the basic needs of their populations. A growing share of development finance will be directed to tackling global public goods - like climate change, conflict prevention, and public health. Responsibility for addressing global challenges will increasingly be borne by coalitions that cut across states, the private sector, and civil society. These networks to address poverty and global issues will become a feature of the international architecture in a multipolar world.

The rules of the game and the tools of development assistance need to evolve to focus on transparency, results, accountability, a market-driven division of labor and flexible partnerships for the future development finance system to become an effective tool of global problem solving.

Keywords: finance, development, transparency, poverty

JEL Classification: F30, F35

Suggested Citation

Shafik, Nemat, The Future of Development Finance (May 10, 2011). Center for Global Development Working Paper No. 250, Available at SSRN: https://ssrn.com/abstract=1886530 or http://dx.doi.org/10.2139/ssrn.1886530

Nemat Shafik (Contact Author)

World Bank

1818 H Street, N.W.
Washington, DC 20433
United States

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