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World Bank Group Guarantee Instruments-1990-2007: An Independent Evaluation (Independent Evaluation Group Studies)
World Bank Group Guarantee Instruments-1990-2007: An Independent Evaluation (Independent Evaluation Group Studies) Summary:By World Bank
Foreign direct investment and private capital flows are highly concentrated geographically, with almost half of them reaching the top five destinations. These flows tend to evade many high-risk countries, with the exception of those directed to extractive industries. Regulatory and contractual risks, particularly in infrastructure, have inhibited investments in many parts of the developing world. A core objective of the World Bank Group (WBG) has been to support the flow of private investment for development; guarantees and insurance have been among the instruments that the Group has used to pursue this objective. This evaluation assesses the effectiveness in the use of guarantee and insurance products by the WBG. It finds that these instruments have effectively advanced WBG strategic objectives, in particular facilitating the flow of private investment to high-risk sectors and countries. The diverse range of these instruments has helped to meet the demand for risk mitigation under a variety of circumstances. The Multilateral Investment Guarantee Agency, (MIGA), a relatively small institution of 100 staff, has issued $17 billion in guarantees and meets a gap in the provision of political risk insurance that private providers are unable to meet. The World Bank’s partial risk guarantee has supported large and complex public-private partnership infrastructure projects in high-risk countries. Its partial credit guarantees have introduced countries to commercial markets or reintroduced them following a crisis. The International Finance Corporation’s (IFC) guarantee instruments have led its entry in the market for local currency finance and have helped improve access to finance for underserved market segments. At the same time, the evaluation finds important weaknesses in the delivery of political risk mitigation instruments that constrain their deployment. A range of policy or mandate restrictions holds back the use of the instruments in specific situations. There has been competition among WBG institutions for the same clients, imposing transaction costs on clients and reputational risks on the WBG. Weaknesses in marketing efforts for MIGA and World Bank products contribute to limiting client awareness of the products. Inadequate internal awareness of the instruments in the World Bank and IFC reduces the potential for their wider use. Inconsistent pricing of the Bank’s partial risk guarantee instrument entails risks of creating market and product distortions. The challenge for the WBG is to create an environment in which guarantee and insurance products can be deployed—alongside other WBG instruments—in a flexible and efficient manner to meet client needs. The report concludes that maintaining the status quo, particularly in the delivery of political risk mitigation products, ought not to be an option. It suggests that WBG senior management should decide whether to take a set of collective and individually tailored actions within the current institutional structure or to adopt a new organizational structure for product delivery. Please select one mirror to download
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