unctad.org | Solidarity and the South: Supporting the new landscape of long-term development finance
Solidarity and the South: Supporting the new landscape of long-term development finance
Book Information
UNCTAD Research Paper No. 24

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This paper is structured in five sections.

Part 1 introduces the many recent innovations in Southern-led development finance and their potential benefits, tempered with a reminder of lessons learned about the support these new institutions will need in the future.

Part 2 charts the new landscape of development finance, identifying Southern-led and global mechanisms and resources that now potentially offer trillions of dollars' worth of support through foreign reserves, national development banks and sovereign wealth funds, southern regional banks and funds, plus the global multilateral World Bank and regional banks. It shows that the centre of gravity of development finance has moved firmly southwards.

Part 3 assesses the extent to which the changes in bank ownership, mandates and governance means Southern-led banks are 'doing things differently', with respect to conditionality, scale and speed of loans. Amid these potentially positive developments.

Part 4 warns that some things are not that different after all - including long-standing regional imbalances, the continued power of Credit Rating Agencies, and concerns about concessional lending.

Part 5 concludes by suggesting how the development community can better support the new and expanded southern banks and funds, to build on their strengths and address their limitations.

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