Beyond Aid : New Sources and Innovative Mechanisms for Financing Development in Sub-Saharan Africa

Ratha, Dilip ; Mohapatra, Sanket ; Plaza, Sonia

World Bank, Washington, DC

关键词: ACCESS TO CAPITAL;    ACCUMULATION OF DEBT;    ASSET CLASS;    ASYMMETRIC INFORMATION;    BACKED SECURITIES;   

DOI  :  10.1596/1813-9450-4609
RP-ID  :  WPS4609

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Given Sub-Saharan Africa's enormousresource needs for growth, poverty reduction, and otherMillennium Development Goals, the development community haslittle choice but to continue to explore new sources offinancing, innovative private-to-private sector solutions,and public-private partnerships to mobilize additionalinternational financing. The paper suggests several newinstruments for improving access to capital. An analysis ofcountry creditworthiness suggests that many countries in theregion may be more creditworthy than previously believed.Establishing sovereign rating benchmarks and creditenhancement through guarantee instruments provided bymultilateral aid agencies would facilitate market access.Creative financial structuring, such as the InternationalFinancing Facility for Immunization, would help front-loadaid commitments, although these may not result in additionalfinancing in the long run. Preliminary estimates suggestthat Sub-Saharan African countries can potentially raise USD1-3 billion by reducing the cost of international migrantremittances, USD 5-10 billion by issuing diaspora bonds, andUSD 17 billion by securitizing future remittances and otherfuture receivables. African countries that have recentlyreceived debt relief however need to be cautious whenresorting to market-based borrowing.