World Bank IDA's Mayank Goyal on financing the world's poorest countries
Uxolo speaks with Mayank Goyal, Senior Operations Officer, International Development Association (IDA), about how IDA works in collaboration with other departments in the World Bank to successfully finance development projects in some of the world’s poorest countries including the Solomon Islands, Togo, Mali, Haiti, Cambodia and Uganda.
Mayank discusses the five departments that make up the World Bank Group and how they work together (0:41):
- International Bank for Reconstruction and Development (IBRD)
- International Finance Corporation (IFC)
- International Development Association (IDA)
- Multilateral Investment Guarantee Agency (MIGA)
- International Centre for Settlement of Investment Disputes (ICSID)
how IDA is focussing on development in some of the poorest countries in the world, including investing in the private sector (2:40), and because the risks are so high in these countries how IDA is sharing the risk to allow IFC & MIGA to facilitate projects there, with a Solomon Islands case study example (04:48), the different types of risk in IDA-focussed countries such as Togo, Mali and Haiti and structural examples of ways they are working with IFC & MIGA here (08:58),
how IDA is also working alongside other DFIs and private capital investors but it has to be alongside IFC &/or MIGA who also originate these projects (13:07), how IDA & IFC’s partnership has been able to launch the first local currency bond in Cambodia, and gives confidence to investors in other new markets (15:08), how IDA has done $500 million of de-risking for Covid-related projects with a healthcare case study in Uganda, trade finance examples and the power of blended finance (17:19).