By World Bank
Overseas direct funding and personal capital flows are hugely targeted geographically, with virtually half them achieving 5 most sensible locations. those flows are inclined to keep away from many high-risk nations. Regulatory and contractual hazards, rather in infrastructure, have inhibited investments in lots of components of the constructing international. A middle aim of the area financial institution crew (WBG) has been to aid the circulate of personal funding for improvement; promises and coverage were one of the tools that the WBG has used to pursue this target. This learn examines 3 major questions: • may still the WBG be within the warrantly enterprise? • Have warrantly tools within the 3 WBG associations been used to their strength as mirrored in WBG expectancies and perceived call for? • Is the WBG accurately equipped to bring its variety of warrantly items in a good and effective demeanour?
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Extra resources for World Bank Group Guarantee Instruments-1990-2007: An Independent Evaluation (Independent Evaluation Group Studies)
Both PCGs and PBGs are available only to IBRD countries and require a government counter-guarantee. World Bank PRGs. PRGs cover commercial lenders for a private sector project against default arising from a government-owned entity failing to perform its obligations. PRGs can cover changes in law, failure to meet contractual payment obligations, expropriation and nationalization, currency transfer and convertibility, nonpayment of a termination amount, failure to issue licenses in a timely manner, other risks to the extent they are covered by a contractual obligation of a government entity, and noncompliance with an agreed dispute resolution clause.
The policy recognized that guarantees were special purpose instruments that give IFC the flexibility to respond to a broad range of specific client needs and to fulfill its development objectives in ways that could not be met through direct lending. The policy emphasized the importance of guarantees in promoting the development of local capital markets. It made a choice in favor of IFC providing full-risk coverage instead of PRGs. In response to the limited use of guarantees, IFC revised its guarantee policy in 1997.
Insurance A practice or arrangement by which a company provides a guarantee of compensation for specified loss in return for payment of a premium. Nonhonoring of sovereign guarantees Failure of sovereign or subsovereign entities and some state-owned enterprises to satisfy direct debt obligations or guarantees. Novation Term used in contract and business law to describe the act of either replacing an obligation to perform with a new obligation or replacing a party to an agreement with a new party.
World Bank Group Guarantee Instruments-1990-2007: An Independent Evaluation (Independent Evaluation Group Studies) by World Bank