Eurodad's Policy Forum 2023 - Rewatch the leveraging private finance for development strategy session
For the past decade numerous "new" global plans for development have repeated the same concept - the transformation of development finance into profitable business opportunities that attract investors.
From the 2015 World Bank Group ‘Billions to Trillions‘ agenda, to the 2017 WBG’s ‘Maximising Finance for Development’ approach, to the recent proposals to expand Multilateral Development Bank’s balance sheet, and the New Financial Pact Summit - every one of them has the same mantra. Even the evolving Bridgetown initiative, which represents developing countries’ needs for climate finance, echoes the same underlying agenda. As part of this, in the aftermath of the pandemic, there has been a renewed emphasis on promoting instruments such as public-private partnerships, blended finance, (different types of) bonds and other de-risking strategies to deliver infrastructure and much-needed social services. This happens despite their limited (or even negative) evidence of positive development outcomes, including the risk of exacerbating the debt crisis.
This strategy session provided a platform for Eurodad members and partners to discuss the current trends in private finance for development, mapping its various drivers and actors, as well as focusing on proposals to challenge this persistent reliance on private finance.