Multilateral Newsletter Aug-Sep 2016

1Multilateral Newsletter

this IssueInside
Focus Story
Best Practices in PPPs and Long Term Infrastructure Financing.....2
Highlights of the 4th ASEAN-India Summit and 11th
East
Asia Summit in Vientiane, Lao PDR......................................5
ADB
ADB Approves $150 Million to Support Microfinance,
Sanitation in India�� 6
Asian Development Outlook 2016 Update: Meeting the
Low‑Carbon Growth Challenge............................................6
Aug-Sep 2016, Volume 3, Issue 10
Message from Mr Chandrajit Banerjee, Director General, CII
More than a decade after the acronym BRICS was coined by Goldman Sachs, Brazil, Russia,
India, China, South Africa - constituents of this powerhouse called BRICS - are driving a
paradigm shift in the way trade and business are conducted between each other.
India assumed the chairmanship of BRICS during the year 2016 and hosted the 8th annual
Summit of BRICS on 15-16 October in Goa. The focus during India’s BRICS Chairmanship was
on institution-building and implementation of commitments made at previous Summits, besides
exploring synergies among the various existing and established framework mechanisms. To fulfil
these objectives, various engagements were held on the sidelines of the BRICS Leaders’ Summit which eventually
helped in developing the final commuque at the Leaders Summit.
The BRICS economies also share the challenge of infrastructure deficiency. To help address this issue and to help
mobilise resources for infrastructure development, the BRICS Member Countries finalized a strategy in July 2014 to
establish the New Development Bank (NDB). It is in this context that the role of capacity building, including sharing
of information and experience in implementing PPPs and innovative means to finance long term infrastructure
projects plays an important role. It was with this in mind, that the Government of India (GOI) in partnership with
Confederation of Indian Industry organized a day long Knowledge Exchange Seminar on “Best Practices in PPPs and
Long-term Infrastructure Financing” on Thursday, 22 September, 2016 in New Delhi.
The August - September edition of the Newsletter focusses on the recommendations of the Knowledge Exchange
Seminar, updates on the ASEAN Summit the ASEAN Development Outlook, amongst others.
Chandrajit Banerjee
Multilateral
Asia Pacific Shows Progress in Water Security, but Challenges
Remain��7
ITC
What role for women in international trade?��8
Standards play key role in making value chains more
sustainable��9
ILO
Improved working conditions in the apparel industry make
workers’ lives better and businesses stronger��13
NEWSLETTER

2 Multilateral Newsletter
India assumed the chairmanship of BRICS during the year 2016. The core-theme for BRICS Chairmanship this year
is Building Responsive, Inclusive and Collective Solutions with a special focus on institution-building, implementing
past commitments and exploring innovative solutions in a spirit of continuity with consolidation. As part of the
BRICS Summit held in India this year, Ministry of Finance, Government of India in partnership with Confederation
of Indian Industry organized a day-long Knowledge Exchange Seminar on “Best Practices in PPPs and Long-term
Infrastructure Financing” on Thursday, 22 September, 2016 in New Delhi. Shri Arun Jaitley, Hon’ble Minister of
Finance, Government of India, inaugurated the seminar and delivered the keynote address.
As part of the Inter-Governmental Agreement, in July 2014, the BRICS Member Countries finalized a strategy
for establishment of the New Development Bank (NDB) and its role to mobilize resources for infrastructure
and sustainable development projects in BRICS and other emerging and developing countries. Across the globe,
economies are facing a massive gap in infrastructure development that can be bridged if concerted efforts
are made to increase investment in infrastructure. In order to achieve sustained and continued development,
vigorous steps will have to be taken to create an investor-friendly environment, fostering social inclusion and
fiscal consolidation to accelerate infrastructure development.
The use of Public Private Partnership (PPP) as an instrument of procurement for creation of infrastructure assets
and delivery of public services has been recognized globally. Apart from bridging the deficit in financing of public
projects, PPPs also brings new and cost effective technology for creation of infrastructure assets, managerial
efficiency, competency for operation, maintainence of the created assets and contractual accountability on the
private party to ensure timely and quality infrastructure service to the end users.
The seminar deliberations revolved around the following three sessions:
Session I: Regulatory Issues and Financing of Infrastructure
Emerging economies are in the process of creating an effective regulatory framework across Infrastructure
Sectors. Since, the issues impacting infrastructure development are both financial and non-financial which need
to be addressed in totality, the session aimed to capture the point of view of a cross section of stakeholders
from BRICS countries.
Session II: Innovative Investment Vehicles for Long Term Infrastructure Investment
While public infrastructure expenditure cannot be replaced or substituted in the provision of public infrastructure,
the scale of required financing cannot be met through government budgets alone, given limited fiscal space.
This session deliberated on innovative investment vehicles that attract long term investors while ensuring all
prudential safeguards.
Session III – PPP Project Delivery and Post Award Contract management
PPP contracts are often complex where both parties are expected to manage the uncertainties and complexities
that arise over the long-term concession period of 15-30 years. There are many nuances in forming and building
a contract. This session focused on gathering experience from representatives of BRICS countries to arrive at
Focus Story
Best Practices in PPPs and Long Term
Infrastructure Financing

Focus Story
the best practice for a model contract.
Mr Arun Jaitley, Hon’ble Minister of Finance, Government of India said that there is a need to fill and fund
huge infrastructure deficit that exists in the developing economies.
Since, one model does not fit all, each country will have to come out with its own innovative strategies. For
India to grow at 7.5% and more, it is essential to have sectoral, focused, specific funds which aim to revive
sector specific PPP Projects. Few such examples shared by the Hon’ble Minister were the development stories
of National Highway Development Model, Airports, Port, Railways, etc. It is crucial to share best practices and
experiences with each other and move towards a perfect model, he added.
Mr Shaktikanta Das, Secretary (Economic Affairs), Ministry of Finance, Government of India, stressed on the
fact that this interactive session between the BRICS Countries will provide an insight on PPP best practices and
that knowledge sharing will help adopt to the same. He highlighted that there is a critical relation between
infrastructure and economic growth and that the bottlenecks of infrastructure projects need to be tackled at
the earliest.
Mr Ajay Tyagi, Additional Secretary (Investments), Department of Economic Affairs, Ministry of Finance said that
in India, several innovative funding instruments have been developed such as Infrastructure Debt Fund, REITs,
INVITs, NIIF etc. The best source of long term financing is corporate bonds. Long term investment bonds Tax
free bonds are the two types of corporate bonds that have encouraged investors over the past 5 years. India has
been able to raise Rs 1.5 trillion through these bonds, with tax free bonds alone amounting to Rs 1.1 trillion.
Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry also said that with a focus on
constructive industrialism there is a need to better manage the PPP projects with a special focus on disputes,
innate uncertainties of finances and regulatory structure. There should be an equitable risk sharing and a
conducive environment for successful and effective implementation of the PPP projects.
Mr. S Raman, Whole Time Director, SEBI was of the view that India’s biggest innovation with regards to long-
term financing is the Infrastructure Investment Trusts INVETs and REITs. With all the taxation issues sorted out,
there has been a substantial movement with 6 INVETs getting registered and many foreign inverters showing
interest.
Mr Yaduvendra Mathur, Chairman and Managing Director, Export Import Bank of India shared his perspective
on the maturity of Indian economy and evolvement of regulatory space in the country. He stressed on the
need for long term infrastructure funding and sought the view points from representatives of BRICS countries
to share the best practices to encourage actualization and co-financing of cross border infrastructure projects,
within the BRICS nations.
Mr. Raghav Chandra, Chairman, National Highways Authority of India, Government of India said that India is
still in a learning phase in terms of PPP. He added that 113 highway projects have been successfully completed
while 120 projects are on-going.
Mr. Marc Patridge, Managing Director, GAZPROM Bank, Russia mentioned about the Western High Speed
Diameter around St. Petersburg, which is a leading example of PPP project in Russia. Russia has come up with
a Federal law, a National law, in early 2016 which is a culmination of the success stories of all regional laws
that existed previously.
Mr. Diogenes E C Alvares, Head of Business Structuring Unit, Empresa de Planejamento e Logistica, highlighted
Brazilian Governments’s efforts in implementing social security economic reforms and unification of the various
similar ministries which enabled financial closures on 800 PPP Projects worth $ 500 billion in the last 15 years.

Focus Story
Brazil has implemented projects in various sectors including construction of roads of about 10,000 kms, projects
worth $5 billion in ports and airports under the PPP model.
Mr. Richard Lowe, Managing Director, Macquarie Infrastructure Real Estate Assets, India, emphasized on
the need to create a mechanism to tackle the changes and scenarios, responding effectively with transparency
and involvement of private sector. He also advised that the BRICS nations need to leverage on the tremendous
amount of shared knowledge that different nations and institutions have on PPP’s.
Mrs. Elena Stratyeva, Director, Russian Microfinance Center Vice-president for Infrastructure Development,
National Association of Microfinance Market Stakeholders explained on how Russia is focusing on PPPs in
microfinancing in SME’s. Russia has created an SME Bank to fund PPP projects. The Bank of Russia also supports
PPPs by lending to other banks like the SME Bank at a very nominal interest rate of about 6.5%.
Ms. Isadora Chansky Cohen, Under Secretary for Partnerships Innovation, State Government of Sao Paulo
stressed on the importance of using technology for interacting with stakeholders. Sao Paulo has a dedicated
cell for PPP which takes care of each and every aspect of all PPP projects and helps in getting the pre-requisite
clearances like land acquisition and environmental clearances.
Mr. William Dachs, Chief Operating Officer, Gautrain Management Agency, South Africa stressed on the importance
and necessity to provide best possible service and infrastructure to the people by ensuring appropriate utilization
of public resources. On contract management, he suggested the importance of introducing provisions for balanced
risk sharing, efficient services to the public and appropriate dispute resolution.
Mr. Suvek Nambiar, Managing Director and CEO, India Infra Debt Limited stated that since long term financing
mostly comes from Pension Funds, Mutual Funds, Insurance companies, etc., there is a need to have innovative
schemes for attracting other sources of long term financing. He also suggested that there should be a provision
of an Independent Regulator in PPP space.
Mr. Amit Kapur, Partner, J. Sagar Associates, Advocates Solicitors apprised the participants of the recommendations
of the Kelkar Committee Report which deals with the challenges of implementing PPP model in India. He briefly
gave examples of successful examples of PPPs in India viz. the 1994 Telecom Policy, the Hybrid Annuity Model
for roads and highways, private sector participation for development of various Airports and, the policy regarding
Ultra Mega Power Plants (UMPPs).
Ms Navita Yadav, Managing Director and CEO, Vistra ITCL (India) Limited, suggested that to ensure growth
and to attract investment, there is a need to focus on three critical elements such as transparent and tradable
infrastructure market, access to information and supportive regulatory framework.
Mr. Siva Rajaraman, Chief Executive, LT Infra Debt Fund said that since most infrastructure projects last for
more than 12-15 years, the short and medium term lenders do not have the requisite expertise to be able to
be involved actively in the project, which is much desired in order to ensure smooth delivery of the project
and keep them apprised of the progress of the project, financial and operational.

ASEAN
Prime Minister Shri Narendra Modi attended the 14th ASEAN-India Summit and the 11th East Asia Summit to
be held in Vientiane, Lao PDR on 8 September 2016, at the invitation of H.E. Mr. Thongloun Sisoulith, Prime
Minister of Lao PDR. The Summits were attended by Heads of State/Government of the 10 ASEAN and 18 East
Asia Summit Participating Countries respectively. In the margins, Prime Minister also held bilateral meetings
with several leaders.
India's engagement with the ASEAN and wider Asia-Pacific region has acquired further momentum following
the enunciation of the ‘Act-East Policy’ by Prime Minister Shri Narendra Modi at the 12th ASEAN-India Summit
and 9th East Asia Summit in Myanmar in November 2014.
At the 14th ASEAN-India Summit, Prime Minister and ASEAN Leaders reviewed ASEAN-India cooperation and discuss
its future direction under each of the three pillars of politico-security, economic and socio-cultural cooperation.
They also exchanged views on regional and international issues of mutual interest and concern. 2017 will mark
25 years of India's dialogue partnership with ASEAN, to celebrate which a number of commemorative activities
will also be announced by Prime Minister.
ASEAN is a strategic partner of India since 2012. India and ASEAN have 30 dialogue mechanisms which meet
regularly, including a Summit and 7 Ministerial meetings in Foreign Affairs, Commerce, Tourism, Agriculture,
Environment, Renewable Energy and Telecommunications. Minister of State for External Affairs, General (Dr.)
Shri V.K. Singh (Retd.) recently attended the ASEAN-India Foreign Ministers' Meeting and EAS Foreign Ministers'
Meeting in Vientiane on 25-26 July 2016. Minister of State for Commerce and Industry, Smt. Nirmala Seetharaman,
attended the ASEAN Economic Ministers + India Consultations EAS Foreign Ministers' Meeting held in Vientiane
on 6 August 2016.
Trade between India and ASEAN stood at US$ 65.04 billion in 2015-16 and comprises 10.12% of India’s total
trade with the world. The ASEAN-India economic integration process has got a fillip with the creation of the
ASEAN-India Free Trade Area in July 2015, following the entry into force of the ASEAN-India Trade in Services
and Investment Agreements. Conclusion of a balanced Regional Comprehensive Economic Partnership Agreement
will further boost our trade and investment ties with the region.
The East Asia Summit is the premier leaders-led forum in the Asia-Pacific. Since its inception in 2005, it has
played a significant role in the strategic, geopolitical and economic evolution of East Asia. Apart from the 10
ASEAN Member states, East Asia Summit includes India, China, Japan, Republic of Korea, Australia, New Zealand,
United States and Russia.
India, being a founding member of the East Asia Summit, is committed to strengthening the East Asia Summit
and making it more effective for dealing with contemporary challenges.
At the 11th East Asia Summit, Leaders discussed matters of regional and international interest and concern
including maritime security, terrorism, non-proliferation, irregular migration, etc. Three statements/declarations are
under discussion for adoption at the EAS, viz. the Vientiane Declaration on Promoting Infrastructure Development
Cooperation in East Asia; an EAS Declaration on Strengthening Responses to Migrants in Crisis and Trafficking
in Persons; and an EAS Statement on Non-Proliferation.
Highlights of the 14th ASEAN-India Summit and
11th
East Asia Summit in Vientiane, Lao PDR

ADB Approves $150 Million to Support Microfinance,
Sanitation in India
The Asian Development Bank (ADB) has approved a $150 million equivalent debt financing to Janalakshmi
Financial Services Private Limited. ADB’s funding will support Janalakshmi’s conversion from India’s largest
nonbank financial company focused on microfinance lending to a small finance bank.
ADB’s investment will be used to help Janalakshmi grow its microfinance and SME loan portfolios. At least 50%
of the proceeds of ADB’s funding will be deployed by Janalakshmi in less developed states in India and a large
proportion will be provided to women.
“ADB is very pleased to support Janalakshmi’s growth as it transitions into a pan-India small finance bank and
looks to diversify and increase the tenor of its liabilities, while it builds its deposit franchise,” said Michael Barrow,
Director General of ADB’s Private Sector Operations Department. “In doing so, ADB will support Janalakshmi as
it furthers its mandate of financial inclusion, in line with Government of India programs.”
Mr. Barrow recently met with Janalakshmi’s founder, Mr. Ramesh Ramanathan, and other members of senior
management, to discuss the bank’s long-term strategy to develop a scalable platform to service the financial
needs of the poor by offering the complete value chain of financial products and services. Janalakshmi was
awarded an in-principle small finance bank license by the Reserve Bank of India in September 2015.
The proposed transaction also seeks to support the development and deployment of sanitation loans that
complement the government’s sanitation initiatives. More than half of Indian households do not have a toilet.
In addition to the spread of disease and various health issues that result from mismanagement of waste, women
are particularly affected by insufficient household sanitation. ADB’s funding, in combination with a technical
assistance grant, will help to develop and deploy sanitation loan prototypes that can be used by Janalakshmi, as
well as other financial institutions throughout India, as a complement to the government’s sanitation initiatives
to provide safe, clean, and secure toilet facilities..
Click here for more information
Asian Development Outlook 2016 Update: Meeting the
Low-Carbon Growth Challenge
Growth has held up in developing Asia despite a difficult external environment. The region is expected to grow
steadily at 5.7% in 2016 and 2017, the forecasts in this Update unchanged from Asian Development Outlook
2016.
While global commodity prices have begun to rebound, inflation remains largely subdued. Consumer prices will
likely rise by 2.6% in 2016 and 2.9% in 2017.
Continued slow recovery in the United States, the euro area, and Japan presents a clear downside risk to the
outlook. Uncertainty about the path of monetary policy in these economies, and the implications this has for
capital flows, complicates macroeconomic management in developing Asia. Policy makers globally need to resist
moves toward protectionism that would only undermine the recovery.
By transitioning to low-carbon growth, developing Asia is poised to reap outsized rewards as an essential player
in the global effort to contain climate change.
ADB

Asia Pacific Shows Progress in Water Security, but
Challenges Remain
ADB
Water security in Asia and Pacific has progressed overall in the past 5 years, but major challenges remain,
including overexploited groundwater, demand from rising populations, and climate variability, according to a
new report from the Asian Development Bank (ADB).
The new edition of the Asian Water Development Outlook (AWDO 2016) released at World Water Week in
Stockholm provides a snapshot of the water security status of 48 of the region’s countries, using latest data
sets. According to these, the number of countries assessed as water insecure has dropped to 29, compared to
38 (out of 49 countries) identified in the previous issue of the report
in 2013.
The report cites that in Asia and the Pacific, 1.7 billion people lack access
to basic sanitation. Recent estimates suggest that by 2050, 3.4 billion
people could be living in water-stressed areas in Asia and the Pacific
while water demand will increase by 55%.
AWDO 2016 assesses water security in 5 key dimensions—namely
household access, economic viability, urban services, restoring rivers
and ecosystems, and resilience to water-related disasters. Advanced
economies such as Australia, Japan and New Zealand consistently lead
the way, followed by countries in East Asia—led by the People’s Republic
of China (PRC), which has taken the biggest stride to improve water
security since the AWDO 2013 edition.
The report concludes that the relationship between water security and the economy can be a virtuous—or a
vicious—circle. “There is a strong relationship between water management and the economy, and investments
in good water management can be considered as a longer term payback for increased growth and poverty
reduction,” the publication says. “Water-related investments can increase economic productivity and growth, while
economic growth provides the resources to invest in institutions and capital-intensive water infrastructure.”
”Asia and Pacific remains
the world’s most vulnerable
region to water insecurity
and cannot sustain its recent
economic growth without
addressing this issue,”
Bambang Susantono
ADB Vice-President for Knowledge
Management and Sustainable
Development

WTO Public Forum discussion puts focus on gender, trade and how to achieve the 2030 Agenda for Sustainable
Development.
How can women be empowered in international trade? That was the big issue tackled at a session during the
World Trade Organization’s Public Forum on 27 September. With reducing gender and economic inequalities
prerequisites for achieving the 2030 Agenda for Sustainable Development, panelists at the gathering touched
upon a range of issues related to women’s role in trade, and in particular on Sustainable Development Goal 5,
empowering all women and girls.
Setting the stage, Susan Barton, trade and gender lead at the UK Department for International Development,
pointed to a report launched last week by the UN Secretary-General’s High-Level Panel on Women’s Economic
Empowerment, which suggested drivers to unleash greater participation of women in the economy.
‘If we are to achieve the Global Goals, we have to achieve women’s economic empowerment,’ Ms. Barton said.
‘Where women are more economically empowered there is more growth, but women’s economic empowerment
does not follow economic growth. There is much work to be done.’
Small and medium-sized enterprises (SMEs) generate approximately 50% of global GDP and 70% of employment.
The benefits of trade to SMEs and women-owned businesses are significant – and so are the benefits to the
broader economy from greater engagement in international trade by SMEs and women. According to research by
McKinsey, the consultancy, advancing women's equality could add $28 trillion to global GDP by 2025 – equivalent
to adding a new United States and China. Currently, however, ITC survey dada suggests that women are only
in charge of one in five exporting companies.
The audience got a chance to hear how women entrepreneurs are empowering themselves and their communities,
but also to learn about the challenges they face. Rose Maghas, Managing Director at GreenBell Communications,
a Kenyan women-led enterprise that won a competition to develop a digital platform for ITC’s SheTrades
initiative, pointed out that whereas the challenges remain the same for her as they were for her mother, today’s
‘interventions’ are more favour of women.
What role for women in international trade?
ITC

Consumers’ demand for goods that reflect their ethical and environmental priorities has given rise to a growing
array of social and environmental voluntary standards that have in turn reshaped international production and
trade patterns, according to a study issued by the International Trade Centre (ITC) and the European University
Institute (EUI).
Standards play a valuable role in supporting greener and more socially sustainable value chains, says Social and
Environmental Standards – Contributing to More Sustainable Value Chains. The number and geographic coverage
of green labels have risen dramatically in the past decade alone. . Moreover, voluntary standards are not limited
to environmental considerations: those related to working conditions and the protection of basic human rights
play an increasingly important role in international value chains.
In the past, the quest for increased sustainability through voluntary standards was primarily an industrialized
country phenomenon. This trend is now changing. While three-quarters of the voluntary sustainability standards
covered by the ITC Standards Map still originate in countries belonging to the Organisation for Economic
Cooperation and Development (OECD), sustainability standards increasingly originate in emerging economies,
including Brazil, India, Kenya and South Africa. Before 1990, only 8% of such initiatives were based in non-OECD
countries. In contrast, fully 36% of sustainability initiatives launched between 2010 and 2015 were headquartered
in developing countries.
While many of these sustainability standards operate internationally, using them to tap into value chains can often
prove difficult, especially for small and medium-sized enterprises (SMEs) in smaller developing countries.
Social and Environmental Standards sets out a series of recommendations for standard-setters, governments and
businesses aimed at expanding the reach of voluntary sustainability standards to more countries and SMEs.
Standards play key role in making value chains
more sustainable
Study highlights role of voluntary standards in making global trade
more sustainable
ITC

An independent review of the Better Work programme shows significant gains in quality of life for workers in
factories they advise, as well as enhanced productivity and profitability for those businesses involved.
A joint International Labour Organization and International Finance Corporation (IFC), a member of the World
Bank Group, programme has dramatically improved working conditions in hundreds of garment factories across
seven developing countries, an independent review has shown.
According to the study by Tufts University, the Better Work programme moves factories away from practices
leading to long working hours, extremely low pay, dismissal threats, or abuse of probationary contracts. Workers
are seeing an increase in their weekly take-home pay and are less and less concerned with excessive overtime
and poor wages.
The review also notes progress in closing the gender pay gap, particularly among garment factories receiving
Better Work advisory services in Haiti, Nicaragua and Vietnam.
The programme has made significant progress in diminishing coercive labour practices and limiting harassment
and verbal abuse. In Jordan reports of sexual harassment fell by 18 per cent and the incidence of workers feeling
fearful in the workplace declined markedly as well.
Training women supervisors – a shortcut to big gains
Researchers found that Better Work’s Supervisory Skills Training (SST) is a very effective strategy for improving
working conditions, and empowering women in the industry. The analysis showed that production lines overseen
by Supervisory Skills-trained female line supervisors increased factory productivity by 22 per cent, when compared
to lines overseen by supervisors who had not yet received such training.
Business benefits
The report concludes that these gains in working conditions do not come at the expense of business performance.
The research establishes a direct link between better working conditions and higher profit firms. Across all
factories tracked in Vietnam, after four years of participation with Better Work, average profitability increased
by 25 per cent.
“Evidence of a win-win outcome – improving working conditions while boosting profit margins – has to date
largely been anecdotal. Tufts University’s impact assessment has made significant strides in establishing evidence
of this relationship,” said Professor Drusilla Brown, lead author of the report
Improved working conditions in the apparel
industry make workers’ lives better and
businesses stronger
ILO
Copyright © 2016 by Confederation of Indian Industry (CII), All rights reserved.
No part of this publication may be reproduced, stored in, or introduced into a retrieval system, or transmitted in any form or by any means (electronic, mechanical,
photocopying, recording or otherwise), without the prior written permission of the copyright owner. CII has made every effort to ensure the accuracy of information
presented in this document. However, neither CII nor any of its office bearers or analysts or employees can be held responsible for any financial consequences arising
out of the use of information provided herein. However, in case of any discrepancy, error, etc., same may please be brought to the notice of CII for appropriate
corrections.
Published by Confederation of Indian Industry (CII), The Mantosh Sondhi Centre; 23, Institutional Area, Lodi Road, New Delhi-110003 (INDIA)
Tel: +91-11-24629994-7, Fax: +91-11-24626149; Email: info@cii.in; Web: www.cii.in
For suggestions please write to us at: multilateralforums@cii.in

Multilateral Newsletter Aug-Sep 2016

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