SlideShare a Scribd company logo

UN 2002 - Report of the International Conference on Financing for Development

•
•
Dr Lendy Spires
Dr Lendy Spires

.

Government & Nonprofit
1 of 101
Download to read offline
$21) 8QLWHG 1DWLRQV 5HSRUW RI WKH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW 0RQWHUUH 0H[LFR 0DUFK
5HSRUW RI WKH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW 0RQWHUUH 0H[LFR 0DUFK 8QLWHG 1DWLRQV N 1HZ RUN
$21)
1RWH 6PEROV RI 8QLWHG 1DWLRQV GRFXPHQWV DUH FRPSRVHG RI FDSLWDO OHWWHUV FRPELQHG ZLWK ILJXUHV 7KH GHVLJQDWLRQV HPSORHG DQG WKH SUHVHQWDWLRQ RI WKH PDWHULDO LQ WKLV SXEOLFDWLRQ GR QRW LPSO WKH H[SUHVVLRQ RI DQ RSLQLRQ ZKDWVRHYHU RQ WKH SDUW RI WKH 6HFUHWDULDW RI WKH 8QLWHG 1DWLRQV FRQFHUQLQJ WKH OHJDO VWDWXV RI DQ FRXQWU WHUULWRU FLW RU DUHD RU RI LWV DXWKRULWLHV RU FRQFHUQLQJ WKH GHOLPLWDWLRQ RI LWV IURQWLHUV $21) 8QLWHG 1DWLRQV SXEOLFDWLRQ 6DOHV 1R (,,$ ,6%1
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
LY % RQVLGHUDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV 6XPPLW URXQG WDEOHV 9, $GRSWLRQ RI WKH 0RQWHUUH RQVHQVXV 9,, 5HSRUW RI WKH UHGHQWLDOV RPPLWWHH 9,,, $GRSWLRQ RI WKH UHSRUW RI WKH RQIHUHQFH ,; ORVXUH RI WKH RQIHUHQFH $QQH[HV , /LVW RI GRFXPHQWV ,, 2SHQLQJ VWDWHPHQWV ,,, 3DUDOOHO DQG DVVRFLDWHG DFWLYLWLHV $ 1RQ*RYHUQPHQWDO 2UJDQL]DWLRQV )RUXP % ,QWHUQDWLRQDO %XVLQHVV )RUXP 3DUOLDPHQWDULDQV )RUXP
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± ,, /HDGLQJ DFWLRQV ± $ 0RELOL]LQJ GRPHVWLF ILQDQFLDO UHVRXUFHV IRU GHYHORSPHQW ± % 0RELOL]LQJ LQWHUQDWLRQDO UHVRXUFHV IRU GHYHORSPHQW IRUHLJQ GLUHFW LQYHVWPHQW DQG RWKHU SULYDWH IORZV ± ,QWHUQDWLRQDO WUDGH DV DQ HQJLQH IRU GHYHORSPHQW ± ' ,QFUHDVLQJ LQWHUQDWLRQDO ILQDQFLDO DQG WHFKQLFDO FRRSHUDWLRQ IRU GHYHORSPHQW ± ( ([WHUQDO GHEW ± ) $GGUHVVLQJ VVWHPLF LVVXHV HQKDQFLQJ WKH FRKHUHQFH DQG FRQVLVWHQF RI WKH LQWHUQDWLRQDO PRQHWDU ILQDQFLDO DQG WUDGLQJ VVWHPV LQ VXSSRUW RI GHYHORSPHQW ± ,,, 6WDLQJ HQJDJHG ± $GRSWHG DW WKH WK SOHQDU PHHWLQJ RQ 0DUFK IRU WKH GLVFXVVLRQ VHH FKDS 9,
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¶V 'HYHORSPHQW DQG VLPLODU HIIRUWV LQ RWKHU UHJLRQV *OREDOL]DWLRQ RIIHUV RSSRUWXQLWLHV DQG FKDOOHQJHV 7KH GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ IDFH VSHFLDO GLIILFXOWLHV LQ UHVSRQGLQJ WR WKRVH FKDOOHQJHV DQG RSSRUWXQLWLHV *OREDOL]DWLRQ VKRXOG EH IXOO LQFOXVLYH DQG HTXLWDEOH DQG WKHUH LV D VWURQJ QHHG IRU SROLFLHV DQG PHDVXUHV DW WKH QDWLRQDO DQG LQWHUQDWLRQDO OHYHOV IRUPXODWHG DQG LPSOHPHQWHG ZLWK WKH IXOO DQG HIIHFWLYH ****************** *HQHUDO $VVHPEO UHVROXWLRQ
$21) SDUWLFLSDWLRQ RI GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ WR KHOS WKHP UHVSRQG HIIHFWLYHO WR WKRVH FKDOOHQJHV DQG RSSRUWXQLWLHV ,Q WKH LQFUHDVLQJO JOREDOL]LQJ LQWHUGHSHQGHQW ZRUOG HFRQRP D KROLVWLF DSSURDFK WR WKH LQWHUFRQQHFWHG QDWLRQDO LQWHUQDWLRQDO DQG VVWHPLF FKDOOHQJHV RI ILQDQFLQJ IRU GHYHORSPHQW ² VXVWDLQDEOH JHQGHUVHQVLWLYH SHRSOHFHQWUHG GHYHORSPHQW ²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
$21) UHGXFH WKH WUDQVIHU FRVWV RI PLJUDQW ZRUNHUV¶ UHPLWWDQFHV DQG FUHDWH RSSRUWXQLWLHV IRU GHYHORSPHQWRULHQWHG LQYHVWPHQWV LQFOXGLQJ KRXVLQJ ,W LV FULWLFDO WR UHLQIRUFH QDWLRQDO HIIRUWV LQ FDSDFLWEXLOGLQJ LQ GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ LQ VXFK DUHDV DV LQVWLWXWLRQDO LQIUDVWUXFWXUH KXPDQ UHVRXUFH GHYHORSPHQW SXEOLF ILQDQFH PRUWJDJH ILQDQFH ILQDQFLDO UHJXODWLRQ DQG VXSHUYLVLRQ EDVLF HGXFDWLRQ LQ SDUWLFXODU SXEOLF DGPLQLVWUDWLRQ VRFLDO DQG JHQGHU EXGJHW SROLFLHV HDUO ZDUQLQJ DQG FULVLV SUHYHQWLRQ DQG GHEW PDQDJHPHQW ,Q WKDW UHJDUG SDUWLFXODU DWWHQWLRQ LV UHTXLUHG WR DGGUHVV WKH VSHFLDO QHHGV RI $IULFD WKH OHDVW GHYHORSHG FRXQWULHV VPDOO LVODQG GHYHORSLQJ 6WDWHV DQG ODQGORFNHG GHYHORSLQJ FRXQWULHV :H UHDIILUP RXU FRPPLWPHQW WR WKH 3URJUDPPH RI $FWLRQ IRU WKH /HDVW 'HYHORSHG RXQWULHV IRU WKH 'HFDGH DGRSWHG E WKH 7KLUG 8QLWHG 1DWLRQV RQIHUHQFH RQ WKH /HDVW 'HYHORSHG RXQWULHV KHOG LQ %UXVVHOV IURP WR 0D DQG WKH *OREDO 3URJUDPPH RI $FWLRQ IRU WKH 6XVWDLQDEOH 'HYHORSPHQW RI 6PDOO ,VODQG 'HYHORSLQJ 6WDWHV ,QWHUQDWLRQDO VXSSRUW IRU WKRVH HIIRUWV LQFOXGLQJ WHFKQLFDO DVVLVWDQFH DQG WKURXJK 8QLWHG 1DWLRQV RSHUDWLRQDO DFWLYLWLHV IRU GHYHORSPHQW LV LQGLVSHQVDEOH :H HQFRXUDJH 6RXWK6RXWK FRRSHUDWLRQ LQFOXGLQJ WKURXJK WULDQJXODU FRRSHUDWLRQ WR IDFLOLWDWH H[FKDQJH RI YLHZV RQ VXFFHVVIXO VWUDWHJLHV SUDFWLFHV DQG H[SHULHQFH DQG UHSOLFDWLRQ RI SURMHFWV % 0RELOL]LQJ LQWHUQDWLRQDO UHVRXUFHV IRU GHYHORSPHQW IRUHLJQ GLUHFW LQYHVWPHQW DQG RWKHU SULYDWH IORZV 3ULYDWH LQWHUQDWLRQDO FDSLWDO IORZV SDUWLFXODUO IRUHLJQ GLUHFW LQYHVWPHQW DORQJ ZLWK LQWHUQDWLRQDO ILQDQFLDO VWDELOLW DUH YLWDO FRPSOHPHQWV WR QDWLRQDO DQG LQWHUQDWLRQDO GHYHORSPHQW HIIRUWV )RUHLJQ GLUHFW LQYHVWPHQW FRQWULEXWHV WRZDUG ILQDQFLQJ VXVWDLQHG HFRQRPLF JURZWK RYHU WKH ORQJ WHUP ,W LV HVSHFLDOO LPSRUWDQW IRU LWV SRWHQWLDO WR WUDQVIHU NQRZOHGJH DQG WHFKQRORJ FUHDWH MREV ERRVW RYHUDOO SURGXFWLYLW HQKDQFH FRPSHWLWLYHQHVV DQG HQWUHSUHQHXUVKLS DQG XOWLPDWHO HUDGLFDWH SRYHUW WKURXJK HFRQRPLF JURZWK DQG GHYHORSPHQW $ FHQWUDO FKDOOHQJH WKHUHIRUH LV WR FUHDWH WKH QHFHVVDU GRPHVWLF DQG LQWHUQDWLRQDO FRQGLWLRQV WR IDFLOLWDWH GLUHFW LQYHVWPHQW IORZV FRQGXFLYH WR DFKLHYLQJ QDWLRQDO GHYHORSPHQW SULRULWLHV WR GHYHORSLQJ FRXQWULHV SDUWLFXODUO $IULFD OHDVW GHYHORSHG FRXQWULHV VPDOO LVODQG GHYHORSLQJ 6WDWHV DQG ODQGORFNHG GHYHORSLQJ FRXQWULHV DQG DOVR WR FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ 7R DWWUDFW DQG HQKDQFH LQIORZV RI SURGXFWLYH FDSLWDO FRXQWULHV QHHG WR FRQWLQXH WKHLU HIIRUWV WR DFKLHYH D WUDQVSDUHQW VWDEOH DQG SUHGLFWDEOH LQYHVWPHQW FOLPDWH ZLWK SURSHU FRQWUDFW HQIRUFHPHQW DQG UHVSHFW IRU SURSHUW ULJKWV HPEHGGHG LQ VRXQG PDFURHFRQRPLF SROLFLHV DQG LQVWLWXWLRQV WKDW DOORZ EXVLQHVVHV ERWK GRPHVWLF DQG LQWHUQDWLRQDO WR RSHUDWH HIILFLHQWO DQG SURILWDEO DQG ZLWK PD[LPXP GHYHORSPHQW LPSDFW 6SHFLDO HIIRUWV DUH UHTXLUHG LQ VXFK SULRULW DUHDV DV HFRQRPLF SROLF DQG UHJXODWRU IUDPHZRUNV IRU SURPRWLQJ DQG SURWHFWLQJ LQYHVWPHQWV LQFOXGLQJ WKH DUHDV RI KXPDQ UHVRXUFH GHYHORSPHQW DYRLGDQFH RI GRXEOH WD[DWLRQ FRUSRUDWH JRYHUQDQFH DFFRXQWLQJ VWDQGDUGV DQG WKH SURPRWLRQ RI D FRPSHWLWLYH ****************** $21) 5HSRUW RI WKH *OREDO RQIHUHQFH RQ WKH 6XVWDLQDEOH 'HYHORSPHQW RI 6PDOO ,VODQG 'HYHORSLQJ 6WDWHV %ULGJHWRZQ %DUEDGRV $SULO 0D 8QLWHG 1DWLRQV SXEOLFDWLRQ 6DOHV 1R (, DQG FRUULJHQGD FKDS , UHVROXWLRQ DQQH[ ,,
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¶V YDULQJ GHJUHH RI QDWLRQDO FDSDFLW PDQDJLQJ QDWLRQDO H[WHUQDO GHEW SURILOHV SDLQJ FDUHIXO DWWHQWLRQ WR FXUUHQF DQG OLTXLGLW ULVN VWUHQJWKHQLQJ SUXGHQWLDO UHJXODWLRQV DQG VXSHUYLVLRQ RI DOO ILQDQFLDO LQVWLWXWLRQV LQFOXGLQJ KLJKO OHYHUDJHG LQVWLWXWLRQV OLEHUDOL]LQJ FDSLWDO IORZV LQ DQ RUGHUO DQG ZHOO VHTXHQFHG SURFHVV FRQVLVWHQW ZLWK GHYHORSPHQW REMHFWLYHV DQG LPSOHPHQWDWLRQ RQ D SURJUHVVLYH DQG YROXQWDU EDVLV RI FRGHV DQG VWDQGDUGV DJUHHG LQWHUQDWLRQDOO DUH DOVR LPSRUWDQW :H HQFRXUDJH SXEOLFSULYDWH LQLWLDWLYHV WKDW HQKDQFH WKH HDVH RI DFFHVV DFFXUDF WLPHOLQHVV DQG FRYHUDJH RI LQIRUPDWLRQ RQ FRXQWULHV DQG ILQDQFLDO PDUNHWV ZKLFK VWUHQJWKHQ FDSDFLWLHV IRU ULVN DVVHVVPHQW
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¶ H[SRUWV DV HQYLVDJHG LQ WKH 3URJUDPPH RI $FWLRQ IRU WKH /HDVW 'HYHORSHG RXQWULHV DGRSWHG LQ %UXVVHOV RQVLGHUDWLRQ RI SURSRVDOV IRU GHYHORSLQJ FRXQWULHV WR FRQWULEXWH WR LPSURYHG PDUNHW DFFHVV IRU OHDVW GHYHORSHG FRXQWULHV ZRXOG DOVR EH KHOSIXO :H IXUWKHU UHFRJQL]H WKH LPSRUWDQFH IRU GHYHORSLQJ FRXQWULHV DV ZHOO DV FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ RI FRQVLGHULQJ UHGXFLQJ WUDGH EDUULHUV DPRQJ WKHPVHOYHV ,Q FRRSHUDWLRQ ZLWK WKH LQWHUHVWHG *RYHUQPHQWV DQG WKHLU ILQDQFLDO LQVWLWXWLRQV DQG WR IXUWKHU VXSSRUW QDWLRQDO HIIRUWV WR EHQHILW IURP WUDGH RSSRUWXQLWLHV DQG HIIHFWLYHO LQWHJUDWH LQWR WKH PXOWLODWHUDO WUDGLQJ VVWHP ZH LQYLWH PXOWLODWHUDO DQG ELODWHUDO ILQDQFLDO DQG GHYHORSPHQW LQVWLWXWLRQV WR H[SDQG DQG FRRUGLQDWH WKHLU HIIRUWV ZLWK LQFUHDVHG UHVRXUFHV IRU JUDGXDOO UHPRYLQJ VXSSOVLGH FRQVWUDLQWV LPSURYH WUDGH LQIUDVWUXFWXUH GLYHUVLI H[SRUW FDSDFLW DQG VXSSRUW DQ LQFUHDVH LQ WKH WHFKQRORJLFDO FRQWHQW RI H[SRUWV VWUHQJWKHQ LQVWLWXWLRQDO GHYHORSPHQW DQG HQKDQFH RYHUDOO SURGXFWLYLW DQG FRPSHWLWLYHQHVV 7R WKDW HQG ZH IXUWKHU LQYLWH ELODWHUDO GRQRUV DQG WKH LQWHUQDWLRQDO DQG UHJLRQDO ILQDQFLDO LQVWLWXWLRQV WRJHWKHU ZLWK WKH UHOHYDQW 8QLWHG 1DWLRQV DJHQFLHV IXQGV DQG SURJUDPPHV WR UHLQIRUFH WKH VXSSRUW IRU WUDGHUHODWHG WUDLQLQJ FDSDFLW DQG LQVWLWXWLRQ EXLOGLQJ DQG WUDGHVXSSRUWLQJ VHUYLFHV 6SHFLDO FRQVLGHUDWLRQ VKRXOG EH JLYHQ WR OHDVW GHYHORSHG FRXQWULHV ODQGORFNHG GHYHORSLQJ FRXQWULHV VPDOO LVODQG GHYHORSLQJ 6WDWHV $IULFDQ GHYHORSPHQW WUDQVLW GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ LQFOXGLQJ WKURXJK WKH ,QWHJUDWHG )UDPHZRUN IRU 7UDGH5HODWHG 7HFKQLFDO $VVLVWDQFH WR /HDVW 'HYHORSHG RXQWULHV DQG LWV IROORZXS WKH -RLQW ,QWHJUDWHG 7HFKQLFDO $VVLVWDQFH 3URJUDPPH WKH :RUOG 7UDGH 2UJDQL]DWLRQ 'RKD 'HYHORSPHQW $JHQGD *OREDO 7UXVW )XQG DV ZHOO DV WKH DFWLYLWLHV RI WKH ,QWHUQDWLRQDO 7UDGH HQWUH 0XOWLODWHUDO DVVLVWDQFH LV DOVR QHHGHG WR PLWLJDWH WKH FRQVHTXHQFHV RI GHSUHVVHG H[SRUW UHYHQXHV RI FRXQWULHV WKDW VWLOO GHSHQG KHDYLO RQ FRPPRGLW H[SRUWV 7KXV ZH UHFRJQL]H WKH UHFHQW UHYLHZ RI WKH ,QWHUQDWLRQDO 0RQHWDU )XQG RPSHQVDWRU )LQDQFLQJ )DFLOLW DQG ZLOO FRQWLQXH WR DVVHVV LWV HIIHFWLYHQHVV ,W LV DOVR LPSRUWDQW WR HPSRZHU GHYHORSLQJ FRXQWU FRPPRGLW SURGXFHUV WR LQVXUH WKHPVHOYHV DJDLQVW ULVN LQFOXGLQJ DJDLQVW QDWXUDO GLVDVWHUV :H IXUWKHU LQYLWH
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‡ +DUPRQL]H WKHLU RSHUDWLRQDO SURFHGXUHV DW WKH KLJKHVW VWDQGDUG VR DV WR UHGXFH WUDQVDFWLRQ FRVWV DQG PDNH 2'$ GLVEXUVHPHQW DQG GHOLYHU PRUH IOH[LEOH WDNLQJ LQWR DFFRXQW QDWLRQDO GHYHORSPHQW QHHGV DQG REMHFWLYHV XQGHU WKH RZQHUVKLS RI WKH UHFLSLHQW FRXQWU ‡ 6XSSRUW DQG HQKDQFH UHFHQW HIIRUWV DQG LQLWLDWLYHV VXFK DV XQWLQJ DLG LQFOXGLQJ WKH LPSOHPHQWDWLRQ RI WKH 2UJDQLVDWLRQ IRU (FRQRPLF RRSHUDWLRQ DQG 'HYHORSPHQW'HYHORSPHQW $VVLVWDQFH RPPLWWHH UHFRPPHQGDWLRQ RQ XQWLQJ DLG WR WKH OHDVW GHYHORSHG FRXQWULHV DV DJUHHG E WKH 2UJDQLVDWLRQ IRU (FRQRPLF RRSHUDWLRQ DQG 'HYHORSPHQW LQ 0D )XUWKHU HIIRUWV VKRXOG EH PDGH WR DGGUHVV EXUGHQVRPH UHVWULFWLRQV ‡ (QKDQFH WKH DEVRUSWLYH FDSDFLW DQG ILQDQFLDO PDQDJHPHQW RI WKH UHFLSLHQW FRXQWULHV WR XWLOL]H DLG LQ RUGHU WR SURPRWH WKH XVH RI WKH PRVW VXLWDEOH DLG GHOLYHU LQVWUXPHQWV WKDW DUH UHVSRQVLYH WR WKH QHHGV RI GHYHORSLQJ FRXQWULHV DQG WR WKH QHHG IRU UHVRXUFH SUHGLFWDELOLW LQFOXGLQJ EXGJHW VXSSRUW PHFKDQLVPV ZKHUH DSSURSULDWH DQG LQ D IXOO FRQVXOWDWLYH PDQQHU ‡ 8VH GHYHORSPHQW IUDPHZRUNV WKDW DUH RZQHG DQG GULYHQ E GHYHORSLQJ FRXQWULHV DQG WKDW HPERG SRYHUW UHGXFWLRQ VWUDWHJLHV LQFOXGLQJ SRYHUW UHGXFWLRQ VWUDWHJ SDSHUV DV YHKLFOHV IRU DLG GHOLYHU XSRQ UHTXHVW ‡ (QKDQFH UHFLSLHQW FRXQWULHV¶ LQSXW LQWR DQG RZQHUVKLS RI WKH GHVLJQ LQFOXGLQJ SURFXUHPHQW RI WHFKQLFDO DVVLVWDQFH SURJUDPPHV DQG LQFUHDVH WKH HIIHFWLYH XVH RI ORFDO WHFKQLFDO DVVLVWDQFH UHVRXUFHV ‡ 3URPRWH WKH XVH RI 2'$ WR OHYHUDJH DGGLWLRQDO ILQDQFLQJ IRU GHYHORSPHQW VXFK DV IRUHLJQ LQYHVWPHQW WUDGH DQG GRPHVWLF UHVRXUFHV ‡ 6WUHQJWKHQ WULDQJXODU FRRSHUDWLRQ LQFOXGLQJ FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ DQG 6RXWK6RXWK FRRSHUDWLRQ DV GHOLYHU WRROV IRU DVVLVWDQFH ‡ ,PSURYH 2'$ WDUJHWLQJ WR WKH SRRU FRRUGLQDWLRQ RI DLG DQG PHDVXUHPHQW RI UHVXOWV :H LQYLWH GRQRUV WR WDNH VWHSV WR DSSO WKH DERYH PHDVXUHV LQ VXSSRUW RI DOO GHYHORSLQJ FRXQWULHV LQFOXGLQJ LPPHGLDWHO LQ VXSSRUW RI WKH FRPSUHKHQVLYH VWUDWHJ WKDW LV HPERGLHG LQ WKH 1HZ 3DUWQHUVKLS IRU $IULFD¶V 'HYHORSPHQW DQG VLPLODU HIIRUWV LQ RWKHU UHJLRQV DV ZHOO DV LQ VXSSRUW RI OHDVW GHYHORSHG FRXQWULHV VPDOO LVODQG GHYHORSLQJ 6WDWHV DQG ODQGORFNHG GHYHORSLQJ FRXQWULHV :H DFNQRZOHGJH DQG DSSUHFLDWH WKH GLVFXVVLRQV WDNLQJ SODFH LQ RWKHU IRUXPV RQ SURSRVDOV WR LQFUHDVH WKH FRQFHVVLRQDOLW RI GHYHORSPHQW ILQDQFLQJ LQFOXGLQJ JUHDWHU XVH RI JUDQWV
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¶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¶ GHEW VXVWDLQDELOLW FDXVHG E QDWXUDO FDWDVWURSKHV VHYHUH WHUPV RI WUDGH VKRFNV RU FRQIOLFW ZKHQ PDNLQJ SROLF UHFRPPHQGDWLRQV LQFOXGLQJ IRU GHEW UHOLHI DV DSSURSULDWH :KLOH UHFRJQL]LQJ WKDW D IOH[LEOH PL[ RI LQVWUXPHQWV LV QHHGHG WR UHVSRQG DSSURSULDWHO WR FRXQWULHV¶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¶ SROLFLHV DQG D VDIHJXDUG DJDLQVW FRQWDJLRQ LQ ILQDQFLDO PDUNHWV 7KH QHHG IRU VSHFLDO GUDZLQJ ULJKWV DOORFDWLRQV VKRXOG EH NHSW XQGHU UHYLHZ ,Q WKDW UHJDUG ZH DOVR XQGHUOLQH WKH QHHG WR HQKDQFH WKH VWDELOL]LQJ UROH RI UHJLRQDO DQG VXEUHJLRQDO UHVHUYH IXQGV VZDS DUUDQJHPHQWV DQG VLPLODU PHFKDQLVPV WKDW FRPSOHPHQW WKH HIIRUWV RI LQWHUQDWLRQDO ILQDQFLDO LQVWLWXWLRQV
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‡ ,QWHUQDWLRQDO 0RQHWDU )XQG DQG :RUOG %DQN WR FRQWLQXH WR HQKDQFH SDUWLFLSDWLRQ RI DOO GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ LQ WKHLU GHFLVLRQPDNLQJ DQG WKHUHE WR VWUHQJWKHQ WKH LQWHUQDWLRQDO GLDORJXH DQG WKH ZRUN RI WKRVH LQVWLWXWLRQV DV WKH DGGUHVV WKH GHYHORSPHQW QHHGV DQG FRQFHUQV RI WKHVH FRXQWULHV ‡ :RUOG 7UDGH 2UJDQL]DWLRQ WR HQVXUH WKDW DQ FRQVXOWDWLRQ LV UHSUHVHQWDWLYH RI LWV IXOO PHPEHUVKLS DQG WKDW SDUWLFLSDWLRQ LV EDVHG RQ FOHDU VLPSOH DQG REMHFWLYH FULWHULD ‡ %DQN IRU ,QWHUQDWLRQDO 6HWWOHPHQWV %DVHO RPPLWWHHV DQG )LQDQFLDO 6WDELOLW )RUXP WR FRQWLQXH HQKDQFLQJ WKHLU RXWUHDFK DQG FRQVXOWDWLRQ HIIRUWV ZLWK GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ DW WKH UHJLRQDO OHYHO DQG WR UHYLHZ WKHLU PHPEHUVKLS DV DSSURSULDWH WR DOORZ IRU DGHTXDWH SDUWLFLSDWLRQ ‡ $G KRF JURXSLQJV WKDW PDNH SROLF UHFRPPHQGDWLRQV ZLWK JOREDO LPSOLFDWLRQV WR FRQWLQXH WR LPSURYH WKHLU RXWUHDFK WR QRQPHPEHU FRXQWULHV DQG WR HQKDQFH FROODERUDWLRQ ZLWK WKH PXOWLODWHUDO LQVWLWXWLRQV ZLWK FOHDUO GHILQHG DQG EURDG EDVHG LQWHUJRYHUQPHQWDO PDQGDWHV 7R VWUHQJWKHQ WKH HIIHFWLYHQHVV RI WKH JOREDO HFRQRPLF VVWHP¶V VXSSRUW IRU GHYHORSPHQW ZH HQFRXUDJH WKH IROORZLQJ DFWLRQV ‡ ,PSURYH WKH UHODWLRQVKLS EHWZHHQ WKH 8QLWHG 1DWLRQV DQG WKH :RUOG 7UDGH 2UJDQL]DWLRQ IRU GHYHORSPHQW DQG VWUHQJWKHQ WKHLU FDSDFLW WR SURYLGH WHFKQLFDO DVVLVWDQFH WR DOO FRXQWULHV LQ QHHG RI VXFK DVVLVWDQFH
$21) ‡ 6XSSRUW WKH ,QWHUQDWLRQDO /DERXU 2UJDQL]DWLRQ DQG HQFRXUDJH LWV RQJRLQJ ZRUN RQ WKH VRFLDO GLPHQVLRQ RI JOREDOL]DWLRQ ‡ 6WUHQJWKHQ WKH FRRUGLQDWLRQ RI WKH 8QLWHG 1DWLRQV VVWHP DQG DOO RWKHU PXOWLODWHUDO ILQDQFLDO WUDGH DQG GHYHORSPHQW LQVWLWXWLRQV WR VXSSRUW HFRQRPLF JURZWK SRYHUW HUDGLFDWLRQ DQG VXVWDLQDEOH GHYHORSPHQW ZRUOGZLGH W 0DLQVWUHDP WKH JHQGHU SHUVSHFWLYH LQWR GHYHORSPHQW SROLFLHV DW DOO OHYHOV DQG LQ DOO VHFWRUV ‡ 6WUHQJWKHQ LQWHUQDWLRQDO WD[ FRRSHUDWLRQ WKURXJK HQKDQFHG GLDORJXH DPRQJ QDWLRQDO WD[ DXWKRULWLHV DQG JUHDWHU FRRUGLQDWLRQ RI WKH ZRUN RI WKH FRQFHUQHG PXOWLODWHUDO ERGLHV DQG UHOHYDQW UHJLRQDO RUJDQL]DWLRQV JLYLQJ VSHFLDO DWWHQWLRQ WR WKH QHHGV RI GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ ‡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
$21) %XLOGLQJ RQ WKH VXFFHVVIXO H[SHULHQFH RI WKH RQIHUHQFH DQG WKH SURFHVV OHDGLQJ XS WR LW ZH VKDOO VWUHQJWKHQ DQG PDNH IXOOHU XVH RI WKH *HQHUDO $VVHPEO DQG WKH (FRQRPLF DQG 6RFLDO RXQFLO DV ZHOO DV WKH UHOHYDQW LQWHUJRYHUQPHQWDOJRYHUQLQJ ERGLHV RI RWKHU LQVWLWXWLRQDO VWDNHKROGHUV IRU WKH SXUSRVHV RI FRQIHUHQFH IROORZXS DQG FRRUGLQDWLRQ E VXEVWDQWLYHO FRQQHFWLQJ LQ DVFHQGLQJ VHULHV WKH IROORZLQJ HOHPHQWV D ,QWHUDFWLRQV EHWZHHQ UHSUHVHQWDWLYHV RI WKH (FRQRPLF DQG 6RFLDO RXQFLO DQG WKH GLUHFWRUV RI WKH H[HFXWLYH ERDUGV RI WKH :RUOG %DQN DQG WKH ,QWHUQDWLRQDO 0RQHWDU )XQG FDQ VHUYH DV SUHOLPLQDU H[FKDQJHV RQ PDWWHUV UHODWHG WR IROORZXS WR WKH RQIHUHQFH DQG SUHSDUDWLRQV IRU WKH DQQXDO VSULQJ PHHWLQJ EHWZHHQ WKRVH LQVWLWXWLRQV 6LPLODU LQWHUDFWLRQV FDQ DOVR EH LQLWLDWHG ZLWK UHSUHVHQWDWLYHV RI WKH DSSURSULDWH LQWHUJRYHUQPHQWDO ERG RI WKH :RUOG 7UDGH 2UJDQL]DWLRQ E :H HQFRXUDJH WKH 8QLWHG 1DWLRQV WKH :RUOG %DQN DQG WKH ,QWHUQDWLRQDO 0RQHWDU )XQG ZLWK WKH :RUOG 7UDGH 2UJDQL]DWLRQ WR DGGUHVV LVVXHV RI FRKHUHQFH FRRUGLQDWLRQ DQG FRRSHUDWLRQ DV D IROORZXS WR WKH RQIHUHQFH DW WKH VSULQJ PHHWLQJ EHWZHHQ WKH (FRQRPLF DQG 6RFLDO RXQFLO DQG WKH %UHWWRQ :RRGV LQVWLWXWLRQV 7KH PHHWLQJ VKRXOG LQFOXGH DQ LQWHUJRYHUQPHQWDO VHJPHQW WR DGGUHVV DQ DJHQGD DJUHHG WR E WKH SDUWLFLSDWLQJ RUJDQL]DWLRQV DV ZHOO DV D GLDORJXH ZLWK FLYLO VRFLHW DQG WKH SULYDWH VHFWRU F 7KH FXUUHQW KLJKOHYHO GLDORJXH RQ VWUHQJWKHQLQJ LQWHUQDWLRQDO FRRSHUDWLRQ IRU GHYHORSPHQW WKURXJK SDUWQHUVKLS KHOG HYHU WZR HDUV LQ WKH *HQHUDO $VVHPEO ZRXOG FRQVLGHU WKH ILQDQFLQJ IRU GHYHORSPHQWUHODWHG UHSRUWV FRPLQJ IURP WKH (FRQRPLF DQG 6RFLDO RXQFLO DQG RWKHU ERGLHV DV ZHOO DV RWKHU ILQDQFLQJ IRU GHYHORSPHQWUHODWHG LVVXHV ,W ZRXOG EH UHFRQVWLWXWHG WR HQDEOH LW WR EHFRPH WKH LQWHUJRYHUQPHQWDO IRFDO SRLQW IRU WKH JHQHUDO IROORZXS WR WKH RQIHUHQFH DQG UHODWHG LVVXHV 7KH KLJKOHYHO GLDORJXH ZRXOG LQFOXGH D SROLF GLDORJXH ZLWK WKH SDUWLFLSDWLRQ RI WKH UHOHYDQW VWDNHKROGHUV RQ WKH LPSOHPHQWDWLRQ RI WKH UHVXOWV RI WKH RQIHUHQFH LQFOXGLQJ WKH WKHPH RI FRKHUHQFH DQG FRQVLVWHQF RI WKH LQWHUQDWLRQDO PRQHWDU ILQDQFLDO DQG WUDGLQJ VVWHPV LQ VXSSRUW RI GHYHORSPHQW G $SSURSULDWH PRGDOLWLHV WR HQDEOH SDUWLFLSDWLRQ LQ WKH UHFRQVWLWXWHG KLJK OHYHO GLDORJXH E DOO UHOHYDQW VWDNHKROGHUV DV QHFHVVDU ZLOO EH FRQVLGHUHG 7R VXSSRUW WKH DERYH HOHPHQWV DW WKH QDWLRQDO UHJLRQDO DQG LQWHUQDWLRQDO OHYHOV ZH UHVROYH ‡ 7R FRQWLQXH WR LPSURYH RXU GRPHVWLF SROLF FRKHUHQFH WKURXJK WKH FRQWLQXHG HQJDJHPHQW RI RXU PLQLVWULHV RI GHYHORSPHQW ILQDQFH WUDGH DQG IRUHLJQ DIIDLUV DV ZHOO DV RXU FHQWUDO EDQNV ‡ 7R KDUQHVV WKH DFWLYH VXSSRUW RI WKH UHJLRQDO FRPPLVVLRQV DQG WKH UHJLRQDO GHYHORSPHQW EDQNV ‡ 7R NHHS WKH ILQDQFLQJ IRU GHYHORSPHQW SURFHVV RQ WKH DJHQGD RI WKH LQWHUJRYHUQPHQWDO ERGLHV RI DOO PDLQ VWDNHKROGHUV LQFOXGLQJ DOO 8QLWHG 1DWLRQV IXQGV SURJUDPPHV DQG DJHQFLHV LQFOXGLQJ WKH 8QLWHG 1DWLRQV RQIHUHQFH RQ 7UDGH DQG 'HYHORSPHQW :H UHFRJQL]H WKH OLQN EHWZHHQ ILQDQFLQJ RI GHYHORSPHQW DQG DWWDLQLQJ LQWHUQDWLRQDOO DJUHHG GHYHORSPHQW JRDOV DQG REMHFWLYHV LQFOXGLQJ WKRVH FRQWDLQHG LQ WKH 0LOOHQQLXP 'HFODUDWLRQ LQ PHDVXULQJ GHYHORSPHQW SURJUHVV DQG KHOSLQJ WR
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² ZLWK FROODERUDWLRQ IURP WKH VHFUHWDULDWV RI WKH PDMRU LQVWLWXWLRQDO VWDNHKROGHUV FRQFHUQHG IXOO XWLOL]LQJ WKH 8QLWHG 1DWLRQV 6VWHP KLHI ([HFXWLYHV %RDUG IRU RRUGLQDWLRQ PHFKDQLVP ²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
$21) 5HVROXWLRQ UHGHQWLDOV RI UHSUHVHQWDWLYHV WR WKH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW 7KH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW +DYLQJ FRQVLGHUHG WKH UHSRUW RI WKH UHGHQWLDOV RPPLWWHH DQG WKH UHFRPPHQGDWLRQ FRQWDLQHG WKHUHLQ $SSURYHV WKH UHSRUW RI WKH UHGHQWLDOV RPPLWWHH $GRSWHG DW WKH WK SOHQDU PHHWLQJ RQ 0DUFK IRU WKH GLVFXVVLRQ VHH FKDS 9,,
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{WH G¶,YRLUH URDWLD XED SUXV ]HFK 5HSXEOLF 'HQPDUN 'MLERXWL 'RPLQLFDQ 5HSXEOLF (FXDGRU (JSW (O 6DOYDGRU (TXDWRULDO *XLQHD (ULWUHD (VWRQLD (WKLRSLD (XURSHDQ RPPXQLW )LML )LQODQG )UDQFH *DERQ *DPELD *HRUJLD *HUPDQ *KDQD *UHHFH *UHQDGD *XDWHPDOD *XLQHD *XLQHD%LVVDX *XDQD +DLWL +RO 6HH +RQGXUDV
$21) +XQJDU ,FHODQG ,QGLD ,QGRQHVLD ,UDQ ,VODPLF 5HSXEOLF RI ,UDT ,UHODQG ,VUDHO ,WDO -DPDLFD -DSDQ -RUGDQ .D]DNKVWDQ .HQD .XZDLW .UJ]VWDQ /DR 3HRSOH¶V 'HPRFUDWLF 5HSXEOLF /DWYLD /HEDQRQ /HVRWKR /LEDQ $UDE -DPDKLULD /LHFKWHQVWHLQ /LWKXDQLD /X[HPERXUJ 0DGDJDVFDU 0DODZL 0DODVLD 0DOGLYHV 0DOL 0DOWD 0DUVKDOO ,VODQGV 0DXULWDQLD 0DXULWLXV 0H[LFR 0LFURQHVLD )HGHUDWHG 6WDWHV RI 0RQDFR 0RQJROLD 0RURFFR 0R]DPELTXH 0DQPDU 1DPLELD 1DXUX 1HSDO 1HWKHUODQGV 1HZ =HDODQG 1LFDUDJXD 1LJHU 1LJHULD 1RUZD 2PDQ 3DNLVWDQ 3DODX 3DQDPD 3DUDJXD 3HUX 3KLOLSSLQHV 3RODQG 3RUWXJDO 4DWDU 5HSXEOLF RI .RUHD 5HSXEOLF RI 0ROGRYD 5RPDQLD 5XVVLDQ )HGHUDWLRQ 5ZDQGD 6DLQW .LWWV DQG 1HYLV 6DLQW /XFLD 6DLQW 9LQFHQW DQG WKH *UHQDGLQHV 6DPRD 6DXGL $UDELD 6HQHJDO 6HFKHOOHV 6LHUUD /HRQH 6LQJDSRUH 6ORYDNLD 6ORYHQLD 6RORPRQ ,VODQGV 6RPDOLD 6RXWK $IULFD 6SDLQ 6UL /DQND 6XGDQ 6XULQDPH 6ZD]LODQG 6ZHGHQ 6ZLW]HUODQG 6ULDQ $UDE 5HSXEOLF 7KDLODQG 7KH IRUPHU XJRVODY 5HSXEOLF RI 0DFHGRQLD 7RJR 7RQJD 7ULQLGDG DQG 7REDJR 7XQLVLD 7XUNH 7XUNPHQLVWDQ 7XYDOX 8JDQGD 8NUDLQH 8QLWHG $UDE (PLUDWHV 8QLWHG .LQJGRP RI *UHDW %ULWDLQ DQG 1RUWKHUQ ,UHODQG 8QLWHG 5HSXEOLF RI 7DQ]DQLD 8QLWHG 6WDWHV RI $PHULFD 8UXJXD 9HQH]XHOD 9LHW 1DP
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¶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xHGD *XWPDQ 0LQLVWHU RI )RUHLJQ $IIDLUV RI 0H[LFR )UDQFLVFR *LO 'LD] 0LQLVWHU RI )LQDQFH RI 0H[LFR DQG /XLV (UQHVWR 'HUEH] %DXWLVWD 0LQLVWHU RI 7UDGH RI 0H[LFR R3UHVLGHQWV RI WKH KLJKOHYHO RIILFLDOV VHJPHQW 0LJXHO +DNLP 6LPy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pWDWV GH O¶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x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
$21) KDSWHU ,,, 5HSRUW RI WKH KLJKOHYHO RIILFLDOV VHJPHQW $W LWV VW SOHQDU PHHWLQJ RQ 0DUFK LQ DFFRUGDQFH ZLWK WKH UHFRPPHQGDWLRQV RI WKH 3UHSDUDWRU RPPLWWHH FRQWDLQHG LQ LWV GHFLVLRQ VHH $21) FKDS 9,,, VHFW $ WKH RQIHUHQFH DSSURYHG WKH RUJDQL]DWLRQ RI ZRUN DV VHW RXW LQ GRFXPHQW $21)5HY DQG GHFLGHG WR HVWDEOLVK D KLJK OHYHO RIILFLDOV VHJPHQW 7KH RQIHUHQFH DOVR GHFLGHG WR DOORFDWH DJHQGD LWHP ³+LJKOHYHO RIILFLDOV VHJPHQW´ WR WKH KLJKOHYHO RIILFLDOV VHJPHQW $ *HQHUDO H[FKDQJH RI YLHZV $W LWV VW SOHQDU PHHWLQJ RQ 0DUFK WKH KLJKOHYHO RIILFLDOV VHJPHQW FRQVLGHUHG DJHQGD LWHP D ³*HQHUDO H[FKDQJH RI YLHZV´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³RQVLGHUDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV´ IRU LWV FRQVLGHUDWLRQ RI WKH VXELWHP LW KDG EHIRUH LW D QRWH E WKH 6HFUHWDULDW WUDQVPLWWLQJ WKH GUDIW RXWFRPH RI WKH RQIHUHQFH $21) $W WKH VDPH PHHWLQJ WKH KLJKOHYHO VHJPHQW DSSURYHG WKH GUDIW 0RQWHUUH RQVHQVXV DV FRQWDLQHG LQ GRFXPHQW $21) DQG WUDQVPLWWHG LW WR WKH PLQLVWHULDO VHJPHQW IRU LWV FRQVLGHUDWLRQ 5HSRUWV RQ DFWLYLWLHV E UHOHYDQW VWDNHKROGHUV $W WKH VW SOHQDU PHHWLQJ RQ 0DUFK WKH KLJKOHYHO RIILFLDOV VHJPHQW FRQVLGHUHG DJHQGD LWHP F ³5HSRUWV RQ DFWLYLWLHV E UHOHYDQW VWDNHKROGHUV´ DQG KHDUG VWDWHPHQWV E WKH RKDLUPHQ RI WKH 3UHSDUDWRU RPPLWWHH IRU WKH RQIHUHQFH $W WKH QG SOHQDU PHHWLQJ RQ 0DUFK VWDWHPHQWV ZHUH PDGH E WKH KDLUPDQ RI WKH RPPLVVLRQ RQ 6XVWDLQDEOH 'HYHORSPHQW DFWLQJ DV WKH SUHSDUDWRU FRPPLWWHH IRU WKH :RUOG 6XPPLW IRU 6XVWDLQDEOH 'HYHORSPHQW DQG WKH RKDLUSHUVRQV RI WKH 0LQLVWHULDO 6HPLQDU RI WKH *OREDO (QYLURQPHQW )DFLOLW
$21) KDSWHU ,9 5HSRUW RI WKH 0LQLVWHULDO VHJPHQW $W LWV QG PHHWLQJ RQ 0DUFK WKH RQIHUHQFH LQ DFFRUGDQFH ZLWK WKH UHFRPPHQGDWLRQV RI WKH 3UHSDUDWRU RPPLWWHH FRQWDLQHG LQ LWV GHFLVLRQ VHH $21) FKDS 9,,, VHFW $ DSSURYHG WKH RUJDQL]DWLRQ RI ZRUN DV VHW RXW LQ GRFXPHQW $21)5HY DQG GHFLGHG WR HVWDEOLVK D PLQLVWHULDO VHJPHQW 7KH RQIHUHQFH DOVR GHFLGHG WR DOORFDWH DJHQGD LWHP ³0LQLVWHULDO VHJPHQW´ WR WKH PLQLVWHULDO VHJPHQW $ *HQHUDO H[FKDQJH RI YLHZV $W WKH QG PHHWLQJ RQ 0DUFK WKH PLQLVWHULDO VHJPHQW FRQVLGHUHG DJHQGD LWHP D ³*HQHUDO H[FKDQJH RI YLHZV´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¶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³5HSRUW RI EXVLQHVV DQG FLYLO VRFLHW IRUXPV´ DQG KHDUG VWDWHPHQWV E WKH 6HFUHWDU*HQHUDO RI WKH ,QWHUQDWLRQDO KDPEHU RI RPPHUFH RQ EHKDOI RI WKH ,QWHUQDWLRQDO %XVLQHVV )RUXP WKH 3UHVLGHQW RI $/$'(2 RQ
$21) EHKDOI RI WKH LYLO 6RFLHW )RUXP WKH UHSUHVHQWDWLYH RI WKH 0H[LFDQ 6HQDWH RQ EHKDOI RI WKH 3DUOLDPHQWDULDQV )RUXP DQG WKH 0DRU RI 0RQWHUUH RQ EHKDOI RI WKH /RFDO $XWKRULWLHV )RUXP RQVLGHUDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV $W WKH VHFRQG PHHWLQJ RQ 0DUFK WKH PLQLVWHULDO VHJPHQW FRQVLGHUHG VXE LWHP E ³RQVLGHUDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV´ IRU LWV FRQVLGHUDWLRQ RI WKH VXELWHPV LW KDG EHIRUH LW D QRWH E WKH 6HFUHWDULDW WUDQVPLWWLQJ WKH GUDIW RXWFRPH RI WKH RQIHUHQFH $21) ZKLFK LW WUDQVPLWWHG WR WKH VXPPLW VHJPHQW IRU DGRSWLRQ ' 0LQLVWHULDO URXQG WDEOHV ,Q DFFRUGDQFH ZLWK *HQHUDO $VVHPEO GHFLVLRQ WKH PLQLVWHULDO VHJPHQW KHOG HLJKW PXOWLVWDNHKROGHU URXQG WDEOHV RQ 7XHVGD 0DUFK DQG :HGQHVGD 0DUFK WZR VLPXOWDQHRXV URXQG WDEOHV ZHUH KHOG HDFK PRUQLQJ DQG DIWHUQRRQ 7KH WKHPH RI WKH PLQLVWHULDO URXQG WDEOHV KHOG RQ 0DUFK ZDV ³3DUWQHUVKLSV LQ ILQDQFLQJ IRU GHYHORSPHQW´ WKH WKHPH IRU WKRVH KHOG RQ 0DUFK ZDV ³RKHUHQFH IRU GHYHORSPHQW´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² 'RPLQLFDQ 5HSXEOLF )ULHGULFK (EHUW )RXQGDWLRQ 8QLWHG 1DWLRQV $VVRFLDWLRQ ² 'HQPDUN $VRFLDFLyQ GH (FRQRPLVWDV GH $PHULFD /DWLQD HO DULEH%UDVLO ,QWHUQDWLRQDO *HQGHU DQG 7UDGH 1HWZRUN HQWHU RI RQFHUQ DQG )RUXP IRU $IULFDQ $OWHUQDWLYHV (FX7HDP 7KH RKDLUPHQ PDGH FRQFOXGLQJ UHPDUNV
$21) 7KH VXPPDU SUHSDUHG E WKH RKDLUPHQ $21)$GG UHDG DV IROORZV ³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³3XEOLFSXEOLF SDUWQHUVKLSV ³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³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³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
$21) VHULRXV LPSHGLPHQW WR WKH QHZ GHYHORSPHQW DJHQGD IRU WUDGH QHJRWLDWLRQV ODXQFKHG LQ 'RKD LQ 1RYHPEHU ³ /DFN RI PDUNHW DFFHVV E GHYHORSLQJ FRXQWULHV WR WKH PDUNHWV RI GHYHORSHG FRXQWULHV LV FRQVLGHUHG D JUHDW REVWDFOH WR GHYHORSPHQW $W WKH VDPH WLPH DGGLWLRQDO HIIRUWV DUH QHFHVVDU WR RYHUFRPH VXSSOVLGH FRQVWUDLQWV LQ GHYHORSLQJ FRXQWULHV DQG HQKDQFH WKHLU SURGXFWLYH FDSDFLWLHV ³ 7KH LPSRUWDQFH RI UHJLRQDO LQWHJUDWLRQ ZDV DOVR KLJKOLJKWHG DV ZHOO DV WKH SRVVLELOLW WKDW SXEOLFSXEOLF SDUWQHUVKLSV FRXOG EH H[SORUHG WR SURYLGH VROXWLRQV WR FRPPRQ SUREOHPV QRW RQO LQ WKH HFRQRPLF GRPDLQ EXW DOVR LQ WKH DUHDV RI KHDOWK DQG HGXFDWLRQ DPRQJ RWKHUV 6HYHUDO VSHDNHUV SODFHG JUHDW KRSHV RQ WKH 1HZ 3DUWQHUVKLS IRU $IULFD¶V 'HYHORSPHQW DV DQ DQVZHU WR WKH FRQWLQHQW¶V GHYHORSPHQWDO TXHVW :KLOH WKH 3DUWQHUVKLS LV D KRPHJURZQ LQLWLDWLYH WKHUH LV UHFRJQLWLRQ WKDW $IULFDQ FRXQWULHV ZLOO QHHG DVVLVWDQFH LQ WKH LPSOHPHQWDWLRQ SURFHVV $FFRUGLQJO WKH 3DUWQHUVKLS FRXOG EH FRQVLGHUHG DV D PRGHO IRU D QHZ IUDPHZRUN RI FRRSHUDWLRQ DPRQJ PDMRU GHYHORSPHQW SDUWQHUV ³ 6HYHUDO SDUWLFLSDQWV H[SUHVVHG VXSSRUW IRU WKH SURSRVDO WKDW 2'$ EH XVHG WR SURPRWH IRUHLJQ GLUHFW LQYHVWPHQW DQG IDFLOLWDWH WKH LQWHJUDWLRQ RI GHYHORSLQJ FRXQWULHV LQ LQWHUQDWLRQDO WUDGH 6XFK PHDVXUHV ZRXOG PD[LPL]H SRWHQWLDO VQHUJLHV LQ WKH JHQHUDWLRQ RI DGGLWLRQDO UHVRXUFHV IRU GHYHORSPHQW ,Q WKDW VHQVH FDSDFLWEXLOGLQJ LV FRQVLGHUHG HVVHQWLDO ³ 6SHDNHUV DOVR H[SUHVVHG WKHLU FRQFHUQ WKDW WKH FRQGLWLRQDOLW IRU RIILFLDO IORZV WR GHYHORSLQJ FRXQWULHV LV QRW XQLIRUPO DSSOLHG DQG WKH XUJHG JUHDWHU FRQVLVWHQF RI VXFK UHTXLUHPHQWV ,Q DGGLWLRQ LW ZDV IHOW WKDW FRQGLWLRQDOLW VKRXOG QRW JR EHRQG ZKDW KDV EHHQ DJUHHG LQ LQWHUQDWLRQDO IRUXPV ³ 7KH GHEW RYHUKDQJ FRQWLQXHV WR UHSUHVHQW D VHULRXV LPSHGLPHQW WR JURZWK LQ GHYHORSLQJ FRXQWULHV EHFDXVH LW GLVFRXUDJHV SULYDWH IORZV DQG UHSUHVHQWV D VLJQLILFDQW GUDLQ RQ VFDUFH ORFDO UHVRXUFHV ,Q WKH SDVW IHZ HDUV WKH LQWHUQDWLRQDO FRPPXQLW KDV ZLWQHVVHG D VHULHV RI VLJQLILFDQW LQLWLDWLYHV WR UHOLHYH WKH H[WHUQDO GHEW EXUGHQ SDUWLFXODUO RI WKH KLJKO LQGHEWHG SRRU FRXQWULHV +RZHYHU SDUWLFLSDQWV VXJJHVWHG WKDW PRUH QHHGV WR EH GRQH DQG JUHDWHU IOH[LELOLW PXVW EH H[HUWHG LQ HVWDEOLVKLQJ GHEW VXVWDLQDELOLW EHFDXVH FRXQWULHV DUH FRQWLQXRXVO VXEMHFWHG WR H[WHUQDO VKRFNV VXFK DV WKH UHFHQW JOREDO VORZGRZQ DQG VKDUS IDOO LQ FRPPRGLW SULFHV ³3XEOLFSULYDWH SDUWQHUVKLSV ³ ,W ZDV VWUHVVHG WKDW WKH HIIHFWLYHQHVV RI SXEOLFSULYDWH SDUWQHUVKLSV GHSHQGV FUXFLDOO RQ D VXSSRUWLYH LQVWLWXWLRQDO HQYLURQPHQW LQFOXGLQJ D PRGHUQ MXGLFLDO VVWHP $ PRGHUQ OHJDO VVWHP LV VHHQ DV RQH RI WKH PRVW LPSRUWDQW VWUXFWXUDO FKDQJHV EHFDXVH LW HQKDQFHV JRYHUQDQFH E SURYLGLQJ LQFUHDVHG WUDQVSDUHQF DQG DFFRXQWDELOLW ZKLFK ZRXOG KHOS FXUWDLO FRUUXSWLRQ ZKHUH LW LV D SUREOHP $FFRUGLQJO WKH GHYHORSPHQW RI D VWURQJ MXVWLFH VVWHP VKRXOG EH VXSSRUWHG E WHFKQLFDO DVVLVWDQFH ³ ,W ZDV HPSKDVL]HG WKDW WR LQFUHDVH SULYDWH LQYHVWPHQW LQFOXGLQJ IRUHLJQ GLUHFW LQYHVWPHQW PRUH JRYHUQPHQW RU SXEOLFSULYDWH LQYHVWPHQW LQ LQIUDVWUXFWXUH LV QHHGHG 7KHUH ZHUH DOVR VXJJHVWLRQV WR LQFUHDVH WKH UROH RI UHJLRQDO GHYHORSPHQW EDQNV LQ WUDGH ILQDQFLQJ DQG SURMHFW ILQDQFLQJ WRJHWKHU
$21) ZLWK WKH SULYDWH VHFWRU 6HYHUDO H[DPSOHV RI VXFFHVVIXO FROODERUDWLRQ EHWZHHQ SXEOLF DQG SULYDWH VHFWRUV ZHUH JLYHQ LQFOXGLQJ LQIUDVWUXFWXUH GHYHORSPHQW ZDWHU VXSSO WHOHFRPPXQLFDWLRQV HGXFDWLRQ UHVHDUFK DQG GHYHORSPHQW DQG IRUHLJQ HTXLW LQYHVWPHQW LQ VPDOO DQG PHGLXPVL]HG HQWHUSULVHV ³2YHUDOO FRQVLGHUDWLRQV ³ 6HYHUDO VSHDNHUV HPSKDVL]HG WKDW EURDGHU LQVWLWXWLRQDO FRQVLGHUDWLRQV QHHG WR EH LQ SODFH IRU WKH DERYH SDUWQHUVKLSV WR EH HIIHFWLYH 7KH VKRXOG PDNH LW SRVVLEOH WR UHDOL]H WKH ULJKW WR GHYHORSPHQW LQ D MXVW VRFLHW ZLWK JHQGHU HTXDOLW % HPSKDVL]LQJ WKH VRFLDO GLPHQVLRQV RI VXVWDLQDEOH GHYHORSPHQW DQG PRELOL]LQJ SXEOLF VXSSRUW LQ GHYHORSLQJ DQG GHYHORSHG FRXQWULHV FLYLO VRFLHW LV PDNLQJ DQ LPSRUWDQW FRQWULEXWLRQ WR WKDW SURFHVV ³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´ 0LQLVWHULDO URXQG WDEOH $ 3DUWQHUVKLSV LQ ILQDQFLQJ IRU GHYHORSPHQW 7KH RKDLUPHQ 'LGLHU 2SHUWWL%DGDQ 0LQLVWHU RI )RUHLJQ $IIDLUV 8UXJXD DQG 0RXQJ+R 6KLQ 9LFH3UHVLGHQW RI WKH $VLDQ 'HYHORSPHQW %DQN RSHQHG WKH PLQLVWHULDO URXQG WDEOH DQG PDGH LQWURGXFWRU VWDWHPHQWV 6WDWHPHQWV ZHUH PDGH E WKH UHSUHVHQWDWLYHV RI WKH 8QLWHG .LQJGRP RI *UHDW %ULWDLQ DQG 1RUWKHUQ ,UHODQG ,WDO XED 'HQPDUN (FXDGRU 7XQLVLD (O 6DOYDGRU WKH 'RPLQLFDQ 5HSXEOLF 0RQDFR 1HSDO RORPELD 'MLERXWL WKH /DR 3HRSOH¶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¶V ,QYHVWRU 6HUYLFH (YLDQ *URXS 8JDQGD 6PDOO %XVLQHVV (QWHUSULVH *UDPHHQ 3KRQH 7KH IROORZLQJ UHSUHVHQWDWLYHV RI FLYLO VRFLHW PDGH VWDWHPHQWV ,QWHUQDWLRQDO RQIHGHUDWLRQ RI )UHH 7UDGH 8QLRQV 4XDNHU 8QLWHG 1DWLRQV 2IILFH :RUOG $VVRFLDWLRQ RI )RUPHU 8QLWHG 1DWLRQV ,QWHUQV DQG )HOORZV .8/8 :RPHQ LQ 'HYHORSPHQW:('2 7KH RKDLUPHQ PDGH FRQFOXGLQJ UHPDUNV
$21) 7KH VXPPDU SUHSDUHG E WKH RKDLUPHQ $21)$GG UHDG DV IROORZV ³ 7KH URXQG WDEOH KHOG D YHU ULFK GHEDWH RQ WKH PDLQ LVVXHV EHIRUH WKH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW DQG RQ WKH WKHPH ³3DUWQHUVKLSV LQ ILQDQFLQJ IRU GHYHORSPHQW´ $ VXPPDU RI WKH GLVFXVVLRQ LV VHW RXW EHORZ ³*HQHUDO FRQVLGHUDWLRQV ³ 7KH JHQHUDO FRQVLGHUDWLRQV RI WKH URXQG WDEOH ZHUH DV IROORZV ‡ 0LQLVWHUV H[SUHVVHG VWURQJ VXSSRUW RI WKH GUDIW 0RQWHUUH RQVHQVXV LQ SDUWLFXODU RI WKH GRPHVWLF DQG LQWHUQDWLRQDO UHIRUPV WKDW LW DGYRFDWHV 7KH GUDIW RQVHQVXV KDV SXW ILQDQFLQJ DW WKH WRS RI WKH LQWHUQDWLRQDO DJHQGD ‡ 0LQLVWHUV IRFXVHG RQ WKH LPSOHPHQWDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV 7KH ZHUH RI WKH YLHZ WKDW DQ HIIHFWLYH DQG UDSLG LPSOHPHQWDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV LV FULWLFDO WR VSXU HFRQRPLF JURZWK ZRUOGZLGH DQG HUDGLFDWH SRYHUW ‡ ,W ZDV QRWHG WKDW LPSOHPHQWDWLRQ ZLOO UHTXLUH PDMRU QDWLRQDO DQG LQWHUQDWLRQDO HIIRUWV DQG WKDW VXEVWDQWLDO WHFKQLFDO HIIRUWV VKRXOG EH DFFRPSDQLHG E D VWURQJ DQG SHUVLVWHQW SROLWLFDO ZLOO 7KH SDUWLFLSDWLRQ RI KHDGV RI 6WDWH DQG *RYHUQPHQW LQ WKH RQIHUHQFH DXJXU ZHOO IRU VXFK SROLWLFDO ZLOO ‡ 3DUWQHUVKLS ZDV VHHQ DV FULWLFDO +RZHYHU SDUWQHUVKLSV PXVW JR KDQG LQ KDQG ZLWK FRXQWU RZQHUVKLS 1R VLQJOH SDUWQHU ² ZKHWKHU D FRXQWU RU DQ LQVWLWXWLRQ ² FDQ GR HQRXJK 6HYHUDO GLPHQVLRQV RI SDUWQHUVKLS DUH FRQVLGHUHG WR EH NH WR GHYHORSPHQW 3XEOLFSULYDWH SDUWQHUVKLS LV DW WKH FRUH RI UDSLG HFRQRPLF JURZWK 3DUWQHUVKLS EHWZHHQ FRXQWULHV DQG GHYHORSPHQW RUJDQL]DWLRQV DV ZHOO DV DPRQJ WKH ODWWHU DUH DOVR FUXFLDO IRU VXVWDLQDEOH GHYHORSPHQW 3DUWQHUVKLS EHWZHHQ DLG DJHQFLHV DQG 1*2V DOVR PDNH D PDMRU FRQWULEXWLRQ WR GHYHORSPHQW HIIRUWV ‡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‡ 6RPH PLQLVWHUV ZHUH RI WKH YLHZ WKDW WKH GUDIW 0RQWHUUH RQVHQVXV VKRXOG KDYH EHHQ PRUH H[SOLFLW LQ DGGUHVVLQJ WKH VRFLDO DJHQGD DQG WKH ILQDQFLQJ RI SURJUDPPHV LQ VRFLDO VHFWRUV 7KH DOVR SRLQWHG WR WKH QHHG WR DGGUHVV XQHPSORPHQW SD JUHDWHU DWWHQWLRQ WR WKH LQIRUPDO VHFWRU RI WKH HFRQRP DQG VXSSRUW VPDOO HQWUHSUHQHXUV ,Q WKDW UHJDUG SDUWLFXODU DWWHQWLRQ PXVW EH SDLG WR UXUDO DUHDV ZKHUH WKH PDMRULW RI WKH SRRU OLYH
$21) ‡ 0DQ PLQLVWHUV VWUHVVHG WKH LPSRUWDQFH RI HGXFDWLRQ IRU DOO SDUWLFXODUO JLUOV DQG ZRPHQ 3RVLWLYH FKDQJH UHTXLUHV HGXFDWLRQ DW DOO OHYHOV SDUWLFXODUO XQLYHUVDO SULPDU HGXFDWLRQ IRU ERV DQG JLUOV DV FDOOHG IRU LQ WKH 8QLWHG 1DWLRQV 0LOOHQQLXP 'HFODUDWLRQ 7KH LPSOHPHQWDWLRQ RI WKH RQIHUHQFH RXWFRPH PXVW EH SXUVXHG LQ D KXPDQ ULJKWV IUDPHZRUN ³0DLQ LVVXHV GLVFXVVHG ³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³3URSRVDOV DGGLWLRQDO WR WKRVH FRQWDLQHG LQ WKH GUDIW 0RQWHUUH RQVHQVXV ³ 7KH IROORZLQJ UHSUHVHQW SURSRVDOV PDGH E YDULRXV SDUWLFLSDQWV ‡ ([WHQGHG XVH RI UHJLRQDO VZDS QHWZRUN IRU FHQWUDO EDQNV ‡ 5HJLRQDO EDQNV WR FUHDWH QHZ FUHGLW OLQHV IRU HPHUJHQF ORDQV DQG WR LQFUHDVH ORDQV WR WKH VRFLDO VHFWRU ‡ 'HEW FDQFHOODWLRQ IRU ,'$QRQ+,3V ‡ 0RUH H[WHQVLYH XVH RI GHEW VZDSV
$21) ‡ ,QWHUQDWLRQDO 0RQHWDU )XQG:RUOG %DQN2UJDQLVDWLRQ IRU (FRQRPLF RRSHUDWLRQ DQG 'HYHORSPHQW LQWHUQDWLRQDO GLDORJXH RQ WD[DWLRQ ‡ ,QGXVWULDOL]HG FRXQWULHV VKRXOG RSHQ ODERXU PDUNHWV WR ZRUNHUV IURP GHYHORSLQJ FRXQWULHV ‡ (VWDEOLVK LQWHUQDWLRQDO VWDQGDUGV RI SDUWQHUVKLS ‡ 6WUHQJWKHQ YDULRXV JOREDO LQIRUPDWLRQ FOHDULQJKRXVHV IRU XVH E GRPHVWLF DQG LQWHUQDWLRQDO LQYHVWRUV ‡ ,PSURYHPHQW RI SULYDWH FUHGLW UDWLQJ PHWKRGRORJ´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³ 0LQLVWHUV UHJDUGHG WKH GUDIW 0RQWHUUH RQVHQVXV DV WKH HPERGLPHQW RI D QHZ SDUWQHUVKLS IRU GHYHORSPHQW DOWKRXJK D QXPEHU RI SDUWLFLSDQWV IHOW WKDW LW LV QRW VXIILFLHQWO IDUUHDFKLQJ 7KHUH ZDV EURDG DJUHHPHQW WKDW LWV DGRSWLRQ PXVW EH IROORZHG E D VWURQJ IRFXV RQ LPSOHPHQWDWLRQ DQG WUDQVODWLRQ IURP ZRUGV LQWR DFWLRQ LI LW LV WR EHFRPH D PHDQLQJIXO JOREDO LQLWLDWLYH 3ROLWLFDO ZLOO DQG OHDGHUVKLS ² LQ ERWK WKH GHYHORSHG DQG WKH GHYHORSLQJ FRXQWULHV ² ZLOO EH NH IDFWRUV GHWHUPLQLQJ LWV XOWLPDWH VXFFHVV ³ 7KH QHHG WR HQVXUH QDWLRQDO RZQHUVKLS RI GHYHORSPHQW ZDV XQGHUOLQHG 7KH GHYHORSPHQW SURFHVV PXVW EH IXOO LQFOXVLYH DQG WKH FRQFHUQV RI DOO PXVW EH WDNHQ LQWR DFFRXQW LQ WKH IRUPXODWLRQ DQG LPSOHPHQWDWLRQ RI VWUDWHJLHV SURJUDPPHV DQG SURMHFWV ([WHUQDO DVVLVWDQFH VKRXOG EH UHJDUGHG DV HFRQRPLF
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development
UN 2002 - Report of the International Conference on Financing for Development

Recommended

Sample report
Sample reportSample report
Sample report
tk99
 
Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...
Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...
Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...
Oracle Hrvatska
 
Sql server firewall settings
Sql server firewall settingsSql server firewall settings
Sql server firewall settings
gabo2525
 
Dec 2090 honorarios sca
Dec 2090 honorarios scaDec 2090 honorarios sca
Dec 2090 honorarios sca
Pastor Felipe Duarte Ramos
 
Rmit facilitating continous delivery 2 (2)
Rmit facilitating continous delivery 2 (2)Rmit facilitating continous delivery 2 (2)
Rmit facilitating continous delivery 2 (2)
Puppet
 
Amicus brief
Amicus briefAmicus brief
Amicus brief
Honolulu Civil Beat
 
Amicus brief
Amicus briefAmicus brief
Amicus brief
Honolulu Civil Beat
 
Oberste establishing enteroviruses in chronic diseases
Oberste establishing enteroviruses in chronic diseasesOberste establishing enteroviruses in chronic diseases
Oberste establishing enteroviruses in chronic diseases
degarden
 

Recommended

Sample report
Sample reportSample report
Sample report
tk99
 
Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...
Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...
Oracle technology day 19.5.2010. introduction to the web logic diagnostics f...
Oracle Hrvatska
 
Sql server firewall settings
Sql server firewall settingsSql server firewall settings
Sql server firewall settings
gabo2525
 
Dec 2090 honorarios sca
Dec 2090 honorarios scaDec 2090 honorarios sca
Dec 2090 honorarios sca
Pastor Felipe Duarte Ramos
 
Rmit facilitating continous delivery 2 (2)
Rmit facilitating continous delivery 2 (2)Rmit facilitating continous delivery 2 (2)
Rmit facilitating continous delivery 2 (2)
Puppet
 
Amicus brief
Amicus briefAmicus brief
Amicus brief
Honolulu Civil Beat
 
Amicus brief
Amicus briefAmicus brief
Amicus brief
Honolulu Civil Beat
 
Oberste establishing enteroviruses in chronic diseases
Oberste establishing enteroviruses in chronic diseasesOberste establishing enteroviruses in chronic diseases
Oberste establishing enteroviruses in chronic diseases
degarden
 
Assembly
AssemblyAssembly
Assembly
Mohammed Alramadi
 
Texto 6
Texto 6Texto 6
Texto 6
Bruno Roberto Dammski
 
Fno media kit 2
Fno media kit 2Fno media kit 2
Fno media kit 2
Flagstaff Night Out
 
Lasinteligenciamultiples
LasinteligenciamultiplesLasinteligenciamultiples
Lasinteligenciamultiples
marianita316
 
Neurorradiologia
NeurorradiologiaNeurorradiologia
Neurorradiologia
Juliano Pimentel
 
Medidores de caudal
Medidores de caudalMedidores de caudal
Medidores de caudal
Alexis Nolasco Rasgado
 
Hyster c177 (h40 xl) forklift service repair manual
Hyster c177 (h40 xl) forklift service repair manualHyster c177 (h40 xl) forklift service repair manual
Hyster c177 (h40 xl) forklift service repair manual
fujjsefjkskem
 
Hyster c187 (s60 xl) forklift service repair manual
Hyster c187 (s60 xl) forklift service repair manualHyster c187 (s60 xl) forklift service repair manual
Hyster c187 (s60 xl) forklift service repair manual
fujsjefjkskefksem
 
US-40
US-40US-40
US-40
Johnny Chiu
 
Inheritance : Common Errors and Solutions
Inheritance : Common Errors and Solutions Inheritance : Common Errors and Solutions
Inheritance : Common Errors and Solutions
Caller To Islam / الداعية الإسلامي
 
P.O.R.T.
P.O.R.T.P.O.R.T.
P.O.R.T.
Laurette Williams
 
modern mythology.
modern mythology.modern mythology.
modern mythology.
Andy Link
 
Problem and solution i ph o 21
Problem and solution i ph o 21Problem and solution i ph o 21
Problem and solution i ph o 21
eli priyatna laidan
 
Codigo de etica
Codigo de eticaCodigo de etica
Codigo de etica
Georgina Ojeda
 
Mcs015
Mcs015Mcs015
Mcs015
Web Developer
 
CV
CVCV
CV
jmsorens
 
CUTEHeart's Poster Session in CPC2016
CUTEHeart's Poster Session in CPC2016CUTEHeart's Poster Session in CPC2016
CUTEHeart's Poster Session in CPC2016
LBNicolau
 
Donde Habita El Placer Lf
Donde Habita El Placer LfDonde Habita El Placer Lf
Donde Habita El Placer Lf
paquitaguapa
 
Cerca a internet
Cerca a internetCerca a internet
Cerca a internet
guerau
 
Joyce roman
Joyce romanJoyce roman
Joyce roman
Joyce Roman
 
Avaluació I, de les condicions i els processos de treball en medi obert. Miqu...
Avaluació I, de les condicions i els processos de treball en medi obert. Miqu...Avaluació I, de les condicions i els processos de treball en medi obert. Miqu...
Avaluació I, de les condicions i els processos de treball en medi obert. Miqu...
Departament de Justícia. Generalitat de Catalunya.
 
AEM Maroc Bulletin Officiel (BO 6358) version FR
AEM Maroc Bulletin Officiel (BO 6358) version FRAEM Maroc Bulletin Officiel (BO 6358) version FR
AEM Maroc Bulletin Officiel (BO 6358) version FR
Auto-Entrepreneurs MAROC
 

More Related Content

What's hot

Lasinteligenciamultiples
LasinteligenciamultiplesLasinteligenciamultiples
Lasinteligenciamultiples
marianita316
 

What's hot (17)

Assembly
AssemblyAssembly
Assembly
 
Texto 6
Texto 6Texto 6
Texto 6
 
Fno media kit 2
Fno media kit 2Fno media kit 2
Fno media kit 2
 
Lasinteligenciamultiples
LasinteligenciamultiplesLasinteligenciamultiples
Lasinteligenciamultiples
 
Neurorradiologia
NeurorradiologiaNeurorradiologia
Neurorradiologia
 
Medidores de caudal
Medidores de caudalMedidores de caudal
Medidores de caudal
 
Hyster c177 (h40 xl) forklift service repair manual
Hyster c177 (h40 xl) forklift service repair manualHyster c177 (h40 xl) forklift service repair manual
Hyster c177 (h40 xl) forklift service repair manual
 
Hyster c187 (s60 xl) forklift service repair manual
Hyster c187 (s60 xl) forklift service repair manualHyster c187 (s60 xl) forklift service repair manual
Hyster c187 (s60 xl) forklift service repair manual
 
US-40
US-40US-40
US-40
 
Inheritance : Common Errors and Solutions
Inheritance : Common Errors and Solutions Inheritance : Common Errors and Solutions
Inheritance : Common Errors and Solutions
 
P.O.R.T.
P.O.R.T.P.O.R.T.
P.O.R.T.
 
modern mythology.
modern mythology.modern mythology.
modern mythology.
 
Problem and solution i ph o 21
Problem and solution i ph o 21Problem and solution i ph o 21
Problem and solution i ph o 21
 
Codigo de etica
Codigo de eticaCodigo de etica
Codigo de etica
 
Mcs015
Mcs015Mcs015
Mcs015
 
CV
CVCV
CV
 
CUTEHeart's Poster Session in CPC2016
CUTEHeart's Poster Session in CPC2016CUTEHeart's Poster Session in CPC2016
CUTEHeart's Poster Session in CPC2016
 

Viewers also liked

Donde Habita El Placer Lf
Donde Habita El Placer LfDonde Habita El Placer Lf
Donde Habita El Placer Lf
paquitaguapa
 
Cerca a internet
Cerca a internetCerca a internet
Cerca a internet
guerau
 
PowerPoint
PowerPointPowerPoint
PowerPoint
cfie67
 
Pd Fmedallas De Oro Madrid
Pd Fmedallas De Oro MadridPd Fmedallas De Oro Madrid
Pd Fmedallas De Oro Madrid
toniomadrid
 

Viewers also liked (20)

Donde Habita El Placer Lf
Donde Habita El Placer LfDonde Habita El Placer Lf
Donde Habita El Placer Lf
 
Cerca a internet
Cerca a internetCerca a internet
Cerca a internet
 
Joyce roman
Joyce romanJoyce roman
Joyce roman
 
Avaluació I, de les condicions i els processos de treball en medi obert. Miqu...
Avaluació I, de les condicions i els processos de treball en medi obert. Miqu...Avaluació I, de les condicions i els processos de treball en medi obert. Miqu...
Avaluació I, de les condicions i els processos de treball en medi obert. Miqu...
 
AEM Maroc Bulletin Officiel (BO 6358) version FR
AEM Maroc Bulletin Officiel (BO 6358) version FRAEM Maroc Bulletin Officiel (BO 6358) version FR
AEM Maroc Bulletin Officiel (BO 6358) version FR
 
Dossiers 0011
Dossiers 0011Dossiers 0011
Dossiers 0011
 
Jugueticos
JugueticosJugueticos
Jugueticos
 
Dossiers 0003
Dossiers 0003Dossiers 0003
Dossiers 0003
 
Seo Real En EspañOl Hoy
Seo Real En EspañOl HoySeo Real En EspañOl Hoy
Seo Real En EspañOl Hoy
 
Kurzreferat bingen ee energy final
Kurzreferat bingen ee energy finalKurzreferat bingen ee energy final
Kurzreferat bingen ee energy final
 
Sesiones 10 11
Sesiones 10 11Sesiones 10 11
Sesiones 10 11
 
PowerPoint
PowerPointPowerPoint
PowerPoint
 
Pd Fmedallas De Oro Madrid
Pd Fmedallas De Oro MadridPd Fmedallas De Oro Madrid
Pd Fmedallas De Oro Madrid
 
LES FALLES
LES FALLESLES FALLES
LES FALLES
 
Bak07
Bak07Bak07
Bak07
 
Beatriz Manchon
Beatriz ManchonBeatriz Manchon
Beatriz Manchon
 
Lawrence Harvey - Enterprise Solutions
Lawrence Harvey - Enterprise SolutionsLawrence Harvey - Enterprise Solutions
Lawrence Harvey - Enterprise Solutions
 
Google analytics TV Pública - 2010 septiembre
Google analytics TV Pública - 2010 septiembreGoogle analytics TV Pública - 2010 septiembre
Google analytics TV Pública - 2010 septiembre
 
Voyager mieux avec moins
Voyager mieux avec moinsVoyager mieux avec moins
Voyager mieux avec moins
 
pw explicatif
pw explicatifpw explicatif
pw explicatif
 

Similar to UN 2002 - Report of the International Conference on Financing for Development

Pen test pavol.luptak
Pen test pavol.luptakPen test pavol.luptak
Pen test pavol.luptak
Amiga Utomo
 
Aerotek Staffing
Aerotek StaffingAerotek Staffing
Aerotek Staffing
bgesek
 
In tech different-approach_to_information_technology_teaching_the_intelligent...
In tech different-approach_to_information_technology_teaching_the_intelligent...In tech different-approach_to_information_technology_teaching_the_intelligent...
In tech different-approach_to_information_technology_teaching_the_intelligent...
lavanter simamora
 
CASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdfCASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdf
jfksekmmmdd
 
CASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdfCASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdf
jfksekmmmdd
 
Manualformulacionmagistral
ManualformulacionmagistralManualformulacionmagistral
Manualformulacionmagistral
Gema Maillo
 
Rima yousif nov.2012
Rima yousif nov.2012Rima yousif nov.2012
Rima yousif nov.2012
Rima Yousif
 
Estatuto actualizado marzo 2014
Estatuto actualizado marzo 2014Estatuto actualizado marzo 2014
Estatuto actualizado marzo 2014
oscargaliza
 
SKGF_Presentation_Commercializing Intellectual Property Through Licensing_2008
SKGF_Presentation_Commercializing Intellectual Property Through Licensing_2008SKGF_Presentation_Commercializing Intellectual Property Through Licensing_2008
SKGF_Presentation_Commercializing Intellectual Property Through Licensing_2008
SterneKessler
 

Similar to UN 2002 - Report of the International Conference on Financing for Development (20)

Pen test pavol.luptak
Pen test pavol.luptakPen test pavol.luptak
Pen test pavol.luptak
 
3 form6a
3 form6a3 form6a
3 form6a
 
Aerotek Staffing
Aerotek StaffingAerotek Staffing
Aerotek Staffing
 
28 05 conjuraciones e invocación de salomón www.gftaognosticaespiritual.org
28 05 conjuraciones e invocación de salomón www.gftaognosticaespiritual.org28 05 conjuraciones e invocación de salomón www.gftaognosticaespiritual.org
28 05 conjuraciones e invocación de salomón www.gftaognosticaespiritual.org
 
In tech different-approach_to_information_technology_teaching_the_intelligent...
In tech different-approach_to_information_technology_teaching_the_intelligent...In tech different-approach_to_information_technology_teaching_the_intelligent...
In tech different-approach_to_information_technology_teaching_the_intelligent...
 
CASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdfCASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdf
 
CASE 850K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 850K Tier 2 Crawler Dozer Service Repair Manual.pdfCASE 850K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 850K Tier 2 Crawler Dozer Service Repair Manual.pdf
 
CASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdfCASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 650K Tier 2 Crawler Dozer Service Repair Manual.pdf
 
CASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdfCASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdf
 
CASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdfCASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdf
CASE 750K Tier 2 Crawler Dozer Service Repair Manual.pdf
 
Sontext Acoustic Panels Catalogue
Sontext Acoustic Panels CatalogueSontext Acoustic Panels Catalogue
Sontext Acoustic Panels Catalogue
 
Manualformulacionmagistral
ManualformulacionmagistralManualformulacionmagistral
Manualformulacionmagistral
 
Rima yousif nov.2012
Rima yousif nov.2012Rima yousif nov.2012
Rima yousif nov.2012
 
Estatuto actualizado marzo 2014
Estatuto actualizado marzo 2014Estatuto actualizado marzo 2014
Estatuto actualizado marzo 2014
 
Paris911 housing market reports condos and townhomes
Paris911 housing market reports condos and townhomesParis911 housing market reports condos and townhomes
Paris911 housing market reports condos and townhomes
 
IMCI 2008 Edition by WHO
IMCI 2008 Edition by WHOIMCI 2008 Edition by WHO
IMCI 2008 Edition by WHO
 
SKGF_Presentation_Commercializing Intellectual Property Through Licensing_2008
SKGF_Presentation_Commercializing Intellectual Property Through Licensing_2008SKGF_Presentation_Commercializing Intellectual Property Through Licensing_2008
SKGF_Presentation_Commercializing Intellectual Property Through Licensing_2008
 
Pro3100
Pro3100Pro3100
Pro3100
 
Isome hoa pdf
Isome hoa pdfIsome hoa pdf
Isome hoa pdf
 
Official mdcb study guide
Official mdcb study guideOfficial mdcb study guide
Official mdcb study guide
 

Recently uploaded

celebrity 💋 Agra Escorts Just Dail 8250092165 service available anytime 24 hour
celebrity 💋 Agra Escorts Just Dail 8250092165 service available anytime 24 hourcelebrity 💋 Agra Escorts Just Dail 8250092165 service available anytime 24 hour
celebrity 💋 Agra Escorts Just Dail 8250092165 service available anytime 24 hour
Call Girls in Nagpur High Profile
 
Chakan ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
Chakan ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...Chakan ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
Chakan ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
tanu pandey
 
VIP Call Girls Agra 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Agra 7001035870 Whatsapp Number, 24/07 BookingVIP Call Girls Agra 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Agra 7001035870 Whatsapp Number, 24/07 Booking
dharasingh5698
 
Call Girls Chakan Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Chakan Call Me 7737669865 Budget Friendly No Advance BookingCall Girls Chakan Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Chakan Call Me 7737669865 Budget Friendly No Advance Booking
roncy bisnoi
 
Akurdi ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
Akurdi ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...Akurdi ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
Akurdi ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
tanu pandey
 
Pimpri Chinchwad ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi R...
Pimpri Chinchwad ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi R...Pimpri Chinchwad ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi R...
Pimpri Chinchwad ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi R...
tanu pandey
 
Call Girls Nanded City Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Nanded City Call Me 7737669865 Budget Friendly No Advance BookingCall Girls Nanded City Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Nanded City Call Me 7737669865 Budget Friendly No Advance Booking
roncy bisnoi
 
VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...
VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...
VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...
SUHANI PANDEY
 
Call Girls Sangamwadi Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Sangamwadi Call Me 7737669865 Budget Friendly No Advance BookingCall Girls Sangamwadi Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Sangamwadi Call Me 7737669865 Budget Friendly No Advance Booking
roncy bisnoi
 

Recently uploaded (20)

A Press for the Planet: Journalism in the face of the Environmental Crisis
A Press for the Planet: Journalism in the face of the Environmental CrisisA Press for the Planet: Journalism in the face of the Environmental Crisis
A Press for the Planet: Journalism in the face of the Environmental Crisis
 
An Atoll Futures Research Institute? Presentation for CANCC
An Atoll Futures Research Institute? Presentation for CANCCAn Atoll Futures Research Institute? Presentation for CANCC
An Atoll Futures Research Institute? Presentation for CANCC
 
Expressive clarity oral presentation.pptx
Expressive clarity oral presentation.pptxExpressive clarity oral presentation.pptx
Expressive clarity oral presentation.pptx
 
celebrity 💋 Agra Escorts Just Dail 8250092165 service available anytime 24 hour
celebrity 💋 Agra Escorts Just Dail 8250092165 service available anytime 24 hourcelebrity 💋 Agra Escorts Just Dail 8250092165 service available anytime 24 hour
celebrity 💋 Agra Escorts Just Dail 8250092165 service available anytime 24 hour
 
Chakan ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
Chakan ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...Chakan ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
Chakan ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
 
VIP Call Girls Agra 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Agra 7001035870 Whatsapp Number, 24/07 BookingVIP Call Girls Agra 7001035870 Whatsapp Number, 24/07 Booking
VIP Call Girls Agra 7001035870 Whatsapp Number, 24/07 Booking
 
Coastal Protection Measures in Hulhumale'
Coastal Protection Measures in Hulhumale'Coastal Protection Measures in Hulhumale'
Coastal Protection Measures in Hulhumale'
 
Call Girls Chakan Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Chakan Call Me 7737669865 Budget Friendly No Advance BookingCall Girls Chakan Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Chakan Call Me 7737669865 Budget Friendly No Advance Booking
 
The U.S. Budget and Economic Outlook (Presentation)
The U.S. Budget and Economic Outlook (Presentation)The U.S. Budget and Economic Outlook (Presentation)
The U.S. Budget and Economic Outlook (Presentation)
 
Akurdi ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
Akurdi ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...Akurdi ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
Akurdi ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi Ready For S...
 
Pimpri Chinchwad ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi R...
Pimpri Chinchwad ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi R...Pimpri Chinchwad ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi R...
Pimpri Chinchwad ( Call Girls ) Pune 6297143586 Hot Model With Sexy Bhabi R...
 
Call Girls Nanded City Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Nanded City Call Me 7737669865 Budget Friendly No Advance BookingCall Girls Nanded City Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Nanded City Call Me 7737669865 Budget Friendly No Advance Booking
 
Finance strategies for adaptation. Presentation for CANCC
Finance strategies for adaptation. Presentation for CANCCFinance strategies for adaptation. Presentation for CANCC
Finance strategies for adaptation. Presentation for CANCC
 
2024 Zoom Reinstein Legacy Asbestos Webinar
2024 Zoom Reinstein Legacy Asbestos Webinar2024 Zoom Reinstein Legacy Asbestos Webinar
2024 Zoom Reinstein Legacy Asbestos Webinar
 
1935 CONSTITUTION REPORT IN RIPH FINALLS
1935 CONSTITUTION REPORT IN RIPH FINALLS1935 CONSTITUTION REPORT IN RIPH FINALLS
1935 CONSTITUTION REPORT IN RIPH FINALLS
 
Sustainability by Design: Assessment Tool for Just Energy Transition Plans
Sustainability by Design: Assessment Tool for Just Energy Transition PlansSustainability by Design: Assessment Tool for Just Energy Transition Plans
Sustainability by Design: Assessment Tool for Just Energy Transition Plans
 
VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...
VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...
VIP Model Call Girls Narhe ( Pune ) Call ON 8005736733 Starting From 5K to 25...
 
Election 2024 Presiding Duty Keypoints_01.pdf
Election 2024 Presiding Duty Keypoints_01.pdfElection 2024 Presiding Duty Keypoints_01.pdf
Election 2024 Presiding Duty Keypoints_01.pdf
 
WORLD DEVELOPMENT REPORT 2024 - Economic Growth in Middle-Income Countries.
WORLD DEVELOPMENT REPORT 2024 - Economic Growth in Middle-Income Countries.WORLD DEVELOPMENT REPORT 2024 - Economic Growth in Middle-Income Countries.
WORLD DEVELOPMENT REPORT 2024 - Economic Growth in Middle-Income Countries.
 
Call Girls Sangamwadi Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Sangamwadi Call Me 7737669865 Budget Friendly No Advance BookingCall Girls Sangamwadi Call Me 7737669865 Budget Friendly No Advance Booking
Call Girls Sangamwadi Call Me 7737669865 Budget Friendly No Advance Booking
 

UN 2002 - Report of the International Conference on Financing for Development

  • 1. $21) 8QLWHG 1DWLRQV 5HSRUW RI WKH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW 0RQWHUUH 0H[LFR 0DUFK
  • 2.
  • 3. 5HSRUW RI WKH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW 0RQWHUUH 0H[LFR 0DUFK 8QLWHG 1DWLRQV N 1HZ RUN
  • 5. 1RWH 6PEROV RI 8QLWHG 1DWLRQV GRFXPHQWV DUH FRPSRVHG RI FDSLWDO OHWWHUV FRPELQHG ZLWK ILJXUHV 7KH GHVLJQDWLRQV HPSORHG DQG WKH SUHVHQWDWLRQ RI WKH PDWHULDO LQ WKLV SXEOLFDWLRQ GR QRW LPSO WKH H[SUHVVLRQ RI DQ RSLQLRQ ZKDWVRHYHU RQ WKH SDUW RI WKH 6HFUHWDULDW RI WKH 8QLWHG 1DWLRQV FRQFHUQLQJ WKH OHJDO VWDWXV RI DQ FRXQWU WHUULWRU FLW RU DUHD RU RI LWV DXWKRULWLHV RU FRQFHUQLQJ WKH GHOLPLWDWLRQ RI LWV IURQWLHUV $21) 8QLWHG 1DWLRQV SXEOLFDWLRQ 6DOHV 1R (,,$ ,6%1
  • 6.
  •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
  • 8. LY % RQVLGHUDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV 6XPPLW URXQG WDEOHV 9, $GRSWLRQ RI WKH 0RQWHUUH RQVHQVXV 9,, 5HSRUW RI WKH UHGHQWLDOV RPPLWWHH 9,,, $GRSWLRQ RI WKH UHSRUW RI WKH RQIHUHQFH ,; ORVXUH RI WKH RQIHUHQFH $QQH[HV , /LVW RI GRFXPHQWV ,, 2SHQLQJ VWDWHPHQWV ,,, 3DUDOOHO DQG DVVRFLDWHG DFWLYLWLHV $ 1RQ*RYHUQPHQWDO 2UJDQL]DWLRQV )RUXP % ,QWHUQDWLRQDO %XVLQHVV )RUXP 3DUOLDPHQWDULDQV )RUXP
  •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± ,, /HDGLQJ DFWLRQV ± $ 0RELOL]LQJ GRPHVWLF ILQDQFLDO UHVRXUFHV IRU GHYHORSPHQW ± % 0RELOL]LQJ LQWHUQDWLRQDO UHVRXUFHV IRU GHYHORSPHQW IRUHLJQ GLUHFW LQYHVWPHQW DQG RWKHU SULYDWH IORZV ± ,QWHUQDWLRQDO WUDGH DV DQ HQJLQH IRU GHYHORSPHQW ± ' ,QFUHDVLQJ LQWHUQDWLRQDO ILQDQFLDO DQG WHFKQLFDO FRRSHUDWLRQ IRU GHYHORSPHQW ± ( ([WHUQDO GHEW ± ) $GGUHVVLQJ VVWHPLF LVVXHV HQKDQFLQJ WKH FRKHUHQFH DQG FRQVLVWHQF RI WKH LQWHUQDWLRQDO PRQHWDU ILQDQFLDO DQG WUDGLQJ VVWHPV LQ VXSSRUW RI GHYHORSPHQW ± ,,, 6WDLQJ HQJDJHG ± $GRSWHG DW WKH WK SOHQDU PHHWLQJ RQ 0DUFK IRU WKH GLVFXVVLRQ VHH FKDS 9,
  •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¶V 'HYHORSPHQW DQG VLPLODU HIIRUWV LQ RWKHU UHJLRQV *OREDOL]DWLRQ RIIHUV RSSRUWXQLWLHV DQG FKDOOHQJHV 7KH GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ IDFH VSHFLDO GLIILFXOWLHV LQ UHVSRQGLQJ WR WKRVH FKDOOHQJHV DQG RSSRUWXQLWLHV *OREDOL]DWLRQ VKRXOG EH IXOO LQFOXVLYH DQG HTXLWDEOH DQG WKHUH LV D VWURQJ QHHG IRU SROLFLHV DQG PHDVXUHV DW WKH QDWLRQDO DQG LQWHUQDWLRQDO OHYHOV IRUPXODWHG DQG LPSOHPHQWHG ZLWK WKH IXOO DQG HIIHFWLYH ****************** *HQHUDO $VVHPEO UHVROXWLRQ
  • 11. $21) SDUWLFLSDWLRQ RI GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ WR KHOS WKHP UHVSRQG HIIHFWLYHO WR WKRVH FKDOOHQJHV DQG RSSRUWXQLWLHV ,Q WKH LQFUHDVLQJO JOREDOL]LQJ LQWHUGHSHQGHQW ZRUOG HFRQRP D KROLVWLF DSSURDFK WR WKH LQWHUFRQQHFWHG QDWLRQDO LQWHUQDWLRQDO DQG VVWHPLF FKDOOHQJHV RI ILQDQFLQJ IRU GHYHORSPHQW ² VXVWDLQDEOH JHQGHUVHQVLWLYH SHRSOHFHQWUHG GHYHORSPHQW ²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
  •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
  • 13. $21) UHGXFH WKH WUDQVIHU FRVWV RI PLJUDQW ZRUNHUV¶ UHPLWWDQFHV DQG FUHDWH RSSRUWXQLWLHV IRU GHYHORSPHQWRULHQWHG LQYHVWPHQWV LQFOXGLQJ KRXVLQJ ,W LV FULWLFDO WR UHLQIRUFH QDWLRQDO HIIRUWV LQ FDSDFLWEXLOGLQJ LQ GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ LQ VXFK DUHDV DV LQVWLWXWLRQDO LQIUDVWUXFWXUH KXPDQ UHVRXUFH GHYHORSPHQW SXEOLF ILQDQFH PRUWJDJH ILQDQFH ILQDQFLDO UHJXODWLRQ DQG VXSHUYLVLRQ EDVLF HGXFDWLRQ LQ SDUWLFXODU SXEOLF DGPLQLVWUDWLRQ VRFLDO DQG JHQGHU EXGJHW SROLFLHV HDUO ZDUQLQJ DQG FULVLV SUHYHQWLRQ DQG GHEW PDQDJHPHQW ,Q WKDW UHJDUG SDUWLFXODU DWWHQWLRQ LV UHTXLUHG WR DGGUHVV WKH VSHFLDO QHHGV RI $IULFD WKH OHDVW GHYHORSHG FRXQWULHV VPDOO LVODQG GHYHORSLQJ 6WDWHV DQG ODQGORFNHG GHYHORSLQJ FRXQWULHV :H UHDIILUP RXU FRPPLWPHQW WR WKH 3URJUDPPH RI $FWLRQ IRU WKH /HDVW 'HYHORSHG RXQWULHV IRU WKH 'HFDGH DGRSWHG E WKH 7KLUG 8QLWHG 1DWLRQV RQIHUHQFH RQ WKH /HDVW 'HYHORSHG RXQWULHV KHOG LQ %UXVVHOV IURP WR 0D DQG WKH *OREDO 3URJUDPPH RI $FWLRQ IRU WKH 6XVWDLQDEOH 'HYHORSPHQW RI 6PDOO ,VODQG 'HYHORSLQJ 6WDWHV ,QWHUQDWLRQDO VXSSRUW IRU WKRVH HIIRUWV LQFOXGLQJ WHFKQLFDO DVVLVWDQFH DQG WKURXJK 8QLWHG 1DWLRQV RSHUDWLRQDO DFWLYLWLHV IRU GHYHORSPHQW LV LQGLVSHQVDEOH :H HQFRXUDJH 6RXWK6RXWK FRRSHUDWLRQ LQFOXGLQJ WKURXJK WULDQJXODU FRRSHUDWLRQ WR IDFLOLWDWH H[FKDQJH RI YLHZV RQ VXFFHVVIXO VWUDWHJLHV SUDFWLFHV DQG H[SHULHQFH DQG UHSOLFDWLRQ RI SURMHFWV % 0RELOL]LQJ LQWHUQDWLRQDO UHVRXUFHV IRU GHYHORSPHQW IRUHLJQ GLUHFW LQYHVWPHQW DQG RWKHU SULYDWH IORZV 3ULYDWH LQWHUQDWLRQDO FDSLWDO IORZV SDUWLFXODUO IRUHLJQ GLUHFW LQYHVWPHQW DORQJ ZLWK LQWHUQDWLRQDO ILQDQFLDO VWDELOLW DUH YLWDO FRPSOHPHQWV WR QDWLRQDO DQG LQWHUQDWLRQDO GHYHORSPHQW HIIRUWV )RUHLJQ GLUHFW LQYHVWPHQW FRQWULEXWHV WRZDUG ILQDQFLQJ VXVWDLQHG HFRQRPLF JURZWK RYHU WKH ORQJ WHUP ,W LV HVSHFLDOO LPSRUWDQW IRU LWV SRWHQWLDO WR WUDQVIHU NQRZOHGJH DQG WHFKQRORJ FUHDWH MREV ERRVW RYHUDOO SURGXFWLYLW HQKDQFH FRPSHWLWLYHQHVV DQG HQWUHSUHQHXUVKLS DQG XOWLPDWHO HUDGLFDWH SRYHUW WKURXJK HFRQRPLF JURZWK DQG GHYHORSPHQW $ FHQWUDO FKDOOHQJH WKHUHIRUH LV WR FUHDWH WKH QHFHVVDU GRPHVWLF DQG LQWHUQDWLRQDO FRQGLWLRQV WR IDFLOLWDWH GLUHFW LQYHVWPHQW IORZV FRQGXFLYH WR DFKLHYLQJ QDWLRQDO GHYHORSPHQW SULRULWLHV WR GHYHORSLQJ FRXQWULHV SDUWLFXODUO $IULFD OHDVW GHYHORSHG FRXQWULHV VPDOO LVODQG GHYHORSLQJ 6WDWHV DQG ODQGORFNHG GHYHORSLQJ FRXQWULHV DQG DOVR WR FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ 7R DWWUDFW DQG HQKDQFH LQIORZV RI SURGXFWLYH FDSLWDO FRXQWULHV QHHG WR FRQWLQXH WKHLU HIIRUWV WR DFKLHYH D WUDQVSDUHQW VWDEOH DQG SUHGLFWDEOH LQYHVWPHQW FOLPDWH ZLWK SURSHU FRQWUDFW HQIRUFHPHQW DQG UHVSHFW IRU SURSHUW ULJKWV HPEHGGHG LQ VRXQG PDFURHFRQRPLF SROLFLHV DQG LQVWLWXWLRQV WKDW DOORZ EXVLQHVVHV ERWK GRPHVWLF DQG LQWHUQDWLRQDO WR RSHUDWH HIILFLHQWO DQG SURILWDEO DQG ZLWK PD[LPXP GHYHORSPHQW LPSDFW 6SHFLDO HIIRUWV DUH UHTXLUHG LQ VXFK SULRULW DUHDV DV HFRQRPLF SROLF DQG UHJXODWRU IUDPHZRUNV IRU SURPRWLQJ DQG SURWHFWLQJ LQYHVWPHQWV LQFOXGLQJ WKH DUHDV RI KXPDQ UHVRXUFH GHYHORSPHQW DYRLGDQFH RI GRXEOH WD[DWLRQ FRUSRUDWH JRYHUQDQFH DFFRXQWLQJ VWDQGDUGV DQG WKH SURPRWLRQ RI D FRPSHWLWLYH ****************** $21) 5HSRUW RI WKH *OREDO RQIHUHQFH RQ WKH 6XVWDLQDEOH 'HYHORSPHQW RI 6PDOO ,VODQG 'HYHORSLQJ 6WDWHV %ULGJHWRZQ %DUEDGRV $SULO 0D 8QLWHG 1DWLRQV SXEOLFDWLRQ 6DOHV 1R (, DQG FRUULJHQGD FKDS , UHVROXWLRQ DQQH[ ,,
  •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¶V YDULQJ GHJUHH RI QDWLRQDO FDSDFLW PDQDJLQJ QDWLRQDO H[WHUQDO GHEW SURILOHV SDLQJ FDUHIXO DWWHQWLRQ WR FXUUHQF DQG OLTXLGLW ULVN VWUHQJWKHQLQJ SUXGHQWLDO UHJXODWLRQV DQG VXSHUYLVLRQ RI DOO ILQDQFLDO LQVWLWXWLRQV LQFOXGLQJ KLJKO OHYHUDJHG LQVWLWXWLRQV OLEHUDOL]LQJ FDSLWDO IORZV LQ DQ RUGHUO DQG ZHOO VHTXHQFHG SURFHVV FRQVLVWHQW ZLWK GHYHORSPHQW REMHFWLYHV DQG LPSOHPHQWDWLRQ RQ D SURJUHVVLYH DQG YROXQWDU EDVLV RI FRGHV DQG VWDQGDUGV DJUHHG LQWHUQDWLRQDOO DUH DOVR LPSRUWDQW :H HQFRXUDJH SXEOLFSULYDWH LQLWLDWLYHV WKDW HQKDQFH WKH HDVH RI DFFHVV DFFXUDF WLPHOLQHVV DQG FRYHUDJH RI LQIRUPDWLRQ RQ FRXQWULHV DQG ILQDQFLDO PDUNHWV ZKLFK VWUHQJWKHQ FDSDFLWLHV IRU ULVN DVVHVVPHQW
  • 15. $21) 0XOWLODWHUDO ILQDQFLDO LQVWLWXWLRQV FRXOG SURYLGH IXUWKHU DVVLVWDQFH IRU DOO WKRVH SXUSRVHV ,QWHUQDWLRQDO WUDGH DV DQ HQJLQH IRU GHYHORSPHQW $ XQLYHUVDO UXOHEDVHG RSHQ QRQGLVFULPLQDWRU DQG HTXLWDEOH PXOWLODWHUDO WUDGLQJ VVWHP DV ZHOO DV PHDQLQJIXO WUDGH OLEHUDOL]DWLRQ FDQ VXEVWDQWLDOO VWLPXODWH GHYHORSPHQW ZRUOGZLGH EHQHILWLQJ FRXQWULHV DW DOO VWDJHV RI GHYHORSPHQW ,Q WKDW UHJDUG ZH UHDIILUP RXU FRPPLWPHQW WR WUDGH OLEHUDOL]DWLRQ DQG WR HQVXUH WKDW WUDGH SODV LWV IXOO SDUW LQ SURPRWLQJ HFRQRPLF JURZWK HPSORPHQW DQG GHYHORSPHQW IRU DOO :H WKXV ZHOFRPH WKH GHFLVLRQV RI WKH :RUOG 7UDGH 2UJDQL]DWLRQ WR SODFH WKH QHHGV DQG LQWHUHVWV RI GHYHORSLQJ FRXQWULHV DW WKH KHDUW RI LWV ZRUN SURJUDPPH DQG FRPPLW RXUVHOYHV WR WKHLU LPSOHPHQWDWLRQ 7R EHQHILW IXOO IURP WUDGH ZKLFK LQ PDQ FDVHV LV WKH VLQJOH PRVW LPSRUWDQW H[WHUQDO VRXUFH RI GHYHORSPHQW ILQDQFLQJ WKH HVWDEOLVKPHQW RU HQKDQFHPHQW RI DSSURSULDWH LQVWLWXWLRQV DQG SROLFLHV LQ GHYHORSLQJ FRXQWULHV DV ZHOO DV LQ FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ LV QHHGHG 0HDQLQJIXO WUDGH OLEHUDOL]DWLRQ LV DQ LPSRUWDQW HOHPHQW LQ WKH VXVWDLQDEOH GHYHORSPHQW VWUDWHJ RI D FRXQWU ,QFUHDVHG WUDGH DQG IRUHLJQ GLUHFW LQYHVWPHQW FRXOG ERRVW HFRQRPLF JURZWK DQG FRXOG EH D VLJQLILFDQW VRXUFH RI HPSORPHQW :H DFNQRZOHGJH WKH LVVXHV RI SDUWLFXODU FRQFHUQ WR GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ LQ LQWHUQDWLRQDO WUDGH WR HQKDQFH WKHLU FDSDFLW WR ILQDQFH WKHLU GHYHORSPHQW LQFOXGLQJ WUDGH EDUULHUV WUDGHGLVWRUWLQJ VXEVLGLHV DQG RWKHU WUDGHGLVWRUWLQJ PHDVXUHV SDUWLFXODUO LQ VHFWRUV RI VSHFLDO H[SRUW LQWHUHVW WR GHYHORSLQJ FRXQWULHV LQFOXGLQJ DJULFXOWXUH WKH DEXVH RI DQWL GXPSLQJ PHDVXUHV WHFKQLFDO EDUULHUV DQG VDQLWDU DQG SKWRVDQLWDU PHDVXUHV WUDGH OLEHUDOL]DWLRQ LQ ODERXU LQWHQVLYH PDQXIDFWXUHV WUDGH OLEHUDOL]DWLRQ LQ DJULFXOWXUDO SURGXFWV WUDGH LQ VHUYLFHV WDULII SHDNV KLJK WDULIIV DQG WDULII HVFDODWLRQ DV ZHOO DV QRQWDULII EDUULHUV WKH PRYHPHQW RI QDWXUDO SHUVRQV WKH ODFN RI UHFRJQLWLRQ RI LQWHOOHFWXDO SURSHUW ULJKWV IRU WKH SURWHFWLRQ RI WUDGLWLRQDO NQRZOHGJH DQG IRONORUH WKH WUDQVIHU RI NQRZOHGJH DQG WHFKQRORJ WKH LPSOHPHQWDWLRQ DQG LQWHUSUHWDWLRQ RI WKH $JUHHPHQW RQ 7UDGH5HODWHG $VSHFWV RI ,QWHOOHFWXDO 3URSHUW 5LJKWV LQ D PDQQHU VXSSRUWLYH RI SXEOLF KHDOWK DQG WKH QHHG IRU VSHFLDO DQG GLIIHUHQWLDO WUHDWPHQW SURYLVLRQV IRU GHYHORSLQJ FRXQWULHV LQ WUDGH DJUHHPHQWV WR EH PDGH PRUH SUHFLVH HIIHFWLYH DQG RSHUDWLRQDO 7R HQVXUH WKDW ZRUOG WUDGH VXSSRUWV GHYHORSPHQW WR WKH EHQHILW RI DOO FRXQWULHV ZH HQFRXUDJH WKH PHPEHUV RI WKH :RUOG 7UDGH 2UJDQL]DWLRQ WR LPSOHPHQW WKH RXWFRPH RI LWV )RXUWK 0LQLVWHULDO RQIHUHQFH KHOG LQ 'RKD 4DWDU IURP WR 1RYHPEHU :H DOVR XQGHUWDNH WR IDFLOLWDWH WKH DFFHVVLRQ RI DOO GHYHORSLQJ FRXQWULHV SDUWLFXODUO WKH OHDVW GHYHORSHG FRXQWULHV DV ZHOO DV FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ WKDW DSSO IRU PHPEHUVKLS RI WKH :RUOG 7UDGH 2UJDQL]DWLRQ ****************** 7KH 5HVXOWV RI WKH 8UXJXD 5RXQG RI 0XOWLODWHUDO 7UDGH 1HJRWLDWLRQV 7KH /HJDO 7H[WV *HQHYD *$77 VHFUHWDULDW DQQH[
  •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¶ H[SRUWV DV HQYLVDJHG LQ WKH 3URJUDPPH RI $FWLRQ IRU WKH /HDVW 'HYHORSHG RXQWULHV DGRSWHG LQ %UXVVHOV RQVLGHUDWLRQ RI SURSRVDOV IRU GHYHORSLQJ FRXQWULHV WR FRQWULEXWH WR LPSURYHG PDUNHW DFFHVV IRU OHDVW GHYHORSHG FRXQWULHV ZRXOG DOVR EH KHOSIXO :H IXUWKHU UHFRJQL]H WKH LPSRUWDQFH IRU GHYHORSLQJ FRXQWULHV DV ZHOO DV FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ RI FRQVLGHULQJ UHGXFLQJ WUDGH EDUULHUV DPRQJ WKHPVHOYHV ,Q FRRSHUDWLRQ ZLWK WKH LQWHUHVWHG *RYHUQPHQWV DQG WKHLU ILQDQFLDO LQVWLWXWLRQV DQG WR IXUWKHU VXSSRUW QDWLRQDO HIIRUWV WR EHQHILW IURP WUDGH RSSRUWXQLWLHV DQG HIIHFWLYHO LQWHJUDWH LQWR WKH PXOWLODWHUDO WUDGLQJ VVWHP ZH LQYLWH PXOWLODWHUDO DQG ELODWHUDO ILQDQFLDO DQG GHYHORSPHQW LQVWLWXWLRQV WR H[SDQG DQG FRRUGLQDWH WKHLU HIIRUWV ZLWK LQFUHDVHG UHVRXUFHV IRU JUDGXDOO UHPRYLQJ VXSSOVLGH FRQVWUDLQWV LPSURYH WUDGH LQIUDVWUXFWXUH GLYHUVLI H[SRUW FDSDFLW DQG VXSSRUW DQ LQFUHDVH LQ WKH WHFKQRORJLFDO FRQWHQW RI H[SRUWV VWUHQJWKHQ LQVWLWXWLRQDO GHYHORSPHQW DQG HQKDQFH RYHUDOO SURGXFWLYLW DQG FRPSHWLWLYHQHVV 7R WKDW HQG ZH IXUWKHU LQYLWH ELODWHUDO GRQRUV DQG WKH LQWHUQDWLRQDO DQG UHJLRQDO ILQDQFLDO LQVWLWXWLRQV WRJHWKHU ZLWK WKH UHOHYDQW 8QLWHG 1DWLRQV DJHQFLHV IXQGV DQG SURJUDPPHV WR UHLQIRUFH WKH VXSSRUW IRU WUDGHUHODWHG WUDLQLQJ FDSDFLW DQG LQVWLWXWLRQ EXLOGLQJ DQG WUDGHVXSSRUWLQJ VHUYLFHV 6SHFLDO FRQVLGHUDWLRQ VKRXOG EH JLYHQ WR OHDVW GHYHORSHG FRXQWULHV ODQGORFNHG GHYHORSLQJ FRXQWULHV VPDOO LVODQG GHYHORSLQJ 6WDWHV $IULFDQ GHYHORSPHQW WUDQVLW GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ LQFOXGLQJ WKURXJK WKH ,QWHJUDWHG )UDPHZRUN IRU 7UDGH5HODWHG 7HFKQLFDO $VVLVWDQFH WR /HDVW 'HYHORSHG RXQWULHV DQG LWV IROORZXS WKH -RLQW ,QWHJUDWHG 7HFKQLFDO $VVLVWDQFH 3URJUDPPH WKH :RUOG 7UDGH 2UJDQL]DWLRQ 'RKD 'HYHORSPHQW $JHQGD *OREDO 7UXVW )XQG DV ZHOO DV WKH DFWLYLWLHV RI WKH ,QWHUQDWLRQDO 7UDGH HQWUH 0XOWLODWHUDO DVVLVWDQFH LV DOVR QHHGHG WR PLWLJDWH WKH FRQVHTXHQFHV RI GHSUHVVHG H[SRUW UHYHQXHV RI FRXQWULHV WKDW VWLOO GHSHQG KHDYLO RQ FRPPRGLW H[SRUWV 7KXV ZH UHFRJQL]H WKH UHFHQW UHYLHZ RI WKH ,QWHUQDWLRQDO 0RQHWDU )XQG RPSHQVDWRU )LQDQFLQJ )DFLOLW DQG ZLOO FRQWLQXH WR DVVHVV LWV HIIHFWLYHQHVV ,W LV DOVR LPSRUWDQW WR HPSRZHU GHYHORSLQJ FRXQWU FRPPRGLW SURGXFHUV WR LQVXUH WKHPVHOYHV DJDLQVW ULVN LQFOXGLQJ DJDLQVW QDWXUDO GLVDVWHUV :H IXUWKHU LQYLWH
  •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
  •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‡ +DUPRQL]H WKHLU RSHUDWLRQDO SURFHGXUHV DW WKH KLJKHVW VWDQGDUG VR DV WR UHGXFH WUDQVDFWLRQ FRVWV DQG PDNH 2'$ GLVEXUVHPHQW DQG GHOLYHU PRUH IOH[LEOH WDNLQJ LQWR DFFRXQW QDWLRQDO GHYHORSPHQW QHHGV DQG REMHFWLYHV XQGHU WKH RZQHUVKLS RI WKH UHFLSLHQW FRXQWU ‡ 6XSSRUW DQG HQKDQFH UHFHQW HIIRUWV DQG LQLWLDWLYHV VXFK DV XQWLQJ DLG LQFOXGLQJ WKH LPSOHPHQWDWLRQ RI WKH 2UJDQLVDWLRQ IRU (FRQRPLF RRSHUDWLRQ DQG 'HYHORSPHQW'HYHORSPHQW $VVLVWDQFH RPPLWWHH UHFRPPHQGDWLRQ RQ XQWLQJ DLG WR WKH OHDVW GHYHORSHG FRXQWULHV DV DJUHHG E WKH 2UJDQLVDWLRQ IRU (FRQRPLF RRSHUDWLRQ DQG 'HYHORSPHQW LQ 0D )XUWKHU HIIRUWV VKRXOG EH PDGH WR DGGUHVV EXUGHQVRPH UHVWULFWLRQV ‡ (QKDQFH WKH DEVRUSWLYH FDSDFLW DQG ILQDQFLDO PDQDJHPHQW RI WKH UHFLSLHQW FRXQWULHV WR XWLOL]H DLG LQ RUGHU WR SURPRWH WKH XVH RI WKH PRVW VXLWDEOH DLG GHOLYHU LQVWUXPHQWV WKDW DUH UHVSRQVLYH WR WKH QHHGV RI GHYHORSLQJ FRXQWULHV DQG WR WKH QHHG IRU UHVRXUFH SUHGLFWDELOLW LQFOXGLQJ EXGJHW VXSSRUW PHFKDQLVPV ZKHUH DSSURSULDWH DQG LQ D IXOO FRQVXOWDWLYH PDQQHU ‡ 8VH GHYHORSPHQW IUDPHZRUNV WKDW DUH RZQHG DQG GULYHQ E GHYHORSLQJ FRXQWULHV DQG WKDW HPERG SRYHUW UHGXFWLRQ VWUDWHJLHV LQFOXGLQJ SRYHUW UHGXFWLRQ VWUDWHJ SDSHUV DV YHKLFOHV IRU DLG GHOLYHU XSRQ UHTXHVW ‡ (QKDQFH UHFLSLHQW FRXQWULHV¶ LQSXW LQWR DQG RZQHUVKLS RI WKH GHVLJQ LQFOXGLQJ SURFXUHPHQW RI WHFKQLFDO DVVLVWDQFH SURJUDPPHV DQG LQFUHDVH WKH HIIHFWLYH XVH RI ORFDO WHFKQLFDO DVVLVWDQFH UHVRXUFHV ‡ 3URPRWH WKH XVH RI 2'$ WR OHYHUDJH DGGLWLRQDO ILQDQFLQJ IRU GHYHORSPHQW VXFK DV IRUHLJQ LQYHVWPHQW WUDGH DQG GRPHVWLF UHVRXUFHV ‡ 6WUHQJWKHQ WULDQJXODU FRRSHUDWLRQ LQFOXGLQJ FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ DQG 6RXWK6RXWK FRRSHUDWLRQ DV GHOLYHU WRROV IRU DVVLVWDQFH ‡ ,PSURYH 2'$ WDUJHWLQJ WR WKH SRRU FRRUGLQDWLRQ RI DLG DQG PHDVXUHPHQW RI UHVXOWV :H LQYLWH GRQRUV WR WDNH VWHSV WR DSSO WKH DERYH PHDVXUHV LQ VXSSRUW RI DOO GHYHORSLQJ FRXQWULHV LQFOXGLQJ LPPHGLDWHO LQ VXSSRUW RI WKH FRPSUHKHQVLYH VWUDWHJ WKDW LV HPERGLHG LQ WKH 1HZ 3DUWQHUVKLS IRU $IULFD¶V 'HYHORSPHQW DQG VLPLODU HIIRUWV LQ RWKHU UHJLRQV DV ZHOO DV LQ VXSSRUW RI OHDVW GHYHORSHG FRXQWULHV VPDOO LVODQG GHYHORSLQJ 6WDWHV DQG ODQGORFNHG GHYHORSLQJ FRXQWULHV :H DFNQRZOHGJH DQG DSSUHFLDWH WKH GLVFXVVLRQV WDNLQJ SODFH LQ RWKHU IRUXPV RQ SURSRVDOV WR LQFUHDVH WKH FRQFHVVLRQDOLW RI GHYHORSPHQW ILQDQFLQJ LQFOXGLQJ JUHDWHU XVH RI JUDQWV
  •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¶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
  •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¶ GHEW VXVWDLQDELOLW FDXVHG E QDWXUDO FDWDVWURSKHV VHYHUH WHUPV RI WUDGH VKRFNV RU FRQIOLFW ZKHQ PDNLQJ SROLF UHFRPPHQGDWLRQV LQFOXGLQJ IRU GHEW UHOLHI DV DSSURSULDWH :KLOH UHFRJQL]LQJ WKDW D IOH[LEOH PL[ RI LQVWUXPHQWV LV QHHGHG WR UHVSRQG DSSURSULDWHO WR FRXQWULHV¶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
  •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¶ SROLFLHV DQG D VDIHJXDUG DJDLQVW FRQWDJLRQ LQ ILQDQFLDO PDUNHWV 7KH QHHG IRU VSHFLDO GUDZLQJ ULJKWV DOORFDWLRQV VKRXOG EH NHSW XQGHU UHYLHZ ,Q WKDW UHJDUG ZH DOVR XQGHUOLQH WKH QHHG WR HQKDQFH WKH VWDELOL]LQJ UROH RI UHJLRQDO DQG VXEUHJLRQDO UHVHUYH IXQGV VZDS DUUDQJHPHQWV DQG VLPLODU PHFKDQLVPV WKDW FRPSOHPHQW WKH HIIRUWV RI LQWHUQDWLRQDO ILQDQFLDO LQVWLWXWLRQV
  •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‡ ,QWHUQDWLRQDO 0RQHWDU )XQG DQG :RUOG %DQN WR FRQWLQXH WR HQKDQFH SDUWLFLSDWLRQ RI DOO GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ LQ WKHLU GHFLVLRQPDNLQJ DQG WKHUHE WR VWUHQJWKHQ WKH LQWHUQDWLRQDO GLDORJXH DQG WKH ZRUN RI WKRVH LQVWLWXWLRQV DV WKH DGGUHVV WKH GHYHORSPHQW QHHGV DQG FRQFHUQV RI WKHVH FRXQWULHV ‡ :RUOG 7UDGH 2UJDQL]DWLRQ WR HQVXUH WKDW DQ FRQVXOWDWLRQ LV UHSUHVHQWDWLYH RI LWV IXOO PHPEHUVKLS DQG WKDW SDUWLFLSDWLRQ LV EDVHG RQ FOHDU VLPSOH DQG REMHFWLYH FULWHULD ‡ %DQN IRU ,QWHUQDWLRQDO 6HWWOHPHQWV %DVHO RPPLWWHHV DQG )LQDQFLDO 6WDELOLW )RUXP WR FRQWLQXH HQKDQFLQJ WKHLU RXWUHDFK DQG FRQVXOWDWLRQ HIIRUWV ZLWK GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ DW WKH UHJLRQDO OHYHO DQG WR UHYLHZ WKHLU PHPEHUVKLS DV DSSURSULDWH WR DOORZ IRU DGHTXDWH SDUWLFLSDWLRQ ‡ $G KRF JURXSLQJV WKDW PDNH SROLF UHFRPPHQGDWLRQV ZLWK JOREDO LPSOLFDWLRQV WR FRQWLQXH WR LPSURYH WKHLU RXWUHDFK WR QRQPHPEHU FRXQWULHV DQG WR HQKDQFH FROODERUDWLRQ ZLWK WKH PXOWLODWHUDO LQVWLWXWLRQV ZLWK FOHDUO GHILQHG DQG EURDG EDVHG LQWHUJRYHUQPHQWDO PDQGDWHV 7R VWUHQJWKHQ WKH HIIHFWLYHQHVV RI WKH JOREDO HFRQRPLF VVWHP¶V VXSSRUW IRU GHYHORSPHQW ZH HQFRXUDJH WKH IROORZLQJ DFWLRQV ‡ ,PSURYH WKH UHODWLRQVKLS EHWZHHQ WKH 8QLWHG 1DWLRQV DQG WKH :RUOG 7UDGH 2UJDQL]DWLRQ IRU GHYHORSPHQW DQG VWUHQJWKHQ WKHLU FDSDFLW WR SURYLGH WHFKQLFDO DVVLVWDQFH WR DOO FRXQWULHV LQ QHHG RI VXFK DVVLVWDQFH
  • 23. $21) ‡ 6XSSRUW WKH ,QWHUQDWLRQDO /DERXU 2UJDQL]DWLRQ DQG HQFRXUDJH LWV RQJRLQJ ZRUN RQ WKH VRFLDO GLPHQVLRQ RI JOREDOL]DWLRQ ‡ 6WUHQJWKHQ WKH FRRUGLQDWLRQ RI WKH 8QLWHG 1DWLRQV VVWHP DQG DOO RWKHU PXOWLODWHUDO ILQDQFLDO WUDGH DQG GHYHORSPHQW LQVWLWXWLRQV WR VXSSRUW HFRQRPLF JURZWK SRYHUW HUDGLFDWLRQ DQG VXVWDLQDEOH GHYHORSPHQW ZRUOGZLGH W 0DLQVWUHDP WKH JHQGHU SHUVSHFWLYH LQWR GHYHORSPHQW SROLFLHV DW DOO OHYHOV DQG LQ DOO VHFWRUV ‡ 6WUHQJWKHQ LQWHUQDWLRQDO WD[ FRRSHUDWLRQ WKURXJK HQKDQFHG GLDORJXH DPRQJ QDWLRQDO WD[ DXWKRULWLHV DQG JUHDWHU FRRUGLQDWLRQ RI WKH ZRUN RI WKH FRQFHUQHG PXOWLODWHUDO ERGLHV DQG UHOHYDQW UHJLRQDO RUJDQL]DWLRQV JLYLQJ VSHFLDO DWWHQWLRQ WR WKH QHHGV RI GHYHORSLQJ FRXQWULHV DQG FRXQWULHV ZLWK HFRQRPLHV LQ WUDQVLWLRQ ‡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
  •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‡ 7R FRQWLQXH WR LPSURYH RXU GRPHVWLF SROLF FRKHUHQFH WKURXJK WKH FRQWLQXHG HQJDJHPHQW RI RXU PLQLVWULHV RI GHYHORSPHQW ILQDQFH WUDGH DQG IRUHLJQ DIIDLUV DV ZHOO DV RXU FHQWUDO EDQNV ‡ 7R KDUQHVV WKH DFWLYH VXSSRUW RI WKH UHJLRQDO FRPPLVVLRQV DQG WKH UHJLRQDO GHYHORSPHQW EDQNV ‡ 7R NHHS WKH ILQDQFLQJ IRU GHYHORSPHQW SURFHVV RQ WKH DJHQGD RI WKH LQWHUJRYHUQPHQWDO ERGLHV RI DOO PDLQ VWDNHKROGHUV LQFOXGLQJ DOO 8QLWHG 1DWLRQV IXQGV SURJUDPPHV DQG DJHQFLHV LQFOXGLQJ WKH 8QLWHG 1DWLRQV RQIHUHQFH RQ 7UDGH DQG 'HYHORSPHQW :H UHFRJQL]H WKH OLQN EHWZHHQ ILQDQFLQJ RI GHYHORSPHQW DQG DWWDLQLQJ LQWHUQDWLRQDOO DJUHHG GHYHORSPHQW JRDOV DQG REMHFWLYHV LQFOXGLQJ WKRVH FRQWDLQHG LQ WKH 0LOOHQQLXP 'HFODUDWLRQ LQ PHDVXULQJ GHYHORSPHQW SURJUHVV DQG KHOSLQJ WR
  •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² ZLWK FROODERUDWLRQ IURP WKH VHFUHWDULDWV RI WKH PDMRU LQVWLWXWLRQDO VWDNHKROGHUV FRQFHUQHG IXOO XWLOL]LQJ WKH 8QLWHG 1DWLRQV 6VWHP KLHI ([HFXWLYHV %RDUG IRU RRUGLQDWLRQ PHFKDQLVP ² VXVWDLQHG IROORZXS ZLWKLQ WKH 8QLWHG 1DWLRQV VVWHP WR WKH DJUHHPHQWV DQG FRPPLWPHQWV UHDFKHG DW WKH SUHVHQW RQIHUHQFH DQG WR HQVXUH HIIHFWLYH VHFUHWDULDW VXSSRUW 7KDW VXSSRUW ZLOO EXLOG RQ WKH LQQRYDWLYH DQG SDUWLFLSDWRU PRGDOLWLHV DQG UHODWHG FRRUGLQDWLRQ DUUDQJHPHQWV XWLOL]HG LQ WKH SUHSDUDWLRQV RI WKH RQIHUHQFH 7KH 6HFUHWDU*HQHUDO RI WKH 8QLWHG 1DWLRQV LV IXUWKHU UHTXHVWHG WR VXEPLW DQ DQQXDO UHSRUW RQ WKRVH IROORZXS HIIRUWV :H FDOO IRU D IROORZXS LQWHUQDWLRQDO FRQIHUHQFH WR UHYLHZ WKH LPSOHPHQWDWLRQ RI WKH 0RQWHUUH RQVHQVXV 7KH PRGDOLWLHV RI WKDW FRQIHUHQFH VKDOO EH GHFLGHG XSRQ QRW ODWHU WKDQ 5HVROXWLRQ ([SUHVVLRQ RI WKDQNV WR WKH SHRSOH DQG *RYHUQPHQW RI 0H[LFR 7KH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW +DYLQJ PHW LQ 0RQWHUUH 0H[LFR IURP WR 0DUFK DW WKH LQYLWDWLRQ RI WKH *RYHUQPHQW RI 0H[LFR ([SUHVVHV LWV GHHS DSSUHFLDWLRQ WR +LV ([FHOOHQF 9LFHQWH )R[ 3UHVLGHQW RI 0H[LFR IRU KLV RXWVWDQGLQJ FRQWULEXWLRQ DV 3UHVLGHQW RI WKH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW WR WKH VXFFHVVIXO RXWFRPH RI WKH RQIHUHQFH ([SUHVVHV LWV SURIRXQG JUDWLWXGH WR WKH *RYHUQPHQW RI 0H[LFR IRU KDYLQJ PDGH LW SRVVLEOH IRU WKH RQIHUHQFH WR EH KHOG LQ 0H[LFR DQG IRU WKH H[FHOOHQW IDFLOLWLHV VWDII DQG VHUYLFHV VR JUDFLRXVO SODFHG DW LWV GLVSRVDO 5HTXHVWV WKH *RYHUQPHQW RI 0H[LFR WR FRQYH WR WKH FLW RI 0RQWHUUH DQG WR WKH SHRSOH RI 0H[LFR WKH JUDWLWXGH RI WKH RQIHUHQFH IRU WKH KRVSLWDOLW DQG ZDUP ZHOFRPH H[WHQGHG WR WKH SDUWLFLSDQWV $GRSWHG DW WKH WK SOHQDU PHHWLQJ RQ 0DUFK IRU WKH GLVFXVVLRQ VHH FKDS ,;
  • 26. $21) 5HVROXWLRQ UHGHQWLDOV RI UHSUHVHQWDWLYHV WR WKH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW 7KH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW +DYLQJ FRQVLGHUHG WKH UHSRUW RI WKH UHGHQWLDOV RPPLWWHH DQG WKH UHFRPPHQGDWLRQ FRQWDLQHG WKHUHLQ $SSURYHV WKH UHSRUW RI WKH UHGHQWLDOV RPPLWWHH $GRSWHG DW WKH WK SOHQDU PHHWLQJ RQ 0DUFK IRU WKH GLVFXVVLRQ VHH FKDS 9,,
  •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{WH G¶,YRLUH URDWLD XED SUXV ]HFK 5HSXEOLF 'HQPDUN 'MLERXWL 'RPLQLFDQ 5HSXEOLF (FXDGRU (JSW (O 6DOYDGRU (TXDWRULDO *XLQHD (ULWUHD (VWRQLD (WKLRSLD (XURSHDQ RPPXQLW )LML )LQODQG )UDQFH *DERQ *DPELD *HRUJLD *HUPDQ *KDQD *UHHFH *UHQDGD *XDWHPDOD *XLQHD *XLQHD%LVVDX *XDQD +DLWL +RO 6HH +RQGXUDV
  • 28. $21) +XQJDU ,FHODQG ,QGLD ,QGRQHVLD ,UDQ ,VODPLF 5HSXEOLF RI ,UDT ,UHODQG ,VUDHO ,WDO -DPDLFD -DSDQ -RUGDQ .D]DNKVWDQ .HQD .XZDLW .UJ]VWDQ /DR 3HRSOH¶V 'HPRFUDWLF 5HSXEOLF /DWYLD /HEDQRQ /HVRWKR /LEDQ $UDE -DPDKLULD /LHFKWHQVWHLQ /LWKXDQLD /X[HPERXUJ 0DGDJDVFDU 0DODZL 0DODVLD 0DOGLYHV 0DOL 0DOWD 0DUVKDOO ,VODQGV 0DXULWDQLD 0DXULWLXV 0H[LFR 0LFURQHVLD )HGHUDWHG 6WDWHV RI 0RQDFR 0RQJROLD 0RURFFR 0R]DPELTXH 0DQPDU 1DPLELD 1DXUX 1HSDO 1HWKHUODQGV 1HZ =HDODQG 1LFDUDJXD 1LJHU 1LJHULD 1RUZD 2PDQ 3DNLVWDQ 3DODX 3DQDPD 3DUDJXD 3HUX 3KLOLSSLQHV 3RODQG 3RUWXJDO 4DWDU 5HSXEOLF RI .RUHD 5HSXEOLF RI 0ROGRYD 5RPDQLD 5XVVLDQ )HGHUDWLRQ 5ZDQGD 6DLQW .LWWV DQG 1HYLV 6DLQW /XFLD 6DLQW 9LQFHQW DQG WKH *UHQDGLQHV 6DPRD 6DXGL $UDELD 6HQHJDO 6HFKHOOHV 6LHUUD /HRQH 6LQJDSRUH 6ORYDNLD 6ORYHQLD 6RORPRQ ,VODQGV 6RPDOLD 6RXWK $IULFD 6SDLQ 6UL /DQND 6XGDQ 6XULQDPH 6ZD]LODQG 6ZHGHQ 6ZLW]HUODQG 6ULDQ $UDE 5HSXEOLF 7KDLODQG 7KH IRUPHU XJRVODY 5HSXEOLF RI 0DFHGRQLD 7RJR 7RQJD 7ULQLGDG DQG 7REDJR 7XQLVLD 7XUNH 7XUNPHQLVWDQ 7XYDOX 8JDQGD 8NUDLQH 8QLWHG $UDE (PLUDWHV 8QLWHG .LQJGRP RI *UHDW %ULWDLQ DQG 1RUWKHUQ ,UHODQG 8QLWHG 5HSXEOLF RI 7DQ]DQLD 8QLWHG 6WDWHV RI $PHULFD 8UXJXD 9HQH]XHOD 9LHW 1DP
  •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¶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
  •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
  • 31. $21) 2SHQLQJ RI WKH RQIHUHQFH DQG HOHFWLRQ RI WKH 3UHVLGHQW RI WKH RQIHUHQFH DQG R3UHVLGHQWV RI WKH KLJKOHYHO DQG PLQLVWHULDO VHJPHQWV 7KH RQIHUHQFH ZDV GHFODUHG RSHQ E WKH 8QGHU6HFUHWDU*HQHUDO IRU (FRQRPLF DQG 6RFLDO $IIDLUV RQ EHKDOI RI WKH 6HFUHWDU*HQHUDO RI WKH 8QLWHG 1DWLRQV $W WKH VW SOHQDU PHHWLQJ RQ 0DUFK WKH 8QGHU6HFUHWDU*HQHUDO RQ EHKDOI RI WKH 6HFUHWDU*HQHUDO SUHVLGHG RYHU WKH HOHFWLRQ RI WKH IROORZLQJ RIILFHUV E DFFODPDWLRQ 3UHVLGHQW RI WKH RQIHUHQFH 9LFHQWH )R[ 3UHVLGHQW RI 0H[LFR R3UHVLGHQWV RI WKH PLQLVWHULDO VHJPHQW -RUJH * DVWDxHGD *XWPDQ 0LQLVWHU RI )RUHLJQ $IIDLUV RI 0H[LFR )UDQFLVFR *LO 'LD] 0LQLVWHU RI )LQDQFH RI 0H[LFR DQG /XLV (UQHVWR 'HUEH] %DXWLVWD 0LQLVWHU RI 7UDGH RI 0H[LFR R3UHVLGHQWV RI WKH KLJKOHYHO RIILFLDOV VHJPHQW 0LJXHO +DNLP 6LPy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
  •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pWDWV GH O¶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
  •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x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
  •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
  • 35. $21) KDSWHU ,,, 5HSRUW RI WKH KLJKOHYHO RIILFLDOV VHJPHQW $W LWV VW SOHQDU PHHWLQJ RQ 0DUFK LQ DFFRUGDQFH ZLWK WKH UHFRPPHQGDWLRQV RI WKH 3UHSDUDWRU RPPLWWHH FRQWDLQHG LQ LWV GHFLVLRQ VHH $21) FKDS 9,,, VHFW $ WKH RQIHUHQFH DSSURYHG WKH RUJDQL]DWLRQ RI ZRUN DV VHW RXW LQ GRFXPHQW $21)5HY DQG GHFLGHG WR HVWDEOLVK D KLJK OHYHO RIILFLDOV VHJPHQW 7KH RQIHUHQFH DOVR GHFLGHG WR DOORFDWH DJHQGD LWHP ³+LJKOHYHO RIILFLDOV VHJPHQW´ WR WKH KLJKOHYHO RIILFLDOV VHJPHQW $ *HQHUDO H[FKDQJH RI YLHZV $W LWV VW SOHQDU PHHWLQJ RQ 0DUFK WKH KLJKOHYHO RIILFLDOV VHJPHQW FRQVLGHUHG DJHQGD LWHP D ³*HQHUDO H[FKDQJH RI YLHZV´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³RQVLGHUDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV´ IRU LWV FRQVLGHUDWLRQ RI WKH VXELWHP LW KDG EHIRUH LW D QRWH E WKH 6HFUHWDULDW WUDQVPLWWLQJ WKH GUDIW RXWFRPH RI WKH RQIHUHQFH $21) $W WKH VDPH PHHWLQJ WKH KLJKOHYHO VHJPHQW DSSURYHG WKH GUDIW 0RQWHUUH RQVHQVXV DV FRQWDLQHG LQ GRFXPHQW $21) DQG WUDQVPLWWHG LW WR WKH PLQLVWHULDO VHJPHQW IRU LWV FRQVLGHUDWLRQ 5HSRUWV RQ DFWLYLWLHV E UHOHYDQW VWDNHKROGHUV $W WKH VW SOHQDU PHHWLQJ RQ 0DUFK WKH KLJKOHYHO RIILFLDOV VHJPHQW FRQVLGHUHG DJHQGD LWHP F ³5HSRUWV RQ DFWLYLWLHV E UHOHYDQW VWDNHKROGHUV´ DQG KHDUG VWDWHPHQWV E WKH RKDLUPHQ RI WKH 3UHSDUDWRU RPPLWWHH IRU WKH RQIHUHQFH $W WKH QG SOHQDU PHHWLQJ RQ 0DUFK VWDWHPHQWV ZHUH PDGH E WKH KDLUPDQ RI WKH RPPLVVLRQ RQ 6XVWDLQDEOH 'HYHORSPHQW DFWLQJ DV WKH SUHSDUDWRU FRPPLWWHH IRU WKH :RUOG 6XPPLW IRU 6XVWDLQDEOH 'HYHORSPHQW DQG WKH RKDLUSHUVRQV RI WKH 0LQLVWHULDO 6HPLQDU RI WKH *OREDO (QYLURQPHQW )DFLOLW
  • 36. $21) KDSWHU ,9 5HSRUW RI WKH 0LQLVWHULDO VHJPHQW $W LWV QG PHHWLQJ RQ 0DUFK WKH RQIHUHQFH LQ DFFRUGDQFH ZLWK WKH UHFRPPHQGDWLRQV RI WKH 3UHSDUDWRU RPPLWWHH FRQWDLQHG LQ LWV GHFLVLRQ VHH $21) FKDS 9,,, VHFW $ DSSURYHG WKH RUJDQL]DWLRQ RI ZRUN DV VHW RXW LQ GRFXPHQW $21)5HY DQG GHFLGHG WR HVWDEOLVK D PLQLVWHULDO VHJPHQW 7KH RQIHUHQFH DOVR GHFLGHG WR DOORFDWH DJHQGD LWHP ³0LQLVWHULDO VHJPHQW´ WR WKH PLQLVWHULDO VHJPHQW $ *HQHUDO H[FKDQJH RI YLHZV $W WKH QG PHHWLQJ RQ 0DUFK WKH PLQLVWHULDO VHJPHQW FRQVLGHUHG DJHQGD LWHP D ³*HQHUDO H[FKDQJH RI YLHZV´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¶V )XQG 81,() WKH ([HFXWLYH 'LUHFWRU RI WKH 8QLWHG 1DWLRQV (QYLURQPHQW 3URJUDPPH 81(3 WKH 'LUHFWRU*HQHUDO RI WKH 8QLWHG 1DWLRQV ,QGXVWULDO 'HYHORSPHQW 2UJDQL]DWLRQ 81,'2 WKH ([HFXWLYH 'LUHFWRU RI WKH 8QLWHG 1DWLRQV 3RSXODWLRQ )XQG 81)3$ WKH 'HSXW 6HFUHWDU *HQHUDO RI WKH 2UJDQLVDWLRQ IRU (FRQRPLF RRSHUDWLRQ DQG 'HYHORSPHQW 2(' WKH $VVLVWDQW 6HFUHWDU*HQHUDO RI WKH 2UJDQL]DWLRQ RI $IULFDQ 8QLW WKH $VVLVWDQW 6HFUHWDU*HQHUDO RI WKH DULEEHDQ RPPXQLW $5,20 WKH KLHI (FRQRPLVW RI WKH RPPRQZHDOWK 6HFUHWDULDW WKH KHDG RI GHOHJDWLRQ RI WKH 2UJDQLVDWLRQ ,QWHUQDWLRQDOH GH OD )UDQFRSKRQLH WKH 0DQDJLQJ 'LUHFWRU RI WKH RPPRQ )XQG IRU RPPRGLWLHV WKH 3UHVLGHQW RI WKH /DWLQ $PHULFDQ 3DUOLDPHQW WKH ([HFXWLYH 'LUHFWRU RI WKH 8QLWHG 1DWLRQV +XPDQ 6HWWOHPHQWV 3URJUDPPH +DELWDW WKH $VVLVWDQW 'LUHFWRU*HQHUDO RI WKH )RRG DQG $JULFXOWXUH 2UJDQL]DWLRQ RI WKH 8QLWHG 1DWLRQV )$2 WKH 'HSXW ([HFXWLYH 'LUHFWRU RI WKH :RUOG )RRG 3URJUDPPH :)3 WKH ([HFXWLYH 'LUHFWRU RI WKH 8QLWHG 1DWLRQV 'HYHORSPHQW )XQG IRU :RPHQ 81,)(0 WKH KHDG RI GHOHJDWLRQ RI WKH ,QWHUQDWLRQDO /DERXU 2UJDQL]DWLRQ ,/2 WKH 'LUHFWRU RI 6WUDWHJ RI WKH :RUOG +HDOWK 2UJDQL]DWLRQ DQG WKH 'LUHFWRU*HQHUDO RI WKH *OREDO 3URJUDPPH +,9$,'6 % 5HSRUW RI EXVLQHVV DQG FLYLO VRFLHW IRUXPV $W WKH VHFRQG PHHWLQJ RQ 0DUFK WKH PLQLVWHULDO VHJPHQW FRQVLGHUHG DJHQGD LWHP F ³5HSRUW RI EXVLQHVV DQG FLYLO VRFLHW IRUXPV´ DQG KHDUG VWDWHPHQWV E WKH 6HFUHWDU*HQHUDO RI WKH ,QWHUQDWLRQDO KDPEHU RI RPPHUFH RQ EHKDOI RI WKH ,QWHUQDWLRQDO %XVLQHVV )RUXP WKH 3UHVLGHQW RI $/$'(2 RQ
  • 37. $21) EHKDOI RI WKH LYLO 6RFLHW )RUXP WKH UHSUHVHQWDWLYH RI WKH 0H[LFDQ 6HQDWH RQ EHKDOI RI WKH 3DUOLDPHQWDULDQV )RUXP DQG WKH 0DRU RI 0RQWHUUH RQ EHKDOI RI WKH /RFDO $XWKRULWLHV )RUXP RQVLGHUDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV $W WKH VHFRQG PHHWLQJ RQ 0DUFK WKH PLQLVWHULDO VHJPHQW FRQVLGHUHG VXE LWHP E ³RQVLGHUDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV´ IRU LWV FRQVLGHUDWLRQ RI WKH VXELWHPV LW KDG EHIRUH LW D QRWH E WKH 6HFUHWDULDW WUDQVPLWWLQJ WKH GUDIW RXWFRPH RI WKH RQIHUHQFH $21) ZKLFK LW WUDQVPLWWHG WR WKH VXPPLW VHJPHQW IRU DGRSWLRQ ' 0LQLVWHULDO URXQG WDEOHV ,Q DFFRUGDQFH ZLWK *HQHUDO $VVHPEO GHFLVLRQ WKH PLQLVWHULDO VHJPHQW KHOG HLJKW PXOWLVWDNHKROGHU URXQG WDEOHV RQ 7XHVGD 0DUFK DQG :HGQHVGD 0DUFK WZR VLPXOWDQHRXV URXQG WDEOHV ZHUH KHOG HDFK PRUQLQJ DQG DIWHUQRRQ 7KH WKHPH RI WKH PLQLVWHULDO URXQG WDEOHV KHOG RQ 0DUFK ZDV ³3DUWQHUVKLSV LQ ILQDQFLQJ IRU GHYHORSPHQW´ WKH WKHPH IRU WKRVH KHOG RQ 0DUFK ZDV ³RKHUHQFH IRU GHYHORSPHQW´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² 'RPLQLFDQ 5HSXEOLF )ULHGULFK (EHUW )RXQGDWLRQ 8QLWHG 1DWLRQV $VVRFLDWLRQ ² 'HQPDUN $VRFLDFLyQ GH (FRQRPLVWDV GH $PHULFD /DWLQD HO DULEH%UDVLO ,QWHUQDWLRQDO *HQGHU DQG 7UDGH 1HWZRUN HQWHU RI RQFHUQ DQG )RUXP IRU $IULFDQ $OWHUQDWLYHV (FX7HDP 7KH RKDLUPHQ PDGH FRQFOXGLQJ UHPDUNV
  • 38. $21) 7KH VXPPDU SUHSDUHG E WKH RKDLUPHQ $21)$GG UHDG DV IROORZV ³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³3XEOLFSXEOLF SDUWQHUVKLSV ³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³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³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
  • 39. $21) VHULRXV LPSHGLPHQW WR WKH QHZ GHYHORSPHQW DJHQGD IRU WUDGH QHJRWLDWLRQV ODXQFKHG LQ 'RKD LQ 1RYHPEHU ³ /DFN RI PDUNHW DFFHVV E GHYHORSLQJ FRXQWULHV WR WKH PDUNHWV RI GHYHORSHG FRXQWULHV LV FRQVLGHUHG D JUHDW REVWDFOH WR GHYHORSPHQW $W WKH VDPH WLPH DGGLWLRQDO HIIRUWV DUH QHFHVVDU WR RYHUFRPH VXSSOVLGH FRQVWUDLQWV LQ GHYHORSLQJ FRXQWULHV DQG HQKDQFH WKHLU SURGXFWLYH FDSDFLWLHV ³ 7KH LPSRUWDQFH RI UHJLRQDO LQWHJUDWLRQ ZDV DOVR KLJKOLJKWHG DV ZHOO DV WKH SRVVLELOLW WKDW SXEOLFSXEOLF SDUWQHUVKLSV FRXOG EH H[SORUHG WR SURYLGH VROXWLRQV WR FRPPRQ SUREOHPV QRW RQO LQ WKH HFRQRPLF GRPDLQ EXW DOVR LQ WKH DUHDV RI KHDOWK DQG HGXFDWLRQ DPRQJ RWKHUV 6HYHUDO VSHDNHUV SODFHG JUHDW KRSHV RQ WKH 1HZ 3DUWQHUVKLS IRU $IULFD¶V 'HYHORSPHQW DV DQ DQVZHU WR WKH FRQWLQHQW¶V GHYHORSPHQWDO TXHVW :KLOH WKH 3DUWQHUVKLS LV D KRPHJURZQ LQLWLDWLYH WKHUH LV UHFRJQLWLRQ WKDW $IULFDQ FRXQWULHV ZLOO QHHG DVVLVWDQFH LQ WKH LPSOHPHQWDWLRQ SURFHVV $FFRUGLQJO WKH 3DUWQHUVKLS FRXOG EH FRQVLGHUHG DV D PRGHO IRU D QHZ IUDPHZRUN RI FRRSHUDWLRQ DPRQJ PDMRU GHYHORSPHQW SDUWQHUV ³ 6HYHUDO SDUWLFLSDQWV H[SUHVVHG VXSSRUW IRU WKH SURSRVDO WKDW 2'$ EH XVHG WR SURPRWH IRUHLJQ GLUHFW LQYHVWPHQW DQG IDFLOLWDWH WKH LQWHJUDWLRQ RI GHYHORSLQJ FRXQWULHV LQ LQWHUQDWLRQDO WUDGH 6XFK PHDVXUHV ZRXOG PD[LPL]H SRWHQWLDO VQHUJLHV LQ WKH JHQHUDWLRQ RI DGGLWLRQDO UHVRXUFHV IRU GHYHORSPHQW ,Q WKDW VHQVH FDSDFLWEXLOGLQJ LV FRQVLGHUHG HVVHQWLDO ³ 6SHDNHUV DOVR H[SUHVVHG WKHLU FRQFHUQ WKDW WKH FRQGLWLRQDOLW IRU RIILFLDO IORZV WR GHYHORSLQJ FRXQWULHV LV QRW XQLIRUPO DSSOLHG DQG WKH XUJHG JUHDWHU FRQVLVWHQF RI VXFK UHTXLUHPHQWV ,Q DGGLWLRQ LW ZDV IHOW WKDW FRQGLWLRQDOLW VKRXOG QRW JR EHRQG ZKDW KDV EHHQ DJUHHG LQ LQWHUQDWLRQDO IRUXPV ³ 7KH GHEW RYHUKDQJ FRQWLQXHV WR UHSUHVHQW D VHULRXV LPSHGLPHQW WR JURZWK LQ GHYHORSLQJ FRXQWULHV EHFDXVH LW GLVFRXUDJHV SULYDWH IORZV DQG UHSUHVHQWV D VLJQLILFDQW GUDLQ RQ VFDUFH ORFDO UHVRXUFHV ,Q WKH SDVW IHZ HDUV WKH LQWHUQDWLRQDO FRPPXQLW KDV ZLWQHVVHG D VHULHV RI VLJQLILFDQW LQLWLDWLYHV WR UHOLHYH WKH H[WHUQDO GHEW EXUGHQ SDUWLFXODUO RI WKH KLJKO LQGHEWHG SRRU FRXQWULHV +RZHYHU SDUWLFLSDQWV VXJJHVWHG WKDW PRUH QHHGV WR EH GRQH DQG JUHDWHU IOH[LELOLW PXVW EH H[HUWHG LQ HVWDEOLVKLQJ GHEW VXVWDLQDELOLW EHFDXVH FRXQWULHV DUH FRQWLQXRXVO VXEMHFWHG WR H[WHUQDO VKRFNV VXFK DV WKH UHFHQW JOREDO VORZGRZQ DQG VKDUS IDOO LQ FRPPRGLW SULFHV ³3XEOLFSULYDWH SDUWQHUVKLSV ³ ,W ZDV VWUHVVHG WKDW WKH HIIHFWLYHQHVV RI SXEOLFSULYDWH SDUWQHUVKLSV GHSHQGV FUXFLDOO RQ D VXSSRUWLYH LQVWLWXWLRQDO HQYLURQPHQW LQFOXGLQJ D PRGHUQ MXGLFLDO VVWHP $ PRGHUQ OHJDO VVWHP LV VHHQ DV RQH RI WKH PRVW LPSRUWDQW VWUXFWXUDO FKDQJHV EHFDXVH LW HQKDQFHV JRYHUQDQFH E SURYLGLQJ LQFUHDVHG WUDQVSDUHQF DQG DFFRXQWDELOLW ZKLFK ZRXOG KHOS FXUWDLO FRUUXSWLRQ ZKHUH LW LV D SUREOHP $FFRUGLQJO WKH GHYHORSPHQW RI D VWURQJ MXVWLFH VVWHP VKRXOG EH VXSSRUWHG E WHFKQLFDO DVVLVWDQFH ³ ,W ZDV HPSKDVL]HG WKDW WR LQFUHDVH SULYDWH LQYHVWPHQW LQFOXGLQJ IRUHLJQ GLUHFW LQYHVWPHQW PRUH JRYHUQPHQW RU SXEOLFSULYDWH LQYHVWPHQW LQ LQIUDVWUXFWXUH LV QHHGHG 7KHUH ZHUH DOVR VXJJHVWLRQV WR LQFUHDVH WKH UROH RI UHJLRQDO GHYHORSPHQW EDQNV LQ WUDGH ILQDQFLQJ DQG SURMHFW ILQDQFLQJ WRJHWKHU
  • 40. $21) ZLWK WKH SULYDWH VHFWRU 6HYHUDO H[DPSOHV RI VXFFHVVIXO FROODERUDWLRQ EHWZHHQ SXEOLF DQG SULYDWH VHFWRUV ZHUH JLYHQ LQFOXGLQJ LQIUDVWUXFWXUH GHYHORSPHQW ZDWHU VXSSO WHOHFRPPXQLFDWLRQV HGXFDWLRQ UHVHDUFK DQG GHYHORSPHQW DQG IRUHLJQ HTXLW LQYHVWPHQW LQ VPDOO DQG PHGLXPVL]HG HQWHUSULVHV ³2YHUDOO FRQVLGHUDWLRQV ³ 6HYHUDO VSHDNHUV HPSKDVL]HG WKDW EURDGHU LQVWLWXWLRQDO FRQVLGHUDWLRQV QHHG WR EH LQ SODFH IRU WKH DERYH SDUWQHUVKLSV WR EH HIIHFWLYH 7KH VKRXOG PDNH LW SRVVLEOH WR UHDOL]H WKH ULJKW WR GHYHORSPHQW LQ D MXVW VRFLHW ZLWK JHQGHU HTXDOLW % HPSKDVL]LQJ WKH VRFLDO GLPHQVLRQV RI VXVWDLQDEOH GHYHORSPHQW DQG PRELOL]LQJ SXEOLF VXSSRUW LQ GHYHORSLQJ DQG GHYHORSHG FRXQWULHV FLYLO VRFLHW LV PDNLQJ DQ LPSRUWDQW FRQWULEXWLRQ WR WKDW SURFHVV ³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´ 0LQLVWHULDO URXQG WDEOH $ 3DUWQHUVKLSV LQ ILQDQFLQJ IRU GHYHORSPHQW 7KH RKDLUPHQ 'LGLHU 2SHUWWL%DGDQ 0LQLVWHU RI )RUHLJQ $IIDLUV 8UXJXD DQG 0RXQJ+R 6KLQ 9LFH3UHVLGHQW RI WKH $VLDQ 'HYHORSPHQW %DQN RSHQHG WKH PLQLVWHULDO URXQG WDEOH DQG PDGH LQWURGXFWRU VWDWHPHQWV 6WDWHPHQWV ZHUH PDGH E WKH UHSUHVHQWDWLYHV RI WKH 8QLWHG .LQJGRP RI *UHDW %ULWDLQ DQG 1RUWKHUQ ,UHODQG ,WDO XED 'HQPDUN (FXDGRU 7XQLVLD (O 6DOYDGRU WKH 'RPLQLFDQ 5HSXEOLF 0RQDFR 1HSDO RORPELD 'MLERXWL WKH /DR 3HRSOH¶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¶V ,QYHVWRU 6HUYLFH (YLDQ *URXS 8JDQGD 6PDOO %XVLQHVV (QWHUSULVH *UDPHHQ 3KRQH 7KH IROORZLQJ UHSUHVHQWDWLYHV RI FLYLO VRFLHW PDGH VWDWHPHQWV ,QWHUQDWLRQDO RQIHGHUDWLRQ RI )UHH 7UDGH 8QLRQV 4XDNHU 8QLWHG 1DWLRQV 2IILFH :RUOG $VVRFLDWLRQ RI )RUPHU 8QLWHG 1DWLRQV ,QWHUQV DQG )HOORZV .8/8 :RPHQ LQ 'HYHORSPHQW:('2 7KH RKDLUPHQ PDGH FRQFOXGLQJ UHPDUNV
  • 41. $21) 7KH VXPPDU SUHSDUHG E WKH RKDLUPHQ $21)$GG UHDG DV IROORZV ³ 7KH URXQG WDEOH KHOG D YHU ULFK GHEDWH RQ WKH PDLQ LVVXHV EHIRUH WKH ,QWHUQDWLRQDO RQIHUHQFH RQ )LQDQFLQJ IRU 'HYHORSPHQW DQG RQ WKH WKHPH ³3DUWQHUVKLSV LQ ILQDQFLQJ IRU GHYHORSPHQW´ $ VXPPDU RI WKH GLVFXVVLRQ LV VHW RXW EHORZ ³*HQHUDO FRQVLGHUDWLRQV ³ 7KH JHQHUDO FRQVLGHUDWLRQV RI WKH URXQG WDEOH ZHUH DV IROORZV ‡ 0LQLVWHUV H[SUHVVHG VWURQJ VXSSRUW RI WKH GUDIW 0RQWHUUH RQVHQVXV LQ SDUWLFXODU RI WKH GRPHVWLF DQG LQWHUQDWLRQDO UHIRUPV WKDW LW DGYRFDWHV 7KH GUDIW RQVHQVXV KDV SXW ILQDQFLQJ DW WKH WRS RI WKH LQWHUQDWLRQDO DJHQGD ‡ 0LQLVWHUV IRFXVHG RQ WKH LPSOHPHQWDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV 7KH ZHUH RI WKH YLHZ WKDW DQ HIIHFWLYH DQG UDSLG LPSOHPHQWDWLRQ RI WKH GUDIW 0RQWHUUH RQVHQVXV LV FULWLFDO WR VSXU HFRQRPLF JURZWK ZRUOGZLGH DQG HUDGLFDWH SRYHUW ‡ ,W ZDV QRWHG WKDW LPSOHPHQWDWLRQ ZLOO UHTXLUH PDMRU QDWLRQDO DQG LQWHUQDWLRQDO HIIRUWV DQG WKDW VXEVWDQWLDO WHFKQLFDO HIIRUWV VKRXOG EH DFFRPSDQLHG E D VWURQJ DQG SHUVLVWHQW SROLWLFDO ZLOO 7KH SDUWLFLSDWLRQ RI KHDGV RI 6WDWH DQG *RYHUQPHQW LQ WKH RQIHUHQFH DXJXU ZHOO IRU VXFK SROLWLFDO ZLOO ‡ 3DUWQHUVKLS ZDV VHHQ DV FULWLFDO +RZHYHU SDUWQHUVKLSV PXVW JR KDQG LQ KDQG ZLWK FRXQWU RZQHUVKLS 1R VLQJOH SDUWQHU ² ZKHWKHU D FRXQWU RU DQ LQVWLWXWLRQ ² FDQ GR HQRXJK 6HYHUDO GLPHQVLRQV RI SDUWQHUVKLS DUH FRQVLGHUHG WR EH NH WR GHYHORSPHQW 3XEOLFSULYDWH SDUWQHUVKLS LV DW WKH FRUH RI UDSLG HFRQRPLF JURZWK 3DUWQHUVKLS EHWZHHQ FRXQWULHV DQG GHYHORSPHQW RUJDQL]DWLRQV DV ZHOO DV DPRQJ WKH ODWWHU DUH DOVR FUXFLDO IRU VXVWDLQDEOH GHYHORSPHQW 3DUWQHUVKLS EHWZHHQ DLG DJHQFLHV DQG 1*2V DOVR PDNH D PDMRU FRQWULEXWLRQ WR GHYHORSPHQW HIIRUWV ‡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‡ 6RPH PLQLVWHUV ZHUH RI WKH YLHZ WKDW WKH GUDIW 0RQWHUUH RQVHQVXV VKRXOG KDYH EHHQ PRUH H[SOLFLW LQ DGGUHVVLQJ WKH VRFLDO DJHQGD DQG WKH ILQDQFLQJ RI SURJUDPPHV LQ VRFLDO VHFWRUV 7KH DOVR SRLQWHG WR WKH QHHG WR DGGUHVV XQHPSORPHQW SD JUHDWHU DWWHQWLRQ WR WKH LQIRUPDO VHFWRU RI WKH HFRQRP DQG VXSSRUW VPDOO HQWUHSUHQHXUV ,Q WKDW UHJDUG SDUWLFXODU DWWHQWLRQ PXVW EH SDLG WR UXUDO DUHDV ZKHUH WKH PDMRULW RI WKH SRRU OLYH
  • 42. $21) ‡ 0DQ PLQLVWHUV VWUHVVHG WKH LPSRUWDQFH RI HGXFDWLRQ IRU DOO SDUWLFXODUO JLUOV DQG ZRPHQ 3RVLWLYH FKDQJH UHTXLUHV HGXFDWLRQ DW DOO OHYHOV SDUWLFXODUO XQLYHUVDO SULPDU HGXFDWLRQ IRU ERV DQG JLUOV DV FDOOHG IRU LQ WKH 8QLWHG 1DWLRQV 0LOOHQQLXP 'HFODUDWLRQ 7KH LPSOHPHQWDWLRQ RI WKH RQIHUHQFH RXWFRPH PXVW EH SXUVXHG LQ D KXPDQ ULJKWV IUDPHZRUN ³0DLQ LVVXHV GLVFXVVHG ³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³3URSRVDOV DGGLWLRQDO WR WKRVH FRQWDLQHG LQ WKH GUDIW 0RQWHUUH RQVHQVXV ³ 7KH IROORZLQJ UHSUHVHQW SURSRVDOV PDGH E YDULRXV SDUWLFLSDQWV ‡ ([WHQGHG XVH RI UHJLRQDO VZDS QHWZRUN IRU FHQWUDO EDQNV ‡ 5HJLRQDO EDQNV WR FUHDWH QHZ FUHGLW OLQHV IRU HPHUJHQF ORDQV DQG WR LQFUHDVH ORDQV WR WKH VRFLDO VHFWRU ‡ 'HEW FDQFHOODWLRQ IRU ,'$QRQ+,3V ‡ 0RUH H[WHQVLYH XVH RI GHEW VZDSV
  • 43. $21) ‡ ,QWHUQDWLRQDO 0RQHWDU )XQG:RUOG %DQN2UJDQLVDWLRQ IRU (FRQRPLF RRSHUDWLRQ DQG 'HYHORSPHQW LQWHUQDWLRQDO GLDORJXH RQ WD[DWLRQ ‡ ,QGXVWULDOL]HG FRXQWULHV VKRXOG RSHQ ODERXU PDUNHWV WR ZRUNHUV IURP GHYHORSLQJ FRXQWULHV ‡ (VWDEOLVK LQWHUQDWLRQDO VWDQGDUGV RI SDUWQHUVKLS ‡ 6WUHQJWKHQ YDULRXV JOREDO LQIRUPDWLRQ FOHDULQJKRXVHV IRU XVH E GRPHVWLF DQG LQWHUQDWLRQDO LQYHVWRUV ‡ ,PSURYHPHQW RI SULYDWH FUHGLW UDWLQJ PHWKRGRORJ´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³ 0LQLVWHUV UHJDUGHG WKH GUDIW 0RQWHUUH RQVHQVXV DV WKH HPERGLPHQW RI D QHZ SDUWQHUVKLS IRU GHYHORSPHQW DOWKRXJK D QXPEHU RI SDUWLFLSDQWV IHOW WKDW LW LV QRW VXIILFLHQWO IDUUHDFKLQJ 7KHUH ZDV EURDG DJUHHPHQW WKDW LWV DGRSWLRQ PXVW EH IROORZHG E D VWURQJ IRFXV RQ LPSOHPHQWDWLRQ DQG WUDQVODWLRQ IURP ZRUGV LQWR DFWLRQ LI LW LV WR EHFRPH D PHDQLQJIXO JOREDO LQLWLDWLYH 3ROLWLFDO ZLOO DQG OHDGHUVKLS ² LQ ERWK WKH GHYHORSHG DQG WKH GHYHORSLQJ FRXQWULHV ² ZLOO EH NH IDFWRUV GHWHUPLQLQJ LWV XOWLPDWH VXFFHVV ³ 7KH QHHG WR HQVXUH QDWLRQDO RZQHUVKLS RI GHYHORSPHQW ZDV XQGHUOLQHG 7KH GHYHORSPHQW SURFHVV PXVW EH IXOO LQFOXVLYH DQG WKH FRQFHUQV RI DOO PXVW EH WDNHQ LQWR DFFRXQW LQ WKH IRUPXODWLRQ DQG LPSOHPHQWDWLRQ RI VWUDWHJLHV SURJUDPPHV DQG SURMHFWV ([WHUQDO DVVLVWDQFH VKRXOG EH UHJDUGHG DV HFRQRPLF