Resource Curse Trilogy
Timor-Leste is the youngest nation in Southeast Asia and, according to the Freedom House Index and V-Dem, it is also the most democratic. Born from a quarter-century of Indonesian occupation that killed roughly a third of the population, the country restored independence in 2002 and immediately faced a question that has undone far wealthier states: […]
Capital Allocation Series
Commercial banks are an established and increasingly sophisticated component of the impact investing ecosystem in emerging markets and developing economies (EMDEs). As regulated financial institutions, their participation in impact funds is shaped by prudential frameworks, balance‑sheet discipline and market‑rate return expectations, which distinguish their role from that of public or philanthropic investors. Rather than acting […]
Resource Curse Trilogy
In the early 2000s, the World Bank embarked on what was arguably the most ambitious experiment in resource revenue management ever attempted. The Chad–Cameroon Petroleum Development and Pipeline Project was designed to prove that, with the right institutional framework, oil wealth could be channelled directly into poverty reduction even in one of the world’s poorest […]
Capital Allocation Series
Development Finance Institutions (DFIs) represent the institutional backbone of the impact investing ecosystem in emerging markets and developing economies (EMDEs). DFIs are institutions established by governments, either individually (bilateral DFIs like FMO, DEG, BII) or collectively through treaties (multilateral DFIs aka MDBs like IFC, AfDB, EBRD, IDB, ADB), with a mandate to promote economic development […]
Resource Curse Trilogy
Venezuela holds the largest proven oil reserves in the world, and, for decades, petroleum revenues financed public spending, social programmes, and infrastructure, positioning the country as one of Latin America’s wealthiest nations and a regional economic powerhouse. Today, Venezuela stands as one of the most dramatic examples of economic collapse in modern history; hyperinflation, prolonged GDP contraction, mass […]
Capital Allocation Series
Philantrophic foundations are among the earliest and most structurally important actors in impact investing in emerging markets and developing economies (EMDEs). Long before impact investing became mainstream, foundations deployed capital into development-oriented funds, social enterprises and intermediaries operating in EMDEs. Unlike other institutional investors, foundations are not constrained by regulatory capital requirements, balance sheet optimisation […]
Capital Allocation Series
Sovereign wealth funds (SWFs) have become increasingly relevant actors in impact investing in emerging markets and developing economies, although their participation differs structurally from that of foundations, DFIs or commercial asset managers. SWFs are state-owned investment vehicles mandated to manage national wealth over long time horizons, often derived from commodity revenues, foreign exchange reserves or […]
Impact Fund Manager Series
Today, people rely on digital connections more than ever to contribute to the economy, access essential services, and participate in social and political processes. Establishing reliable digital connectivity is a crucial way to foster inclusive development and connect people to economic opportunity. In fact, the World Bank estimates that a 10 percent increase in digital […]
Capital Allocation Series
Global capital markets amount to approximately 288 trillion USD according to aggregated data from the World Federation of Exchanges, the Bank for International Settlements, and S&P Global Market Intelligence, as reflected for example in the BIS Global Debt Statistics. Around 275 trillion USD, or roughly 95 %, is invested in public markets, primarily listed equities and […]
Impact Fund Manager Series
Climate change is reshaping economies, ecosystems, and communities. Human activity plays a key role, as it has significantly altered natural environments and contributed to the consequential stock of greenhouse gas emissions. But in addition to the direct emissions effects, our activity has limited the ability of natural systems to absorb, store, and sequester carbon from […]