On December 7, George Ingram testified before the U.S. Development Finance Corporation on de-risking development finance. His written testimony follows.
This testimony is informed by recent reports on development finance and a roundtable on de-risking hosted by the Center for Sustainable Development at the Brookings Institution on October 14, 2022 with 30 public and private experts in development finance, including representatives of development finance institutions (DFIs) and multilateral development banks (MDBs).
Context: The imperative to ramp up development finance
The world is on a collision course with history and nature in multiple arenas—climate change; reversal in progress against poverty from COVID-19 (costing developing countries 5% of GNP) and 100 million people displaced; half of low-income countries facing debt distress; and manmade conflicts, most notably the unconscionable Russian invasion of Ukraine. Among the solutions to these challenges is unlocking the billions and trillions of finance that finds the world too risky.