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Innovation and Additionalty for Development Finance: Looking at Asia

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  • Rehman Sobhan

Abstract

The issue of introducing innovation in financing came into discussion at Monterrey in response to the recurring failure of most developed countries to live up to their commitment to enhance flows of official development assistance (ODA) to the developing countries in order to attain the Millennium Development Goals (MDGs). This paper argues that attempts to identify such innovative sources have been neither innovative nor effective in meeting the needs of the developing countries. The paper indicates that in most countries in Asia domestic savings, foreign direct investment (FDI) and migrant remittances have, in recent years, overtaken ODA as the principal source of development finance. Any search for both innovation and additionality in development finance should accordingly focus on making more effective use of Asia’s growing external capital surpluses and inflows of migrant remittances in enhancing the region’s development capacity.

Suggested Citation

  • Rehman Sobhan, 2013. "Innovation and Additionalty for Development Finance: Looking at Asia," CPD Working Paper 102, Centre for Policy Dialogue (CPD).
    • Handle: RePEc:pdb:opaper:102
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    References listed on IDEAS

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    1. World Bank, 2011. "World Development Report 2011 [Rapport sur le développement dans le monde 2011 : Conflits, sécurité et développement - Abrégé]," World Bank Publications - Books, The World Bank Group, number 4389, December.
    2. World Bank, 2010. "The World Bank Annual Report 2010," World Bank Publications - Books, The World Bank Group, number 5906, December.
    3. World Bank, 2012. "World Development Indicators 2012," World Bank Publications - Books, The World Bank Group, number 6014, December.
    4. Girishankar, Navin, 2009. "Innovating development finance - from financing sources to financial solutions," Policy Research Working Paper Series 5111, The World Bank.
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    Keywords

    Innovative development finance; ODA; Monterrey Consensus; FDI; remittances;
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