Promoting Private Investment: The Role of Multilateral Development Banks

Promoting Private Investment: The Role of Multilateral Development Banks

Promoting Private Investment: The Role of Multilateral Development Banks

Promoting Private Investment: The Role of Multilateral Development Banks

Excerpt

The Per Jacobsson lecture was delivered by Jacques de Larosière, president of the European Bank for Reconstruction and Development, on September 29, 1996. The lecture examines the changing nature of capital flows to developing countries, in particular the strong growth of capital flows during the past five years, and considers the implications of these changes for the multilateral development banks (MDBs).

The lecture emphasizes that MDBs should act as catalysts for these flows and help countries gain access to them. To do this, MDBs must shift their focus away from the state sector and toward private sector development. They can do so by helping governments create the conditions for market-oriented growth and by working in partnership with the private sector. Jacques de Larosière concludes that MDBs must expand the opportunities for private investment but should not compete with the private sector.

The Per Jacobsson lectures are sponsored by the Per Jacobsson Foundation and are usually held annually. The foun-

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