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多边开发金融:提升效率并开拓领域

多边开发金融:提升效率并开拓领域
文|莱斯利·马斯多普(Leslie Maasdorp),新开发银行副行长兼首席财务官,世界经济论坛全球未来长期投资、基础设施和发展理事会成员    翻译|王晓波    图片提供|新开发银行


  导 读 

引导私营部门发挥更大的作用,提供更多的本币融资机会和领导金融部门向低碳未来发展

● 核心业务模式

● 基础设施建设仍存在资金缺口

● MDB在吸引私人融资方面应当有所作为

● 调动私营部门的资金

● 本币融资

绿色金融


世界银行和国际货币基金组织成立已经超过74年了,这期间,多边开发银行(MDB’s)在支持经济发展、减少贫困方面发挥了关键作用。完善、安全的基础设施,包括道路、港口、电力和电信等,是确保经济增长的基本驱动力。事实上,没有高质量的基础设施,就不会有社会的发展和繁荣,因为它是促进人文交流、提高生活质量、助力贸易和商业兴旺的前提和保障。这些年来,多边开发银行在为这些基础设施提供长期融资方面起到了核心作用。现在,多边开发银行又增添了一项新的重要使命,即积极应对气候变化带给我们的影响,并为了我们的生存环境保证发展的可持续性。特别是为了实现可持续发展目标(SDG’s),需要多边开发银行在现有基础上大幅度扩大业务规模和范围。

多边开发银行成立于1944年,这些年里世界经济发生了翻天覆地的变化,又涌现出一些新的多边银行。例如,2015年成立的新开发银行(NBD)和亚洲基础设施投资银行(AIIB)就是在国际体系中权力不断地从发达的工业化世界向新兴市场经济体转移的背景下应运而生的。在仅仅17年的时间里,金砖国家对全球国内生产总值的贡献就从2000年的8%增加到现在的24%。而且这一趋势预计在未来数年、数十年里仍将继续。

促使新多边银行成立的一个重要原因是新兴市场对国际金融机构的改革步伐过于缓慢而变得越来越不耐烦,他们期望能够得到更多发声的机会,或者,至少与他们增长后的经济规模相匹配的话语权。因此,新开发银行和其他几个金融机构的建立就充分体现了主要发展中国家渴望在全球治理中发挥更大作用的愿望。

传统上,银行和资本的私人提供者习惯以顺应经济周期的方式贷款,但这常常会导致繁荣时期过度放贷,而在经济危机发生时及之后却控制贷款数量的现象。而且商业银行和私人投资者通常也不愿意将资金用于长期投资,因为他们担心这些投资有时从经济或财务的角度看是不可行的。通过以逆经济周期的方式贷款,多边开发银行解决了因市场失灵出现的问题,而这些问题大多是由于私人投资者和机构的短期行为造成的。因此,多边开发银行在金融市场中正发挥出日益重要的作用。从历史上看,基础设施的建设资金也主要由公共部门和多边开发银行提供,这是因为一些基础设施行业的垄断性排除了市场竞争。

虽然,多边开发银行在过去70多年里取得了显著的成功,但对其运营、管理和整个业务模式进行审视和剖析还是很有必要的,只有这样才能确定它在当今环境下仍然是可行且有效的。

核心业务模式

那么多边开发银行的核心融资模式是怎样的呢?基本上,多边开发银行以贷款、拔款、担保和股权的形式向政府或国有企业提供长期融资。一般情况下,这些贷款都会有主权担保。此外,多边开发银行还可享受优先债权人待遇,这意味着如果政府不重新规定债务期限和责任的话,那么它需要首先偿还多边开发银行的贷款。所有这些都为多边开发银行保持了一种独特的融资结构,并能够有效地快速发展。多边开发银行还可以直接进入债券市场,这也为其融资模式的成功奠定了基础。不过要做到这一点,信用评级是这一运作模式的核心。

从世界银行成立伊始,得到并持续保持较高的信用评级就一直是多边开发银行运营模式的核心特征。时至今日,这一传统依然保持着,因为进入国际资本市场对这些银行的经营至关重要。事实上,高信用评级能够使多边开发银行从债券市场以较低的价格融到资金,然后再按一定的利率转贷给其成员国,而且利息部分政府作为股东不得享有。基于这一核心融资设计,多边开发银行在为发展中国家提供优质基础设施方面有着长期和成功的记录。可是既然这一融资模式是可行的,那为什么针对多边开发银行的有效性仍存在许多对其进行审查和评估的呼吁呢?

过去几年里,一些知名的专家小组和委员会对多边开发银行未来可能释放出的能量进行了调查。最近20国集团任命了由新加坡副总理尚达曼·山姆加拉特南先生领导的知名人士小组(EPG)。该知名人士小组的工作任务就是对如何改革全球金融结构发表看法和提出建议,特别是怎样让像多边开发银行这类国际金融机构更好地发挥作用。

基础设施建设仍存在资金缺口

随着发展中国家城市化步伐的加快,对基础设施的需求也在迅速增长,这就使得需求和供给之间的差距持续扩大。按照估计,现在世界上仍有10亿多人生活在没有安全饮用水或适当卫生设施的环境中。

面对这样的现状,多边开发银行在基础设施方面提供的资金和投资在其跨境流动资金总额和投资总额中的占比还是很少的。多边开发银行对可持续基础设施的总投资完全赶不上大多数发展中国家经济增长的步伐。并且,发展中国家所需的基础设施投资规模也远远超出了政府能为其提供的资金。因为这一缘故,人们强烈呼吁对多边开发银行的有效性进行全面审查,目的是为了寻找到新的金融工具和平台,进而实现更大的杠杆效用。

围绕多边开发银行未来应当扮演的角色的争议或许还将继续下去,但三个相关的重要观念已经引起人们的广泛关注。这三个观念是:确保私营部门发挥更大的作用;提供更多的本币融资机会和领导金融部门向低碳未来发展,包括发展绿色金融市场。

MDB在吸引私人融资方面应当有所作为

现在,基础设施项目正在逐渐成为私人投资者考虑选择的一种资产投资类别,但显然可供挖掘的潜力仍很大。多边开发银行在这方面扮演着关键角色,因为他们能够为私人投资者提供一个可以接受的风险和回报解析。这样,私人投资者就会内化一些风险因素,同时借助公共干预措施应对其余的投资障碍,然后放心大胆地进行投资。

多边开发银行在增加私人投资者对可持续基础设施的长期投资方面起着至关重要的作用。因为,他们可以增加资金流量并为具有吸引力的项目创造更多的融资渠道,去除投资障碍,开发适当的化解风险的工具,从而改善基础设施投资资产的风险和收益结构。

多边开发银行已经在吸引私人融资方面采取了一些措施。例如,大多数的多边开发银行都在项目准备阶段给予了指导,目的是为了增加可由银行担保项目的质量和数量。几乎所有的开发银行都已经或正在制定长期战略,旨在对私人融资的产品、战略和激励措施进行规划。从整体看,大多数银行也都在扩大其私营部门的业务规模并增加其在他们贷款总额中所占的比例。

总的来说,多边开发银行目前正在为吸引私营企业的投资者积极拓展融资方式和工具。

调动私营部门的资金

针对如何增加基础设施的融资规模,存在着许多不同的看法,但有一点是人们普遍的共识,即多边开发银行具有让更多私营部门释放出融资能力的潜质。新技术的不断涌现和私营部门日益壮大的能力为此提供了巨大的机遇。

多边开发银行可以开发金融模型和工具来更快速地使其资金得到循环,从而增加其影响力。因此,私营部门就可以从多边开发银行购买成熟的金融资产,为他们释放资本用于放贷提供了更多的渠道。多边开发银行能够并且应当利用其资本来降低交易风险,例如,通过增强信用等级的方式降低融资风险,从而吸引其他领域的资金投入到基础设施的项目中。从这个意义上讲,多边开发银行未来的核心作用应当是尽可能地吸引私营资本。

机构投资者,比如养老基金和保险公司,也与这方面有很大关系,因为基础设施作为一种长期稳定现金流的资产类别,对具有长期负债能力的投资者尤其有吸引力。

本币融资

多边开发银行在为发展中国家贷款时通常都是使用外币,例如,美元或欧元。然而那些发展中国家的借款方的收入都是其本国货币。在这种情况下,货币风险就转嫁给了借款方。由于货币市场经常处于高度波动的状态,外币贷款会给借款人带来巨大的汇率风险。通过采用本币融资和当地的资本市场,就可以长期避免因汇率造成的风险。因此,鼓励本币融资和开发当地的资本市场应当成为多边开发银行的一项重要工作。未来国内资本市场将成为融资的主力军。在过去的十几年里,几个知名的多边开发银行,比如国际金融公司(IFC)和欧洲复兴开发银行(EBRD),已经开始在其私营部门的业务项下逐步增加本币的使用。当然,多边开发银行贷款的大部分仍然是为公共部门提供的,但是使用当地货币融资今后将在多边开发银行的贷款业务中发挥越来越重要的作用。许多新兴市场国家已经拥有了成熟的流动资本市场和大量的现金储备,这些资金都可以用于投资。

绿色金融

缓解和适应气候变化所需的国际资金远远没有达到预期的需求。多边开发银行在能源工程技术向可再生能源技术转移以及低碳运输方式等方面做出了重要贡献。

绿色金融在广义上被认为是“为改善环境和减少经济活动中碳的排放量所需做出的投资提供融资”。多边开发银行与欧洲投资银行(EIB)和世界银行都是绿色债券市场的早期开拓者,它们在2007年就发行了首批绿色债券。过去几年里绿色金融的发展势头非常显著。但是虽然绿色债券市场的发展势头强劲,可全球机构投资者中仅有1%的股权可归类为绿色基础设施资产。因此,多边开发银行在扩大绿色金融规模方面仍然责任重大。

金融市场通过其投资决策对改变和影响实体经济的发展方向具有巨大的影响力。从这个意义上讲,多边开发银行在促进有利于气候变化的绿色项目的投资方面能够发挥不可或缺的作用。换句话说,作为向绿色经济转变的一部分,推动绿色金融和气候金融的增长是未来多边开发银行需要承担的一个重要责任。

虽然存在不尽如人意的地方,但多边开发银行仍然是将资源引向到可持续基础设施的强有力工具,而且它处在能使发展的效果成倍增长的特殊地位。今后它在低碳排放方面尤其能够发挥关键作用。私人资本在未来发展议程中也占据着重要地位。因而,现在人们越来越急于找到创新的方法来促使这些想法尽快变为现实。另一方面,要想让私人投资者加入到融资的行列,还需要为他们清除一些障碍和阻力,特别要在政府、多边开发银行和私营部门之间合理分配风险,这是鼓励私人融资必不可少的前提条件。

如果多边开发银行能够设计新的金融工具来吸引私营资本,发展本地货币市场,并积极采取措施应对气候变化,那么它的未来就注定是光明而美好的。


⬆金砖大厦,新开发银行总部(位于中国上海)

文  | 莱斯利·马斯多普(Leslie Maasdorp),新开发银行副行长兼首席财务官,世界经济论坛全球未来长期投资、基础设施和发展理事会成员

翻译 | 王晓波

编辑 | 裴安迪

设计 | 姜灵枝


英文版:

Future outlook for multilateral development finance

By
Mr. Leslie Maasdorp, Vice President and CFO of the New Development
Bank, member of the WEF global future council on Long Term Investment,
Infrastructure and Development


Since the establishment of the World Bank and IMF more than 74 years
ago, multilateral development banks (MDB’s) have played a crucial role
in supporting economic development and reducing poverty. The delivery of
sound and reliable infrastructure in the form of roads, ports, power
and telecommunications is a fundamental driver of economic growth.
Indeed no society has developed and prospered without such quality
infrastructure as it serves a critical purpose to connect people,
enhance quality of life, enable trade and allow businesses to flourish.
MDB’s have played a central role over the years in providing long term
financing for such infrastructure. Today MDB’s have an added priority to
put our planet on a more sustainable growth path to combat the effects
of climate change. In particular to achieve the sustainable development
goals (SDG’s) will require a significant scaling up of the existing
operations of MDB’s.

The world economy has of course changed
fundamentally since the formation of the first MDB in 1944. The creation
of the new multilateral banks such as the New Development Bank and the
Asian Infrastructure Investment Bank (AIIB) in 2015 happened against the
backdrop of a real and continuing power shift in the international
system from the developed industrialized world towards emerging market
economies. For example in just 17 years, the contribution of Brics
countries to global GDP has increased from 8% in 2000 to 24% today. This
trend is projected to continue in the years and decades to come. 

A
clear impetus for the establishment of the new MDB’s was a growing
impatience amongst emerging markets with the slow pace of reform at
international financial institutions to obtain a bigger voice, or at
least, representation in line with their enhanced economic size. In this
respect, the creation of the NDB and several other institutions
epitomizes the desire of major developing countries to play a bigger
role in global governance.

Traditionally, banks and private
providers of capital lend in a pro-cyclical manner. This often results
in over-lending in boom times and a rationing of credit during and after
an economic crisis. Commercial banks and private investors are
generally unwilling and reluctant to risk their capital in long-term
investment because of a fear that these investments are sometimes not
economically or financially viable. By lending in a more
counter-cyclical manner, MDB’s play a vital role in financial markets by
addressing the market failures, which arise from the more short-term
behavior of private investors and institutions. Historically the
provision of infrastructure has also been done mainly by the public
sector and MDB’s because of the natural monopoly features of several
infrastructure sectors, which preclude market competition.

Despite
their record of notable success over the past seven decades, it is both
timely and appropriate to ask whether the mandate, operations,
governance arrangements and overall business model of MDB’s remain valid
today. 

Core business model

What is the core financial
model of MDB’s? Essentially MDB’s provide long-term finance in the form
of loans, grants, guarantees as well as equity to governments or state
owned enterprises. In general, these loans are accompanied with a
sovereign guarantee. In addition MDB’s benefit from preferred creditor
treatment, which essentially means that Governments will pay MDB’s first
in the event that the Government has to reschedule their debt
obligations. All this contributes to a unique financial structure for
MDB’s, which allows MDB’s to be effective as multipliers of development.
Having regular and uninterrupted access to bond markets underpins the
success of the financial model of MDB’s. To this end, credit ratings are
central to the model.

Obtaining and subsequently maintaining a
high credit rating has been a core feature of the business model of
multilateral development banks (MDB’s) dating back to the establishment
of the World Bank. This continues to be the case today, since access to
the international capital markets is essential for the operations of
these banks. Essentially, a high credit rating enables the MDB’s to
raise debt cheaply from the bond markets and then on-lend to their
member countries at interest rates, which the government shareholders on
their own would not be able to obtain. Based on this core financial
design, multilateral development banks have had a long and successful
track record of delivering quality infrastructure in developing
countries. If the financing model delivers so well, why have there been
so many calls for a review and assessment of the effectiveness of
MDB’s? 

Over the past few years several distinguished panels and
commissions investigated the potential future role of MDB’s. Most
recently the G20 appointed an Eminent Persons Group (EPG) led by the
Deputy Prime Minister of Singapore, Mr. Tharman Shanmugaratnam. The EPG
was tasked to offer views on how the global financial architecture
should be reformed and specifically how international financial
institutions like MDB’s could be strengthened. 

Funding gap

With
rapid urbanization across the developing world, the demand for
infrastructure has grown rapidly and the gap between demand and supply
continues to widen. It is estimated that more than a billion people live
without access to safe drinking water or access to adequate
sanitation. 

In this context, financial transfers and investments
from MDB’s in infrastructure are small as a percentage of total
investments and total cross border capital flows. The combined
investment in sustainable infrastructure by MDB’s is falling
significantly short of the levels required to keep pace with economic
growth in most developing countries. Furthermore, the scale of
infrastructure investment required in developing countries is much
greater than the fiscal capacity of the governments to finance them. For
this reason there has been a chorus of voices calling for a review of
the effectiveness of MDB’s to explore new instruments and platforms to
be achieve greater leverage. 

While the debate on the future role
of MDB’s may continue for some time, three core ideas have gained
considerable traction. These are securing a greater role for the private
sector, providing more local currency financing, and leading the
financial sector in securing a low carbon future including developing
the green finance market.

MDB’s activities to crowd in private sector

Infrastructure
is now becoming an alternative asset class for private investors and
certainly has the potential to develop further in this regard. However
MDB’s have a vital role to play to ensure that an acceptable risk/return
profile is offered since the private sector will be able to internalize
some risk elements but will be reliant on some public intervention to
deal with the remaining barriers to investment. 

MDB’s have a
critical role to play to increase private investors appetite for
long-term investments in sustainable infrastructure. They can do this by
increasing the flow and strengthening the pipeline of bankable
projects, remove barriers to investment and develop appropriate risk
mitigation instruments to improve the risk/return profile of
infrastructure assets. 

MDB’s have already taken several steps to
crowd in private financing. For example, most MDB’s have incubated
project preparation facilities to improve the quality and quantity of
bankable projects. Almost all the development banks have or are in the
process of preparing a long-term strategy that will embrace products,
strategies and incentives to catalyze private finance. In general most
of the Banks are also expanding the size of their private sector
operations as a proportion of their overall loan portfolio.

MDB’s
are now actively working to expand the range of financing approaches and
instruments for crowding in private sector investors.

Mobilizing private sector funding

Of
all the competing ideas of how to increase the scale and ambition of
infrastructure finance, there is almost universal consensus that MDB’s
have the potential to unlock greater private sector financing. Major
opportunities exist to leverage the potential of new technologies and
the growing capacity of the private sector.

MDB’s could develop
financial structures and instruments to recycle their capital more
rapidly for greater development impact. In such schemes private sector
could purchase mature financial assets from MDB’s and enable them to
free up their capital for further lending. MDB’s can and should use
their capital to de-risk transactions through for example, credit
enhancements in order to attract other sources of capital to the
project. In this sense the core future role of MDB’s should be to
crowd-in private capital. 

Institutional investors such as pension
funds and insurance companies are particularly relevant in this regard
since infrastructure as an asset class with its long-term stable cash
flows can be especially appealing to such investors with long-term
liabilities. 

Local currency financing

The predominant
source of MDB lending in developing countries has often been in the form
of loans denominated in foreign currency like USD or Euros. The
borrowers from the developing world on the other hand typically have
their revenues in local currency. Consequently the currency risk is
passed on to the borrower. Given the high level of volatility in
currency markets, foreign currency loans can bring significant exchange
rate risk for the borrower. Exchange rate risks can be avoided in the
long term by promoting local finance and capital markets. So promoting
local currency financing and local capital markets ought to become a key
priority for MDB’s. Domestic capital markets will be pivotal to
financing investment in future. Over the past decade and more, several
MDB’s notably the International Finance Corporation (IFC) and the
European bank for Reconstruction and Development (EBRD) have started to
raise local currency under their private sector operations. Of course
public sector lending still accounts for the bulk of MDB lending.
However local currency financing has a significant role to play in
future MDB lending activities. Many emerging markets have developed deep
and liquid capital markets and large pools of savings, which can be
harnessed for investment purposes.

Green finance

International
funding required for mitigation and adaptation to climate change fall
well short of the anticipated needs. MDB’s are making a critical
contribution in engineering shifts in energy production to renewable
energy technologies and enabling shifts towards low carbon modes of
transport. 

Green finance is broadly defined as financing of
investments that provide environmental benefits or stimulate sectors,
which reduce the level of carbon emissions in the economy. MDB’s were
the early pioneers of the green bond market with the European Investment
Bank (EIB) and the World Bank issuing the first green bonds in 2007.
Over the past few years the development of green finance has gained
significant momentum. Despite this momentum in the growth of a green
bond market, only one percent of the holdings of global institutional
investors could be classified as green infrastructure assets. MDB’s have
a vital role to play to scale up green finance.

Financial markets
have tremendous power to shift and influence developments in the real
economy through their investment decisions. In this sense MDB’s can play
an integral role to drive investments to climate friendly and green
projects.

Enabling the growth of green finance and climate finance
as part of a broader effort to facilitate and fast track the transition
to a green economy is an important role for the MDB’s of the future.

Despite
their shortcomings, MDB’s remain powerful tools for channeling
resources into sustainable infrastructure and are uniquely positioned as
multipliers of development. They specifically have a key role to play
to secure a low carbon future. Private capital has a central role to
play in the future of the development agenda. Furthermore, there is a
growing sense of urgency today to find innovative ways to make this
happen. However there are clearly still some barriers and obstacles that
investors face before the full funding potential of the private sector
can be realized. In particular the right allocation of risk between
governments, MDB’s and the private sector is essential in mobilizing
more private finance. 

The future is bright for MDB’s as they
develop new tools and instruments to crowd-in private capital, develop
local currency markets and lead efforts to fight climate change.


Author | Mr.
Leslie Maasdorp, Vice President and CFO of the New Development Bank,
member of the WEF global future council on Long Term Investment,
Infrastructure and Development

Design | Jiang Lingzhi