www.ifc.org/thoughtleadership NOTE 100 • MAR 2021 Promoting Impact by Creating Markets: Management and Measurement NO TE By Issa Faye and Luyen Tran This 100th EM Compass note explains why it is important to “create markets” to promote development, and how development finance institutions and impact fund managers can draw on IFC’s Anticipated Impact Measurement and Monitoring system to assess the contribution of their investments to both market creation and project outcomes. As the largest global development institution focused on the the World Bank’s strengths on policy, which reinforces its private sector in developing countries,1 IFC has a rich history capacity to undertake “upstream” activities that can pave the of creating markets through its mandate of “encouraging the way for market creation and downstream investments. So, why growth of productive private enterprise.”2 IFC’s founding this focus on market creation, and why now? vision was to use its own investments as catalysts to mobilize The Importance of Market Creation in Narrowing private investment in markets where private capital had not Development Gaps been available on reasonable terms. IFC then added advisory services to complement its investment activities. These A persistent $2.5 trillion annual financing gap remains a two tools—investment and advisory services—have since barrier to achieving the Sustainable Development Goals evolved and significantly contributed to IFC’s six decades of (SDGs).4 With diminishing fiscal space and the burdens of experience in creating and developing markets.3 financing current social and economic demands, governments over the past decade have acknowledged the central role that IFC’s renewed strategy for market creation —In 2017, IFC private finance must play in narrowing the SDG financing gap. renewed and significantly stepped up its strategic focus The pandemic has made the challenge even greater and the on market creation with a more deliberate approach that need for private sector involvement even more urgent. prioritized interventions with the greatest potential to develop new markets and bring systemic change to underperforming Creating markets is critical to catalyzing private finance at markets. Under its current strategy, IFC began to systematically scale, to move from billions to trillions and achieve the SDG identify binding constraints to market development at the targets (Box 1). 5 country and sector levels, and then develop investment Well-functioning markets are critical to economic strategies combined with market development through development —When they work well, markets incentivize institutional and governance reform embedded in World Bank firms to compete, giving rise to self-reinforcing, productivity- policy advice and lending. By doing so, IFC now aligns its boosting innovation and specialization that benefits investments more closely with its advisory services and leverages society, resulting for instance in lower prices. On the About the Authors Issa Faye, Director, Sector Economics and Development Impact, Economics and Private Sector Development, IFC. His email is ifaye@ifc.org. Luyen Tran, Chief Development Impact Officer, Sector Economics and Development Impact, Economics and Private Sector Development, IFC. His email is ltran2@ifc.org. 1 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. Managing for (Creating Markets) Impact BOX 1 When Economic Success leads to Traditionally, the development impact methodologies that Societal Progress—The Promise of DFIs have used have focused on project outputs or outcomes. “Billions to Trillions” This approach needed to be adjusted and expanded in order Businesses realize that unmet societal needs, to capture market-level effects—not only ex post, but at the not just economic needs, define markets. time of the investment decision. Consequently, business success occurs alongside societal progress. Risk-return considerations In order to more effectively measure the development impact increasingly take into account, for instance, of its investment and advisory projects, IFC launched the need to ensure sustainability throughout its Anticipated Impact Measurement and Monitoring supply chains, and the benefits of increasing the (AIMM) system in 2017. An ex-ante project assessment and customer base to include unserved customers monitoring tool, the AIMM framework draws on evaluation at the base of the pyramid. Other attributes best practices, research findings, and consultations with of successful markets—competitiveness, other development finance institutions. The framework has integration, and resilience—also help scale solutions to work toward the SDGs. More helped operationalize IFC’s strategy (“IFC 3.0”) by providing and more examples of business solutions the analytical approaches to assess not only the direct and to development challenges are surfacing to indirect effects of IFC’s interventions, but also the systemic demonstrate how private business can deliver changes that accrue from a purposeful investment to support profit and development impact simultaneously. the development of a market. A growing class of international investors are making investments to generate measurable The AIMM system incorporates several novel approaches positive social or environmental impact alongside to measuring development impact of investment and a financial return. advisory projects. Source: World Bank Group – IMF. 2015. “From Billions to Trillions: • It assesses development impact along two dimensions: Transforming Development Finance – Post-2015 Financing – Multilateral Development Finance, No. 36. project outcomes that reflect direct and indirect effects linked to the intervention, and contributions to market creation that reflect catalytic effects that the intervention other hand, inefficient markets with limited competition, could potentially trigger within its relevant market. perhaps as a result of weak regulatory guardrails or limited • It incorporates both country context and project design administrative and entrepreneurial capacity, can severely features to arrive at an overall estimate of a project’s hamper developmental outcomes. Market failures also shape potential to generate development impact. the future of an economy: they deter investment, weaken • It expands the standard focus on direct stakeholder effects business sentiment, and disrupt policies. This can set back a by including economy-wide effects, which are estimated country’s economic trajectory, exacerbate gender inequality based on the most relevant economic modeling techniques. and environmental damage, and impair markets’ ability to In so doing, it considers a range of environmental effects withstand financial and environmental shocks. beyond greenhouse gas emissions (for example, water efficiency, biodiversity, and adaptation). By systematically targeting and supporting the creation The AIMM system draws on a reservoir of sector-specific of well-functioning markets, IFC and other development framework guidance notes for data and analytical input. finance institutions (DFIs) can achieve development impact These are “living documents” that are continuously well beyond the confines of individual investment projects. expanded and refined. Currently, there are 25 sector Since DFI annual investment volumes, even collectively, frameworks with around 200 indicators to assess the extent are small compared to overall investments in emerging of development challenges that countries face (e.g., rate of markets, adopting a strategic, coordinated, catalytic informal employment, share of small enterprises that lack approach is core to DFIs’ mandates. IFC therefore sees its sufficient funding, etc.) and 600 indicators that seek to role as a facilitator within a broader context that involves measure outcomes associated with IFC’s interventions (e.g., many other actors, supporting investments that generate number of smallholder farmers reached, share of population and then build on systemic improvements in the structure with access to electricity, etc.). For each of these elements, and functioning of markets. IFC has created normalized benchmarks (where possible) to 2 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. assess impact contributions using available data, evidence, financing instruments. Innovative solutions can increase and technical expertise within IFC, the World Bank, productivity and enhance market competition and trade and other recognized external sources, including partner competitiveness, thereby contributing to market creation. development finance institutions.6 An example is Bank South Pacific (BSP), the largest retail and commercial bank in Papua New Guinea. To develop The monitoring of outcomes is also an essential component its retail and SME businesses, the bank used the power of the AIMM system, as it links ex-ante assessments with of FinTech to develop digital financial services that allow the learning and accountability function embedded in IFC’s it to reach customers in remote locations without having existing results measurement system. Each development to develop an expensive branch network.9 IFC supported outcome claim in an IFC project is explicitly tied to one the effort with funding and advisory services, providing or more monitoring indicators that are regularly tracked advice on project rollout, developing an agent network, and during portfolio supervision. By tracking these indicators, promoting mobile banking. Within a year, BSP added more the AIMM system links project ratings with real-time results than 100,000 new users for its mobile banking initiative. measurement findings. Project monitoring thus enables IFC FinTech investments have also created markets for and private investors to set ambitious yet achievable targets, financial inclusion by disrupting the traditional financial track and report on progress, and generate an inventory of intermediation industry and providing new financial lessons from portfolio developments to improve the selection delivery models for the poor and the vulnerable.10 and design of future projects.7 • Generating demonstration and replication effects —IFC Measuring expected market outcomes —The AIMM system interventions can help demonstrate the commercial characterizes IFC activities that contribute to creating markets viability of new markets to investors. These interventions through four drivers of systemic change, referred to as include providing support to a new entrant in the market, “channels” for promoting markets that are more competitive, assisting an incumbent launching a new product in an resilient, integrated, inclusive, and sustainable: already established market, or helping a client issue a new • Market enabling —Through its upstream work and financing instrument to mobilize capital. Demonstration coordination with World Bank policy support for sector effects can be observed over time when similar competing reforms, IFC helps create the frameworks within which products are launched, or through the scaling of a product markets can function, including policy, regulation, or financial instrument. This was evident in the Eastern platforms, and financial and other interventions that African Submarine Cable System (EASSy), where IFC help optimize how market incumbents are organized and developed a unique financing structure that generated how market participants compete on a more level playing important demonstration effects for the entire East Africa field for customers. A recent example is IFC’s work in region, including a catalytic effect in the development of a the establishment and deployment of wholesale wireless separate submarine cable in the region. networks (Red Compartida) in Mexico.8 Launched from • Enhancing skills, capacities, and governance structure at newly-enacted constitutional reforms that establish firm level —Finally, through its advisory service offerings Internet access as a right for all, Red Compartida (“shared and parallel World Bank policy support, IFC helps build network”) allowed new entrants to compete in Mexico’s capacity and create standards that open new market wireless network market while forgoing the traditional yet opportunities. Firm governance, finance, and corporate prohibitive costs of building mobile network infrastructure capabilities are critical to the creation of markets. IFC’s from the ground up. Not only does this lay the foundation role in enhancing the skills, capacities, and governance for a more level playing field in the Mexican telecoms at the firm level was evidenced in various case studies, sector, Red Compartida also offers wireless connectivity including an IFC investment and advisory project to more than 90 percent of Mexico’s population (over 110 that improved the governance structure of an investee million people) and should achieve full wireless coverage microfinance institution in Peru, and thus contributed to upon completion. The new, affordable Internet coverage is market creation and financial inclusion objectives. expected to trigger market entry by digital entrepreneurs, facilitate the creation of smart cities, and improve rural The Relevance of IFC’s AIMM System to the Work of access to banking, health, and education services. Impact Fund Managers • Fostering innovation —IFC also fosters innovation by Impact fund managers have long recognized the importance of supporting new products, processes, standards, and cataloguing and quantifying the impact of their investments. 3 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. Doing so helps inform prospective investors of the specific How can the AIMM framework’s market typologies contribution that certain investments make to the investor’s help investors define the current state and potential of priority social and environmental objectives. The challenge a market?13 has been how to do this in a credible and cost-effective way. The AIMM sector frameworks assess market development IFC’s AIMM system offers several insights that impact fund gaps by mapping existing markets into a typology of market managers can leverage to strengthen their impact measurement “stages.” That is, in order to assess how an IFC investment and monitoring practices. Four are described here. can improve the structure and functioning of a market, IFC How can investors use existing IFC sector frameworks economists first need to establish how advanced the market is. and rating exercises to measure and monitor impact? While the work of assessing changes in market structure IFC’s AIMM sector frameworks provide a range of outcome and functioning continues to evolve at IFC, knowing where indicators that impact fund managers can reference to assess a market sits in its development is consequential to the how well their investments are achieving their intended assignment of an impact rating. For example, generating a goals. More broadly, work currently underway across given amount of systemic change in a highly underdeveloped different forums, including through the steering group of market seems more consequential than doing so in a the Operating Principles for Impact Management and the moderately developed market. Therefore, the investment in the group of multilateral and bilateral development institutions underdeveloped market could generally rate higher in terms collaborating on the Harmonized Indicators for Private Sector of impact potential under the framework. In the future, and Operations (HIPSO), is identifying ways to operationalize as convergence on the measurement of direct and indirect different facets of this challenge. effects on stakeholders emerges, impact fund managers may These indicators are not only sector specific; many have the want to analyze how their interventions may catalyze systemic added virtue of being harmonized with indicators employed changes in market structure and functioning. By using market by other development finance institutions and impact typologies found in sector frameworks, impact fund managers fund managers. When paired with the relevant country are able to contextualize their contributions to market gap measures, the tracking indicators employed in these development. sector frameworks can provide a credible basis upon which This may motivate investors to allocate more of their impact fund managers can assign both ex-ante and portfolio investments to those sectors that are least developed, supervision impact scores. especially if their impact investor base seeks greater How can impact fund managers draw on the AIMM development impact potential for systemic market changes. framework to gauge country context? IFC has broad ambitions for expanding the development of market typologies across all sectors in which it has One of the most consequential elements of the AIMM system is its incorporation of country context in impact assessment. investments. IFC invites those investors with specific This practice acknowledges that impact contributions are knowledge about the development of a market to collaborate relative and depend on prevailing circumstances.11 on developing a database of market typologies across all emerging markets and developing countries. For example, an investment that delivers 300 jobs will make a more consequential contribution to poverty How can impact fund managers better understand and reduction when those jobs are delivered in a low-income use the AIMM framework’s data and analytical building country with high unemployment, rather than in an blocks, including in relation to market creation? 14 upper-middle income country near full employment. IFC’s For more information on the AIMM framework, IFC has development of country gaps in over two dozen sector- made available a variety of resources to the public on its specific frameworks can be used by impact managers to website. These can be found at the following links: assess an investment’s relative contribution to development • An overview of the AIMM framework15 impact by contextualizing the investment’s outcomes (jobs • AIMM sector frameworks16 created, farmers reached, kilometers of roads paved, etc.) so that there is a common understanding of how important In addition, IFC’s Sector Economics and Development such effects are to the development agenda. In fact, the new Impact department periodically offers workshops on JPMorgan Development Finance Institution, launched in the AIMM system as well as tailored engagements with January 2020, assesses the impact of its investments based interested parties on development impact measurement and on rating approaches developed by IFC.12 monitoring approaches.17 4 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. Conclusion following colleagues for their review and suggestions: within Economics and Private Sector Development, IFC: Issa Faye, With well-functioning markets so critical to economic Director, Sector Economics and Development Impact; Neil development, an impact management system like IFC’s Gregory, Chief Thought Leadership Officer; Camilo Mondragon AIMM framework offers impact fund managers a useful Velez, Principal Research Economist, Sector Economics and tool to assess their investments’ contributions to more Development Impact; Arthur Karlin, Consultant, Blended competitive, resilient, sustainable, integrated, and inclusive Finance; Friedemann Roy, Advisor to the Vice President, markets. By supporting positive changes in the structure Economics and Private Sector Development, IFC; Thomas Kerr, and functioning of markets, impact fund managers— Manager, Partnerships, Communications and Outreach, IFC; through their purposeful investments—have the capacity Wen Kang Chow, Research Assistant Economics and Private to improve access to products and services, generating Sector Development, IFC; and Thomas Rehermann, Senior positive financial and societal returns beyond the impact of Economist, Economics and Private Sector Development, IFC. individual investments. IFC welcomes greater collaboration Please see the following reports and selected EM with impact fund managers in this context and stands ready Compass Notes on the role of markets in development in to support our shared ambition of creating markets that emerging markets: Artificial Intelligence in Emerging Markets— support inclusive and sustainable growth. Opportunities, Trends, and Emerging Business Models (report, September 2020); Reinventing Business Through Disruptive ACKNOWLEDGMENTS Technologies - Sector Trends and Investment Opportunities for The authors of this note are grateful for the guidance provided Firms in Emerging Markets (report, March 2019); How Technology by Hans Peter Lankes during the period that IFC’s Anticipated Creates Markets - Trends and Examples for Private Investors in Impact Measurement and Monitoring (AIMM) was established. Emerging Markets (report, March 2018); Accelerating Digital Mr. Lankes is Visiting Professor in Practice, Grantham Connectivity Through Infrastructure Sharing (Note 79, February Research Institute on Climate Change and the Environment, 2020); Creating Domestic Capital Markets in Developing Countries: London School of Economics, London, UK; he served as Vice Perspectives from Market Participants (Note 77, Jan 2020); The President, Economics and Private Sector Development, IFC, Role of Artificial Intelligence in Supporting Development in Emerging until January 2021. The authors would also like to thank the Markets (Note 69, July 2019). 1 IFC. n.d. “About IFC.” https://www.ifc.org/wps/wcm/connect/CORP_EXT_Content/IFC_External_Corporate_Site/About+IFC_New/ 2 IFC Articles of Agreement 3 See for a detailed history of IFC at its 60th anniversary: IFC. 2016. “The First Six Decades – Leading the Way in Private Sector Development.” 4 United Nations. n.d. “UN Secretary-General’s Strategy for Financing the 2030 Agenda.” https://www.un.org/sustainabledevelopment/sg-finance-strategy 5 IFC. 2015. “From Billions to Trillions: Transforming Development Finance Post-2015 Financing for Development: Multilateral Development Finance.” 6 IFC. 2020. “IFC AIMM Workshop.” https://web.cvent.com/event/ca67f290-b27a-42eb-bc3e-1deb14f79762/summary?locale=en- US&i=UNa1SZePHkq7YMbgvsCfeA 7 IFC. n.d. “Anticipated Impact Measurement and Monitoring.” https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/ development+impact/aimm 8 IFC. 2018. “Reshaping Mexico’s Telecom Industry with Connectivity for All.” https://www.ifc.org/wps/wcm/connect/news_ext_content/ifc_external_ corporate_site/news+and+events/news/impact-stories/reshaping-telecom-industry-mexico 9 For more information, please see: IFC. n.d. “Introducing Mobile Banking to Papua New Guinea.” https://www.ifc.org/wps/wcm/connect/067b39c9-0963- 4b42-ab6a-a94309a8fa38/BSP+Case.pdf?MOD=AJPERES&CVID=mGp3gF8 10 See website “Fintech at IFC”: https://www.ifc.org/wps/wcm/connect/industry_ext_content/ifc_external_corporate_site/infrastructure/priorities/telecoms_ media_technology/fintech 11 IFC. 2019. “AIMM General Guidance Note - Project Assessment and Scoring Guidance Note.” March 2019. https://www.ifc.org/wps/wcm/ connect/45565802-1b1c-4697-a4cf-45d675dd5640/AIMM-General-Guidance-Note-Consultation.pdf?MOD=AJPERES&CVID=mDqGyqA; see also: IFC. 2020. “Measuring Up”. Section within IFC Annual Report 2020, pp. 89-96. https://www.ifc.org/wps/wcm/connect/0d16e9f4-8f28-4422-9477- 22c7c318856e/IFC-AR20-Measuring-Up.pdf?MOD=AJPERES&CVID=nlnjoQJ 12 See: https://www.jpmorgan.com/content/dam/jpm/cib/complex/content/news/2020-dfi-announcement/pdf-1.pdf 13 IFC. 2019. “IFC’s Anticipated Impact Measurement and Monitoring (AIMM) System: Project Assessment and Scoring Guidance Note.” https://www.ifc. org/wps/wcm/connect/45565802-1b1c-4697-a4cf-45d675dd5640/AIMM-General-Guidance-Note-Consultation.pdf?MOD=AJPERES&CVID=mDqGyqA 14 IFC. 2019. “IFC’s Anticipated Impact Measurement and Monitoring (AIMM) System: Project Assessment and Scoring Guidance Note.” https://www.ifc. org/wps/wcm/connect/45565802-1b1c-4697-a4cf-45d675dd5640/AIMM-General-Guidance-Note-Consultation.pdf?MOD=AJPERES&CVID=mDqGyqA 15 See for details IFC’s website about AIMM: https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/development+impact/ aimm 16 See for details: https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/development+impact/aimm/measuring-impact/ measuring-impact. See also IFC. 2020. “IFC Annual Report 2020,” pp. 89-96; and also https://www.ifc.org/wps/wcm/connect/Topics_Ext_Content/ IFC_External_Corporate_Site/Development+Impact/aimm/EIAF/ 17 For more details see: https://www.ifc.org/wps/wcm/connect/Topics_Ext_Content/IFC_External_Corporate_Site/Development+Impact/Contacts/ 5 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. Additional Selected EM Compass Notes Previously Published by IFC Thought Leadership FEBRUARY 2021 Note 82: Artificial Intelligence in Agribusiness is Growing Note 99: Blended Concessional Finance and COVID-19 in Emerging Markets JANUARY 2021 APRIL 2020 Note 98: Private Credit in Emerging Markets Note 81: Artificial Intelligence in the Power Sector Note 97: How Artificial Intelligence Can Help Advance MARCH 2020 Post-Secondary Learning in Emerging Markets Note 80: Developing Artificial Intelligence Sustainably: DECEMBER 2020 Toward a Practical Code of Conduct for Disruptive Note 96: Innovation, Investment, and Emerging Technologies Opportunities in Today’s Textile and Apparel Value Chain Note 80a: IFC Technology Code of Conduct—Progression Note 95: How the Tourism Sector in Emerging Markets is Matrix—Public Draft—Addendum to Note 80 Recovering from COVID-19 FEBRUARY 2020 NOVEMBER 2020 Note 79: Accelerating Digital Connectivity Through Note 94: Deep Tech Solutions for Emerging Markets Infrastructure Sharing Note 93: Impacts of COVID-19 on the Private Sector in Note 78: Artificial Intelligence and the Future for Smart Fragile and Conflict-Affected Situations Homes OCTOBER 2020 JANUARY 2020 Note 92: How Natural Capital Approaches Can Support Note 77: Creating Domestic Capital Markets in Developing Sustainable Investments and Markets Countries: Perspectives from Market Participants SEPTEMBER 2020 DECEMBER 2019 Note 91: Artificial Intelligence and Healthcare in Emerging Note 76: Artificial Intelligence and 5G Mobile Technology Markets Can Drive Investment Opportunities in Emerging Markets Note 90: Lessons for Electric Utilities from COVID-19 NOVEMBER 2019 Responses in Emerging Markets Note 75: How Artificial Intelligence is Making Transport AUGUST 2020 Safer, Cleaner, More Reliable and Efficient in Emerging Note 89: Social Bonds Can Help Mitigate the Economic Markets and Social Effects of the COVID-19 Crisis OCTOBER 2019 Note 88: What African Industrial Development Can Learn Note 74: Bridging the Trust Gap: Blockchain’s Potential to from East Asian Successes—The Role of Complexity and Restore Trust in Artificial Intelligence in Support of New Economic Fitness Business Models JULY 2020 Note 73: Closing the SDG Financing Gap—Trends Note 87: AI Investments Allow Emerging Markets to and Data Develop and Expand Sophisticated Manufacturing SEPTEMBER 2019 Capabilities Note 72: Blended Concessional Finance: The Rise of JUNE 2020 Returnable Capital Contributions Note 86: Leveraging Big Data to Advance Gender Equality Note 71: Artificial Intelligence: Investment Trends and Note 85: Artificial Intelligence Innovation in Financial Selected Industry Uses Services AUGUST 2019 MAY 2020 Note 70: How Insurtech Can Close the Protection Gap in Note 84: Leveraging Inclusive Businesses Models to Emerging Markets Support the Base of the Pyramid during COVID-19 JULY 2019 Note 83: What COVID-19 Means for Digital Infrastructure Note 69: The Role of Artificial Intelligence in Supporting in Emerging Markets Development in Emerging Markets 6 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. JUNE 2019 JANUARY 2018 Note 68: Basic Business Models for Banks Providing Note 48: Increased Regulation and De-risking are Digital Financial Services in Africa Impeding Cross-Border Financing in Emerging Markets APRIL 2019 OCTOBER 2017 Note 67: The Case for Responsible Investing in Digital Note 47: From Farm to Fork: Private Enterprise Can Financial Services Reduce Food Loss Through Climate-Smart Agriculture Note 46: Precision Farming Enables Climate-Smart MARCH 2019 Agribusiness Note 66: Blended Concessional Finance: Governance Matters for Impact SEPTEMBER 2017 Note 65: Natural Gas and the Clean Energy Transition Note 45: Beyond Fintech: Leveraging Blockchain for More Sustainable and Inclusive Supply Chains FEBRUARY 2019 Note 44: Blockchain in Financial Services in Emerging Note 64: Institutional Investing: A New Investor Forum Markets—Part II: Selected Regional Developments and Growing Interest in Sustainable Emerging Markets Note 43: Blockchain in Financial Services in Emerging Investments Markets—Part I: Current Trends JANUARY 2019 AUGUST 2017 Note 63: Blockchain and Associated Legal Issues for Note 42: Digital Financial Services: Challenges and Emerging Markets Opportunities for Emerging Market Banks Note 62: Service Performance Guarantees for Public Utilities and Beyond—An Innovation with Potential to JULY 2017 Attract Investors to Emerging Markets Note 41: Blockchain in Development—Part II: How It Can Impact Emerging Markets NOVEMBER 2018 Note 40: Blockchain in Development—Part I: A New Note 61: Using Blockchain to Enable Cleaner, Modern Mechanism of “Trust?” Energy Systems in Emerging Markets Note 39: Technology-Enabled Supply Chain Finance Note 60: Blended Concessional Finance: Scaling Up for Small and Medium Enterprises is a Major Growth Private Investment in Lower-Income Countries Opportunity for Banks OCTOBER 2018 MAY 2017 Note 59: How a Know-Your-Customer Utility Could Note 38: Can Blockchain Technology Address De-Risking Increase Access to Financial Services in Emerging Markets in Emerging Markets? Note 58: Competition Works: Driving Microfinance Institutions to Reach Lower-Income People and the APRIL 2017 Unbanked in Peru Note 37: Creating Agricultural Markets: How the Ethiopia Commodity Exchange Connects Farmers and Buyers SEPTEMBER 2018 through Partnership and Technology Note 57: Blockchain Governance and Regulation as an Note 35: Queen Alia International Airport—The Role of Enabler for Market Creation in Emerging Markets IFC in Facilitating Private Investment in a Large Airport JULY 2018 Project Note 56: A Practical Tool to Create Economic Opportunity MARCH 2017 for Low-Income Communities Note 34: How Fintech is Reaching the Poor in Africa and JUNE 2018 Asia: A Start-Up Perspective Note 55: Peru’s Works for Taxes Scheme: An Innovative Note 33: Creating Markets in Turkey’s Power Sector Solution to Accelerate Private Provision of Infrastructure FEBRUARY 2017 Investment Note 32: Private Provision of Education: Opportunities for MAY 2018 Emerging Markets Note 54: Modelo Peru: A Mobile Money Platform Offering Note 31: Improving Emerging Markets Healthcare Interoperability Towards Financial Inclusion Through Private Provision APRIL 2018 JANUARY 2017 Note 52: Crowding-In Capital: How Insurance Companies Note 30: Masala Bond Program—Nurturing A Local Can Expand Access to Finance Currency Bond Market 7 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. IFC 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 U.S.A. ifc.org/ThoughtLeadership MAR 2021 8 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group.