Tordo, Silvana

Energy and Extractives Global Practice
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Fields of Specialization
Petroleum sector, Sovereign wealth funds, Strategic investment funds, Climate change adaptation finance
Energy and Extractives Global Practice
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Last updated January 31, 2023
Silvana Tordo is a Lead Energy Economist at the World Bank’s Energy and Extractives Global Practice where she co-leads the Extractives-led Local Economic Development (ELLED) program. Silvana’s publications cover a wide range of topics, including value creation by national oil companies, allocation of petroleum rights, oil and gas taxation, strategic investment funds, industrial policy, and climate-smart policies.

Publication Search Results

Now showing 1 - 2 of 2
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    Strategic Investment Funds: Opportunities and Challenges
    (World Bank, Washington, DC, 2016-10) Halland, Havard ; Noel, Michel ; Tordo, Silvana ; Kloper-Owens, Jacob J.
    Over the past 15 years, the number of government-sponsored strategic investment funds has grown rapidly in countries at all income levels. This paper identifies some of the challenges that these funds face in their endeavor to achieve economic policy objectives while also securing commercial financial returns—the so-called double bottom line. Through the review of the objectives, investment strategies, and operations of a sample of strategic investment funds, this paper outlines ways in which these challenges have been addressed. The paper suggests that properly structured and managed strategic investment funds can be effective vehicles for crowding in private investors to priority investments, thus magnifying the impact of public capital. However, their success rests on the funds' ability to balance policy and commercial objectives, source investment opportunities, and secure the right fund management capacity.
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    Designing Oil Revenue Management Mechanisms: An Application to Chad
    (World Bank, Washington, DC, 2020-09) Campagne, Benoit ; Kitzmuller, Markus ; Tordo, Silvana
    Oil resources usually play a significant role in oil-rich countries, in gross domestic product and government revenues. High dependence of government revenues on oil can contribute to severe recession following an adverse commodity price shock, such as in 2014. This paper examines the extent to which a fiscal rule or stabilization fund could translate into a less pro-cyclical fiscal policy, with the government saving part of its oil revenues during periods of high prices and drawing down on the savings during difficult periods. Using the macro-structural model MFMod, the paper presents, evaluates, and discusses the strengths and weaknesses of different oil revenue management mechanisms applied to the specific case of Chad. The scenarios demonstrate that a well-designed management rule can successfully insulate the public budget from the oil price cycle, resulting in a significant reduction in the volatility of the economy.