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Nancy Lee is a senior policy fellow at the Center for Global Development and a senior advisor at the Center for Strategic and International Studies. Her work at CGD focuses on the role of development banks in mobilizing private finance and increasing development impact. Previously, she was the deputy chief executive officer of the Millennium Challenge Corporation (MCC), an innovative, independent US aid agency that fights poverty through country compacts that support inclusive growth. Key MCC attributes are rigorous country selection, country ownership of compacts, data-driven resource allocation, results accountability, and transparency.
Prior to joining MCC, Dr. Lee was the general manager (CEO) of the Multilateral Investment Fund (MIF) at the Inter-American Development Bank, the Bank’s laboratory for private sector-led development and a key impact investor in the region. Under Dr. Lee's leadership, the MIF launched initiatives in lending to women-owned SMEs; a public-private partnership to scale youth job training programs; a program to introduce social impact bonds to the region; innovative climate finance models; and a crowdsourcing platform for development solutions.
Previously, Dr. Lee served at the US Treasury Department, where she was deputy assistant secretary for the Western Hemisphere and for Europe and Eurasia. She led Treasury’s work to put financial inclusion, SME finance, and women’s access to finance on the G20 agenda. She co-chaired the G20 SME Finance Group and led the development of the G20 SME Finance Challenge and the SME Finance Innovation Fund. She was a Treasury negotiator in the Uruguay Round of trade negotiations. Dr. Lee is a member of the Council on Foreign Relations and holds a PhD and an MA in economics from Tufts University and a BA in economics from Wellesley College.
Policymakers in rich and poor countries interested in boosting growth increasingly view women entrepreneurs as an underutilized asset. The launch of the Women’s Entrepreneurship Facility (We-Fi) at the G20 Summit is one example of a major initiative to mobilize more than $1 billion to help women start and grow businesses. But, beyond the scale of resources, important questions about how they are allocated need to be addressed.
Please join a panel of distinguished thought and practice leaders from the World Bank, WeConnect, and the Global Banking Alliance for Women for a discussion of how to formulate a holistic approach to this set of challenges. What does the evidence tell us about the most effective ways to support access to finance, access to skills and networks, and access to markets? And how can interventions best be combined?
Two bills just introduced in the Senate and the House, both called the Economic Growth and Development Act, take on a central challenge in US development policy and programs: lack of collaboration to mobilize private investment among the 12 departments, 26 agencies, and more than 60 federal government offices involved in delivering aid.
On April 11, the World Bank's International Development Association broke new ground by establishing a private sector window (PSW) with $2.5 billion in resources. For the first time, IDA will use public funds to catalyze private investments in poor countries, in addition to concessional lending to their governments.
Many in the development community lament that we have failed on two counts: broad audiences don’t know about unprecedented progress in poverty reduction and human development indicators in recent decades, and, if they do know, they don’t see the connection between aid programs and such progress. Despite strongs efforts on the part of development institutions to measure results, it remains hard to articulate them in a way that is compelling to nontechnical audiences—taxpayers who absolutely deserve to understand why and how development dollars are making a difference.
The debate at a recent CGD event eloquently demonstrated once again that this is a moment of deep uncertainty and basic disagreement about the future and purpose of aid programs and development agencies. But even more risk is introduced into this perilous mix if we fail to understand what we already have in the toolkit and how these tools can be used to meet needs.
As world leaders gather to kick off the World Economic Forum Annual Meeting in Davos, Switzerland, CGD’s experts weigh in to shed some light on the ongoing debates, with innovative evidence-based solutions to the world’s most urgent challenges, and also discuss what’s not on the agenda but should be.
The global financial crisis and economic slowdown are subjecting poor countries to increased financial, price, and output volatility. How can the multilateral development banks help? A new CGD brief by visiting fellow Nancy Lee, non-resident fellow Guillermo Perry, and CGD president Nancy Birdsall makes the case for a broad range of new and expanded activities to help developing countries manage risk.
In this CGD Essay, visiting fellow Nancy Lee provides the full details and policy recommendations for a strategy of regional investment integration in the Americas. The essay, excerpted from her chapter in the forthcoming White House and the World: A Global Development Agenda for the Next U.S. President, builds on a previously published CGD Note by specifying the scope of the proposed agreement, outlining its expected gains, and identifying the initial steps the United States could take to encourage a fresh agreement to be reached.
The next U.S. president has a great opportunity to lead regional
economic integration in the Americas, to the benefit of both the
United States and Latin America. For the Americas, the high hopes of a decade ago for a
hemispheric trade agreement have faded, along with confidence
in the region’s ability to act collectively to address fundamental
economic challenges. The model for integration outlined here is a regional investment standards agreement—a collective effort to set common standards for key microeconomic policies affecting both domestic and foreign businesses.
The purpose of this note is to provide a realistic analysis of where MDBs have made progress in improving performance and governance, the risks and challenges they and their shareholders confront today, possible areas of US-China collaboration, and a specific recommendation for a joint effort.
Unlike East Asia and Europe, Latin America lacks a shared integration strategy and continues to struggle with a burdensome investment climate. In this new CGD Note, visiting fellow Nancy Lee suggests a fresh approach to regional integration in the form of a proposed regional investment agreement. The idea is a collective effort to set common standards for reducing specific barriers to domestic and foreign investment. Beyond its benefits for growth, such an agreement could boost the incomes of the poor by helping small businesses trapped in the informal sector move into the more productive formal sector.
With fundamental questions being raised these days about the nature and value of US foreign assistance, it is all the more critical that the Center for Global Development continues to play a leadership role in bringing evidence and analysis to the US policy agenda. That’s why I’m so pleased to announce three new hires that will enable us to up our game across the board and move into critical new areas of US policy.