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Views from the Center

CGD experts offer ideas and analysis to improve international development policy. Also check out our Global Health blog and US Development Policy blog.

 

A hand with a magnifying glass looking at financial papers. Adobe Stock

IFC Must Implement the Recommendations of its External Accountability Review

In late July, we had called for the immediate release of the IFC/MIGA report, and we are pleased that the report has now been disclosed. The review is comprehensive and exposes serious problems in IFC/MIGA’s accountability system that have led to its dysfunction. The process for implementing reforms should be open and transparent and should address the following shortcomings:

A chart showing that IFC spend is concentrated in middle-income countries

Making the International Finance Corporation Relevant

Philippe Le Houerou, the Chief Executive of the IFC has announced his intention to step down in September. His legacy will include a significant effort to focus the work of the corporation on development impact and the world’s poorest countries. Le Houerou has had some success. But a look at IFC’s portfolio suggests how far the institution still has to go to have the biggest impact.

A bar chart showing the number of female full-time employees hired by each Nigerian tech firm surveyed

Nigeria's Tech Sector May Be Booming, but Where Are the Women?

The participation of women in the Nigerian tech sector is low. In a survey of tech firms conducted by the ONE Campaign and the Center for Global Development, only about 30 percent were owned by women, mostly concentrated in e-commerce and enterprise solutions. Of women-owned firms, the median share of ownership is 20 percent. Tech firms do not employ many women either—31 firms in our sample employ no women at all. The median value is two female employees per firm.

IFC's headquarters. Photo via wikimedia

IFC’s Accountability Review Is Welcome but Must Translate to Action

International Finance Corporation CEO Philippe Le Houerou announced that the IFC’s board will undertake a review of its accountability mechanisms, including the office of the Compliance Advisor Ombudsman. The announcement is timely. By initiating a review, IFC’s Board is taking the first step toward a more transparent and accountable operating structure. 

Africa CEO Forum

UK Aid Watchdog to CDC: Time to be More Accountable, More Transparent on Development Finance

The Independent Commission for Aid Impact (ICAI) issued a report this week on the performance of CDC–the UK’s development finance institution–in low-income and fragile states. ICAI gives CDC an Amber/Red rating on its performance, which means “unsatisfactory achievement in most areas, with some positive elements.” In particular, the commission says that CDC has not done enough to monitor its performance. 

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