July 2001IBRD and IDA lending commitments appear to reflect variations in borrowing countries' need for external financing to meet debt service commitments. This is true during both financial crises and more tranquil times, suggesting that aid may be more fungible than previously...

Long-term development finance provided by Multilateral Development Banks (MDBs) is key to advancing the United Nations 2015 Sustainable Development Goals. However, MDBs are constrained in their lending by the availability of capital. This paper argues that Risk Transfer, as a complement to...