Doing business with the International Financial Institutions (IFI’s) / Multilateral Development Banks (MDB’s)
After a bit of a break we are excited to share this latest Newsletter with you and reintroduce ourselves!
We hope all of you got through the COVID-19 pandemic safely and well. Although, life is getting back to (the new) normal, travel is still somewhat difficult and many offices are not fully open yet.
The World Bank Group Headquarters is currently at 50% capacity and slowly opening up to visitors again, the recent Spring Meetings were still held in a hybrid format. Nonetheless, business must go on albeit via email/Zoom/Teams etc.
The Russian invasion of Ukraine threatens the uneven recovery of developing East Asia and Pacific (EAP) countries. The invasion comes on top of the economic distress caused by the lingering COVID-19 pandemic, the financial tightening in the United States, and the pandemic resurgence and the economic slowdown in China. While commodity producers and fiscally solid countries in the region may weather these shocks with less difficulty, these events will dampen the growth prospects of most economies in the region. Overall economic growth is projected to slow to 5 percent in 2022— 0.4 of a percentage point less than expected in October. If global conditions worsen and national policy responses are weak, growth could ease further.
Higher inflation. Slower growth. Tightening financial conditions.
In recent weeks, Russia’s invasion of Ukraine has exacerbated global economic risks. There is a fourth element, however, that could make the mix combustible: the high debt of emerging markets and developing economies.
The World Bank Group has strict policies with regards to fraud and corruption. At times
it is obvious what is accepted and what’s not, but every company runs the risk of being confronted with compliance questions. This could be due to a local partner getting compromised or a local authority is putting you in a difficult position. How can you protect your company from compliance issues, especially when working in “difficult” markets? What should a solid company compliance program entail? How do you engage your supply chain?
The World Bank Group and the Netherlands Enterprise Agency are organizing a joint Compliance event on February 1st, 2019 in The Hague. The event promises to take a very practical approach and will be focused on shedding some light on the above highlighted issues and questions. The World Bank will be explaining the major do’s and don’ts when working with the Bank and what it means to be under investigation. Of major value will be the exchange of practical experiences discussing ways to avoid compliance issues.