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Southern-Led Development Finance examines some of the innovative new south-south financial arrangements and institutions that have emerged in recent years, as countries from the Global South seek to transform their economies and to shield themselves from global economic turbulence. Even before the Covid-19 crisis, it was clear to many that the global economy needed a reset and a massive increase in public investment. In the last decade southern-owned development banks, infrastructure funds, foreign exchange reserve funds and Sovereign Wealth Funds have doubled the amount of long-term finance available to developing countries. Now, as the world considers what a post-Covid-19 future will look like, it is clear that Southern-led institutions will do much of the heavy lifting. This book brings together insights from theory and practice, incorporating the voices of bankers, policymakers and practitioners alongside international academics. It covers the most significant new initiatives stemming from Asia, tried and tested examples in Latin America and in Africa, and the contribution of advanced economies. Whilst the book highlights the potential for Southern-led initiatives to change the global financial landscape profoundly, it also shows their varied impacts and concludes that more is needed for development than just the technical availability of funds. As governments and businesses become frustrated by the traditional North-dominated mechanisms and international financial system, this book argues that southern-led development finance will play an important role in the search for more inclusive, equitable and sustainable patterns of investment, trade and growth in the post-Covid landscape. It will be of interest to practitioners, policy makers, researchers and students working on development and finance everywhere.

Southern-Led Development Finance: Solutions from the Global South

List of illustrations


List of contributors


List of acronyms





Introductory issues and roadmap to Southern-led Development Finance, Diana Barrowclough, Kevin Gallagher and Kozul-Wright





Part 1: Southern-led Development Finance - Rationale, innovations and implications








Solidarity and the South: The new landscape of long-term development finance and how to support it, Diana Barrowclough and Ricardo Gottschalk







The new development banks and financing of transformation in Latin America and the Caribbean, Rogerio Studart and Luma Ramos






Part 2: Long-term Finance - Banks, Funds and other sources of private and public investment






The "New" in the New Development Bank and implications for Africa, Talitha Bertelsmann-Scott and Cyril Prinsloo







The Neoliberal transformation of Development Banking: the Indian experience, C. P. Chandrasekhar







Chinese Development Finance in the Americas, Kevin Gallagher







Scaling up for the Sustainable Development Goals: Experimenting with South-South Models of Multilateral Development Banking, Ricardo Gottschalk and Daniel Poon







A connected and sustainable future - comparing lessons from southern-led regional banks and networks, CAF and the Islamic Development Bank compared, Rohini Kamal and Rebecca Ray







Towards a Regional Financial Architecture - the East Asian Experience, Mah Hui Lim






Part 3: Regional Transformation and growth in practice - It's more than money






Industrial structure, intra-regional trade and financial cooperation in South America: challenges, links and hidden opportunities, Andre Biancarelli, Celio Hiratuka and Fernando Sarti







Physical integration in Latin America, a review of recent experiences and policy lessons, Ricardo Carciofi and Romina Gaya





Index