Emerging Market Roundtable AMER/LATAM

UPSTREAM WORK – MEASURING AND BUILDING GOVERNANCE AND INSTITUTIONAL CAPACITY

Emerging markets and their cities face significant challenges from the increasing number of people living in poverty exacerbated by Covid while grappling with increasing demand for basic services, demographic change, and vulnerability to environmental risk. Governance and institutional capacity will in part drive differentiation in each country or city’s ability to address these environmental and social challenges. Following our last discussion on new initiatives to mobilise infrastructure financing into EMs, we will now explore the upstream reforms that help establish the conditions for private investment and how they impact credit risk.

  • Agenda keyboard_arrow_down
    14.00
    BST

    Welcome & Introduction

    14.05
    BST

    Moody’s Overview Presentation

    Our Moody’s experts will provide an overview on topics including:

    • Credit challenges arising from social and environmental risks in EMs and the opportunities for private investment
    • How governance and institutions impact credit risk in EMs and their ability to address environmental and social challenges
    • Role of PPP frameworks in delivering sustainable infrastructure and case studies of differing outcomes across the Moody’s rated portfolio
    • Assessing transparency and management of contingent liabilities
    14.20
    BST

    Moderated Discussion and Q&A

    In this interactive forum, we are looking forward to exploring and discussing the questions below with you: 

    • What examples of upstream policy reforms have you seen to effectively enhance a country or city’s attractiveness to private investment: for example, macro (growth, inflation, currency), business environment, fiscal, legal or sector specific regulatory reforms?  Can these success stories be easily exported? Does the sequencing matter?
    • How about governance reforms? Can investment in social or physical infrastructure (and, in particular, greenfield construction) be effective in a weak governance environment? 
    • Cities in EMs face infrastructure gaps, social and climate risks. Are upstream reforms to help countries adapt to these challenges more effective at a municipal / local level or national level?  How can coordination issues between the different levels of government be reconciled?
    • How do you measure success in upstream reforms? What lessons in project selection and preparation would you highlight?  What are some examples of success upstream that you’ve seen supporting private investment, sustainability and resilience?
    • What are the key roadblocks you see to achieving governance and capacity improvements? How do you manage/adapt when things go wrong? 

    We welcome your feedback and ideas for topics that you would like to explore in future roundtables. Ideas include the evolution of green, social, and sustainable bonds frameworks; and developments in digital currencies and financial inclusion in EMs.


  • Speakers keyboard_arrow_down
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    Ariane Ortiz-Bollin Vice President, Senior Credit Officer, Credit Strategy & Research Moody's Ratings Bio
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    Christopher Bredholt Vice President - Senior Credit Officer, Infrastructure Finance, PPIF Moody's Investors Service Bio
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    Cristiane Spercel Head of Projects & Infrastructure, Latin America Moody's Ratings Bio