Zurich, Switzerland
My work investigates how changes in the international economy and political order are impacting the ability of development finance to achieve global development goals and put our planet on an environmentally, socially and economically sustainable path. Multilateral development banks form the core of my policy and research work, and I also work on bilateral aid programs and national development banks and with developing country governments considering options for external sources of finance. The potential and limitations of efforts to mobilize private sector investors for development is an increasing focus of my work as well. I combine academic research with policy consultancies for multilateral development banks, policy think tanks and G20 governments. I was appointed as a member of the 2022 G20 Independent Review of MDB Capital Adequacy Frameworks and have supported the MDB reform agenda of successive G20 presidencies. Consultancy clients include the World Bank, African Development Bank, Inter-American Development Bank, New Development Bank, Trade and Development Bank, ODI think tank, Global Green Growth Institute and the governments of Brazil, Canada, South Africa, Sweden, Switzerland and the UK.
Senior research associate at ODI's Development and Public Finance team and a recognized authority on the financial and operational policies and practices of multilateral development banks (MDBs). Have advised numerous governments and MDBs on strategy and reform options and written extensively on the evolution of MDBs in the current era. Key member of the G20 Capital Adequacy Framework review (2022), one of most far-reaching G20 initiatives of recent years, and have contributed background work to the MDB reform agenda of successive G20 presidencies. Research topics have included, among others: MDB capital adequacy; preferred creditor status; callable capital; MDB credit rating agency methodologies; MDB financial innovations (guarantees, portfolio securitization, insurance, syndications, new share classes); assessments of newer Southern-led MDBs such as CAF, CABEI, BSTDB; MDB environmental and social safeguards; and China's multilateral engagement.
Researcher and lecturer at ETH's Center for Development and Cooperation (NADEL). Research focus on financial and operational policies of multilateral development banks and non-traditional bilateral donors (in particular China). Teaching at undergraduate, masters and professional advanced studies levels in topics including multilateral development finance, growth and implication of impact and sustainable investing, domestic development and international role of China and changing landscape for development cooperation. Leading research project "Challenges and Potential of Borrower-led Multilateral Development Banks" funded by the Rockefeller Foundation (Sept. 2022-October 2025). First paper "Tapping the potential of borrower-led development banks" published in January 2023; second paper "What Makes an MDB an MDB? Southern-led Multilateral Banks and the Sovereign Debt Crisis" published in January 2024. Applicant and research member of "Interface Between Multilateral Development Banks and International Bond Markets" funded by the Bill and Melinda Gates Foundation via ODI. Research is led by Prof. Steven Ongena andand PhD candidate Thea Kolasa, both of University of Zurich Institute for Banking and Finance Long-term advisory contract through ETH NADEL with the Swiss State Secretariat for Economic Affairs (SECO) division on multilateral cooperation.
Named by the G20 to an independent panel of experts reviewing the capital adequacy policies of major multilateral development banks to provide policy recommendations to the G20. Report delivered in July 2022, currently under discussion at G20 and across MDBs as major part of MDB reform agenda.
Completed over 100 short and medium term consultancies with the World Bank in Latin America, Eastern Europe, Sub-Saharan Africa and Central Asia. Most recent project was with an Independent Evaluations Group evaluation of World Bank Group's efforts to mobilize private sector investment for development. Worked on several policy-based budget support operations related to governance, competitiveness and inclusive growth, as well as developing multi-year country strategies for the WB (Peru, Bolivia, Guatemala, Nepal, Afghanistan, South Africa). Both involve intense negotiations and consultations with client governments, non-governmental stakeholders, other development partners and various internal WB constituencies. Contributed to policy research on numerous topics.
Authored several papers for the Inter-Governmental Group of 24 on the policies and activities of multilateral development banks, as input to shaping the G24's lobbying position as MDB shareholders. Particular focus is on financial management, operational policies, bureaucratic reforms and governance issues at the World Bank and major regional MDBs. Presented findings to the G24 annual meeting in Beirut Lebanon in 2014 as well as to groups of World Bank and Inter-American Development Bank executive directors and top management.