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  UNICEF/2021/EB/8 Dis

This financial instrument, which was executed in March 2021, leverages the expertise of the World Bank in financial markets. (...) Costs associated with the issuance of the financial instrument 9. The overall issuance-related costs associated with the financial instrument are $112,000. (...) The total interest costs of the financial instrument therefore amount to $4,772,500 for the five-year period of the financial instrument.

Score: 953762.4 - https://www.unicef.org/executi...k_instrument-EN-2021.04.13.pdf

  Glossary of Terms beginning with F | UMOJA

Financial instrument Financial instrument is any contract that gives rise to both a financial asset of one entity and a financial liability or equity instrument of another entity. All financial instruments are either financial assets or financial liabilities but not all financial assets are financial instruments. Financial liability Financial liability is any liability that is a contractual obligation: (a) to deliver cash or another financial asset to another entity; or (b) to exchange financial instruments with another entity under conditions that are potentially unfavourable.

Score: 937466.6 - https://umoja.un.org/glossary/letter_f

  Eligibility of Israeli entities for EU-funded grants, prizes and financial instruments - EU guidelin

These guidelines apply to EU support in the form of grants, prizes or financial instruments within the meaning of Titles VI, VII and VIII of the Financial Regulation  ( 5 )  which may be awarded to Israeli entities or to their activities in the territories occupied by Israel since June 1967. (...) These guidelines apply to grants, prizes and financial instruments funded from appropriations of the 2014 financial year and subsequent years and authorised by financing decisions adopted after the adoption of the guidelines. (...) Their text will be adapted to the requirements relevant for each EU grant, prize or financial instrument. 18. The submission of a declaration under point 16 that contains incorrect information may be considered as a case of misrepresentation or a serious irregularity and may lead: (a) for grants — to the measures set out in Articles 131(5) and 135 of the Financial Regulation; (b) for prizes — to the measures set out in Article 212(1)(viii) of the Rules of Application of the Financial Regulation  ( 10 )  and; (c) for financial instruments — to the measures set out in Article 221(3) of the Rules of Application of the Financial Regulation. 19.

Score: 924406.8 - https://www.un.org/unispal/document/auto-insert-195683/

  PowerPoint Presentation

PowerPoint Presentation © U N IC EF /L is te r World Bank financial instrument to facilitate sustained investment in private sector fundraising Thomas Asare Comptroller, UNICEF UNICEF Executive Board Informal briefing ‒ 28 January 2021 Item 11 Reference document: E/ICEF/2021/AB/L.1/Add.2 http://www.undoc.org/E/ICEF/2021/AB/L.1/Add.2 • Challenging global environment, combined with increased demand to deliver more due to the COVID-19 pandemic, requires supplemental sources to accelerate fundraising investment for income growth • Addresses the need for additional and alternative source of investment in fundraising in emerging markets to complement investment funds available from regular resources (RR), given the projected reduction in RR • The instrument proceeds will be utilized strategically to retain existing donors, acquire new donors and replace those lost through natural attrition and widen the donor base • The instrument will support UNICEF’s growth and programmes by leveraging the capital markets’ appetite to invest in the Sustainable Development Goals RATIONALE FOR THE FINANCIAL INSTRUMENT 2 | UNICEF Executive Board – Informal briefing – World Bank financial instrument to facilitate sustained investment in private sector fundraising BENEFITS OF THE FINANCIAL INSTRUMENT ❖ Raises funding of approximately $50 million, which, together with existing and new monthly pledge donors in emerging markets, yields $450 million over the 5-year maturity period ❖ It will allow repurposing, to National Committees and other private sector fundraising channels, of a greater proportion of PFP special purpose funds for investment in fundraising ❖ Successful and matured country PSFR supports country programme delivery and contributes to regular resources (RR) for the global programme activities of UNICEF ❖ Alleviates the pressure to thinly spread the PFP special purpose funds for investment without tapping the maximum potential of the fundraising markets ❖ First time this opportunity is offered by the World Bank to a United Nations system entity to use this financial instrument in addressing a global challenge 3 | UNICEF Executive Board – Informal briefing – World Bank financial instrument to facilitate sustained investment in private sector fundraising UNICEF Bond investors $100 million CAR Notes $50 million World Bank Forward flow arrangement $50 million $50 million World Bank’s general purposes $50 million Underwriter (commercial bank) 18 emerging market country offices Gross revenue $450 million Repayment RepaymentCapital at Risk (CAR) Notes Repayment Repayment $50 million • World Bank issues bond to investors through its Capital at Risk Notes programme for $100 million and retains $50 million for its own purpose. • UNICEF will repay the $50 million with the overall income from pledge donors in emerging markets with $450 million projected income by 2025. • UNICEF will repay the interest coupons and principal from gross income as first or senior payment before other costs. STRUCTURE OF THE FINANCIAL INSTRUMENT 4 | UNICEF Executive Board – Informal briefing – World Bank financial instrument to facilitate sustained investment in private sector fundraising REPAYMENT ALLOCATIO RISKS AND PROPOSED RISK MANAGEMENT PRINCIPAL AND INTEREST REPAYMENT Potential risks Mitigation measures 1. (...) This will be paid for by monthly pledge donations which are unrestricted and meant for UNICEF’s overall mandate 5 | UNICEF Executive Board – Informal briefing – World Bank financial instrument to facilitate sustained investment in private sector fundraising REPAYMENT ALLOCATION ❑ The Comptroller will have fiduciary oversight and ensure compliance with UNICEF Financial Regulations and Rules ❑ Accountability for the management will be delegated to Director, PFP, in collaboration with Regional Directors ❑ An annual update will be provided to the Executive Board up to the period of redemption of the instrument MANAGEMENT AND FIDUCIARY OVERSIGHT ADMINISTRATION OF THE FINANCIAL INSTRUMENT 1 2 3 PRINCIPAL AND INTEREST REPAYMENT ❑ Proceeds will be allocated based on fundraising market potential and commitment by country and regional offices ❑ The offices’ capacity to invest these resources in fundraising is higher than this $50 million.

Score: 922621.5 - https://www.unicef.org/executi...PSFR-T.Asare-EN-2021.01.20.pdf

  Financing for Sustainable Development

Department of Economic and Social Affairs Financing Home Overview Mission Statement FSD Office Addis Ababa Conference Crisis Conference Doha Conference Monterrey Conference FfD Follow-Up ECOSOC FFD Forum General Assembly Inter-agency Task Force Tax Committee Infrastructure Forum Stakeholder Workstreams Trust Fund Global Investors for Sustainable Development Alliance Development Cooperation Topics Global Economic Governance External Debt Innovative Finance Inclusive & Local Finance Tax Cooperation Capacity Development Development Cooperation Documents General Assembly Documents ECOSOC Documents Tax Committee Documents Publications Newsletters Events Upcoming Events Intergovernmental Events Special Events Tax Cooperation Events Capacity Development Events DCF events Contact Us Treatment of Islamic financial instruments 2008 Note by the Working Group on Treatment of Islamic Financial Instruments on “Treatment of Islamic financial instruments under the United Nations Model Double Taxation Convention between Developed and Developing Countries” (E/C.18/2008/4/Corr.1) – 5 September 2008 Note by the Working Group on Treatment of Islamic Financial Instruments on “Treatment of Islamic financial instruments under the United Nations Model Double Taxation Convention between Developed and Developing Countries” (E/C.18/2008/5) – 6 August 2008 2007 Note by the Working Group on Treatment of Islamic Financial Instruments on “Treatment of Islamic financial instruments under the United Nations Model Double Taxation Convention between Developed and Developing Countries” (E/C.18/2007/9) – 21 August 2007 2006 Treatment of Islamic financial instruments under the United Nations Model Double Taxation Convention between Developed and Developing Countries (E/C.18/2006/9) – 1 September 2006 Search More Information About the Committee Tax committee Members Mandate Current Subcommittees Previous Subcommittees Documents Publications Tax Trust Fund   For more information, please contact: Email: Tax Office Copyright | Terms of Use | Privacy Notice | Fraud Alert | Help | Contact Us

Score: 921373.8 - https://www.un.org/esa/ffd/tax...mittee/tc-docs-model-titi.html

  UNICEF/2022/EB/10 Di

This financial instrument leverages the expertise of the World Bank in financial markets and UNICEF private sector fundraising operations in emerging markets. The Executive Board also requested that UNICEF report to the Board annually at its first regular session on the financial instrument with the World Bank, specifically the financial performance and the attainment of goals and corresponding costs and capacities. 3. (...) At the first regular session of the Executive Board in 2022, UNICEF updated the Board on the financial performance of the new instrument, the attainment of goals and costs, as well as capacities associated with the new financial instrument.

Score: 915424.2 - https://www.unicef.org/executi...k_instrument-EN-2022.04.18.pdf

  CHANGES TO COMMENTARY ON ARTICLE 11 TO ADDRESS TREATMENT OF ISLAMIC FINANCIAL INSTRUMENTS: AS AGREED

[para. 21] “The definition of interest in the first sentence of paragraph 3 does not normally apply to payments made under certain kinds of non-traditional financial instruments where there is no underlying debt (for example, interest rate swaps). (...) The above applies, for instance, to Islamic financial instruments where the economic reality of the contract underlying the instrument is a loan (even if the legal form thereof is not). (...) This may be done by inserting the following after the first sentence: “The term also includes income from arrangements such as Islamic financial instruments where the substance of the underlying contract can be assimilated to a loan”. 20.4.

Score: 915225.5 - https://www.un.org/esa/ffd/wp-...ta-unmodel-RevisionToArt11.pdf

  From financial innov

From financial innovation to innovation for financing: the role of development banking From financial innovation to innovation for financing: the role of development banking The present and the future of Development Financial Institutions: a learning dialogue July 28-29, 2014 A MINDS initiative with the support of BNDES and Caixa Daniel Titelman and Esteban Pérez Caldentey Financing for Development Division (ECLAC) Financial innovation generated an unprecedented increase in financial depth and liquidity •Global financial depth –the size of financial assets with respect to GDP- grew from around 120% in 1980 to 355% in 2007, before the global financial crisis 50 54 57 60 62 200 225 250 Non- securitized loans Securitized loans Stock of Global Financial Assets Global stock of debt and equity outstanding, in US$ trillions . 11 18 37 47 56 64 36 48 54 47 50 9 14 18 29 30 32 35 39 43 46 47 8 11 19 30 35 39 42 42 41 42 42 3 3 5 7 7 8 8 9 10 11 11 2 3 5 9 11 13 14 14 13 13 13 23 26 35 42 46 50 54 54 57 60 0 25 50 75 100 125 150 175 Securitizedloans Corporate bonds Financial bonds Government bonds Equity Source: McKinsey, 2013 But this growth in financial depth was not tied to greater or improved real sector activity Financial deepening was not a result of more financing for the real sector (firms and households) Growth in Global Financial Depth (1990-2007, in percentage points) 90-2007 Total Financial depth 92 Equity 58.6 Financial deepening was not a result of more financing for the real sector (firms and households) Total Financial depth 92 Equity 58.6 Government bonds 12.9 Financial sector bonds 29.6 Corporate bonds -0.3 Securitized loans 13.0 Non-securitized loans -21.9 Moreover greater financial depth has not increased the availability of funding for developing economies Developing economies are net providers of ‘finance’ to the developed world 2 2.5 Emerging market economies financial inflows and outflows 2000-2012 ($ trillion, 2011 constant exchange rates) 0 0.5 1 1.5 2 2000 2005 2007 2009 2011 2012 Inflows Outflows Source: ECLAC On the basis of McKinsey, 2013 Channeling resources towards the productive sectors and developmental objectives requires approaching financial innovation from a new perspective • Financial innovation should be conceptualized as a public good in a broader sense that differs from the traditional definition based on non-rivalry and non- excludability. • In a broader sense public goods refers to those goods and services that:  Are provided through non-market production because there is no effective market for these.  This may occur due to asymmetries, absence of knowledge or uncertainty.  As a result public goods/services tend to be under provided or simply not provided at all.  Should be widely available because they have significant positive externalities. • Likewise financial inclusion should also be considered as a public good  Just as in the case of health and education, financial inclusion is increasingly conceived as a public good in the “sense that exclusion is neither desirable nor justified.” • Financial innovation should be conceptualized as a public good in a broader sense that differs from the traditional definition based on non-rivalry and non- excludability. • In a broader sense public goods refers to those goods and services that:  Are provided through non-market production because there is no effective market for these.  This may occur due to asymmetries, absence of knowledge or uncertainty.  As a result public goods/services tend to be under provided or simply not provided at all.  Should be widely available because they have significant positive externalities. • Likewise financial inclusion should also be considered as a public good  Just as in the case of health and education, financial inclusion is increasingly conceived as a public good in the “sense that exclusion is neither desirable nor justified.” Within this framework Financial Innovation means channeling finance to different agents, investments and productive needs . (...) Complementarity and articulation with Private Banking Sector Complementarity and articulation with regional and subregional Development Banks Take advantage of shared developmental objectives and instruments between national and regional/subregional Development Banks National Development Banks Take advantage of possible synergies and mutually beneficial innovations Innovation for financing to respond to the productive needs of different sector In the context of Latin America and the Caribbean the adoption of innovation for financing poses significant challenges • It requires developing a range of instruments to address a diversity of risks inherent to economies characterized by productive heterogeneity. • This is exemplified by the high value of collateral (% of the value of a loan) that SMEs in the region face to access funding 0 50 100 150 200 250 300 LAC South America Central America Big Small +47% +63% +42% In Latin America and the Caribbean there is a need of financial innovation to address traditional and new challenges • Inclusion of Small and Mediun Enterprises.  Product innovation through the development of venture and seed capital.  Innovation in financial processes centered on improving the flexibility in the evaluation of payment capacity (arm’s length and relationship banking).  Expansion of the financial network. • Close the infrastructure gap (roughly 6% of GDP) • Create financial instruments to foster international trade.  Development banks in the region foster trade mainly through traditional commercial instruments (credits for pre and post financing of exports).  However, development banks that specialize in foreign trade include as part of their business strategy new financial instruments and a wide variety of programs for trade promotion (international factoring guarantee). • Strengthen the complementarity between public and private financial intermediaries.  This requires that development banks function as first and second tier banks.  The majority of national development banks in the region are first tier banks (80% out of a sample of 66 banks). • Inclusion of Small and Mediun Enterprises.  Product innovation through the development of venture and seed capital.  Innovation in financial processes centered on improving the flexibility in the evaluation of payment capacity (arm’s length and relationship banking).  Expansion of the financial network. • Close the infrastructure gap (roughly 6% of GDP) • Create financial instruments to foster international trade.  Development banks in the region foster trade mainly through traditional commercial instruments (credits for pre and post financing of exports).  However, development banks that specialize in foreign trade include as part of their business strategy new financial instruments and a wide variety of programs for trade promotion (international factoring guarantee). • Strengthen the complementarity between public and private financial intermediaries.  This requires that development banks function as first and second tier banks.  The majority of national development banks in the region are first tier banks (80% out of a sample of 66 banks).

Score: 911061.2 - https://www.cepal.org/sites/de...dt_ep_brasil_julio_2014_13.pdf

  PowerPoint Presentation

Affirmation that the conditions of this instrument are made fully transparent to potential investors 4 OTHER UPDATES ON THE FINANCIAL INSTRUMENT 4 | UNICEF Executive Board – Informal briefing – 24 May 2021 Item 13: Update on the World Bank instrument to facilitate sustained investment in private sector fundraising Opinion of United Nations Office of Legal Affairs on the agreement with the World Bank ❑ Opinion is expected to be received from OLA by the end of May and will be delivered orally by UNICEF during the 2021 annual session of the Executive Board. Written assessment of the need to update the UNICEF financial regulations and rules ❑ UNICEF financial regulations and rules (E/ICEF/2011/AB/L.8) currently do not refer to possible use by UNICEF of such financial instruments. ❑ UNICEF sought Executive Board approval before implementing the World Bank instrument. ❑ Instrument was also approved by the Executive Board as a one-off transaction and a pilot; therefore an amendment to the financial regulations and rules is not recommended at this time. ❑ Should instrument become a regular part of UNICEF financing model, an amendment would be explicitly required. ❑ Any proposed amendment would be based on, and supported by, advice from the independent Audit Advisory Committee, the ACABQ, the legal services, and views of other United Nations funds and programmes. 5 OTHER UPDATES ON THE FINANCIAL INSTRUMENT – CONTINUED 5 | UNICEF Executive Board – Informal briefing – 24 May 2021 Item 13: Update on the World Bank instrument to facilitate sustained investment in private sector fundraising REPAYMENT ALLOCATIO UPDATED COMPREHENSIVE RISK MANAGEMENT MATRIX PRINCIPAL AND INTEREST REPAYMENT Potential risks Mitigation measures 1. (...) Possible early redemption of the financial instrument in case of default on interest payments 1.

Score: 910743.8 - https://www.unicef.org/executi...-T.Asare-PPT-EN-2021.05.17.pdf

  New E-Commerce Solutions and Financial Instruments using the World Trade Center Infrastructure

New E-Commerce Solutions and Financial Instruments using the World Trade Center Infrastructure New E-Commerce Solutions and Financial Instruments using the World Trade Center Infrastructure 26.05.99 Click here to start Table of Contents New E-Commerce Solutions and Financial Instruments using the World Trade Center Infrastructure PPT Slide PPT Slide The E-Commerce Building Block PPT Slide PPT Slide PPT Slide The Financial Instruments of Trade PPT Slide TradeCard Workflow PPT Slide PPT Slide Author: WTC Geneva Home Page: /wtd

Score: 910560.7 - https://www.itu.int/newsarchive/wtd/1999/ppt/wtc/index.htm