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Educo – Créditos Educativos Digitales, es una alternativa de financiación digital que opera a través de una plataforma tecnológica (Fintech), mediante la cual la población objetivo, en principio la población del Departamento de Boyacá, podrá atender las necesidades de financiación de la población para acceder a la educación en los niveles de prescolar, básica primaria, básica secundaria, media, universitaria y lectiva. Se propone acceso fácil, rápido y seguro a los recursos, a través de la validación de datos en bases de riesgo, aprobación y desembolso del dinero a la cuenta del beneficiario, en un plazo promedio de 72 horas, y ofrece una alternativa diferente de financiación a la actual, centralizada en el mercado de agentes financieros convencionales, a través de créditos blandos que permitan la inclusión financiera y promuevan elevar el nivel educativo de la región, motivando el compromiso y continuidad a través de incentivos económicos. Educo – Créditos Educativos Digitales, busca otorgar créditos desde QUINIENTOS MIL PESOS M/CTE ($500.000) y hasta TRES MILLONES DE PESOS M/CTE ($3.000.000), gestionados a través de un dispositivo móvil o computador, disponiendo de un proceso con aprobación 100% digital. Para el desarrollo del proyecto se requiere un capital total de COP 1.400 millones, los cuales serán aportados por los tres accionistas fundadores y dos inversionistas. Cada uno con un aporte capital de COP 280 millones. Una vez finalizado el modelo financiero con los supuestos expuestos en este Proyecto Aplicado, obtenemos una figura de negocio rentable y sostenible en el tiempo, que nos permite a través de una bolsa, otorgar beneficios al final de cada año fiscal. Educo – Créditos Educativos Digitales is a digital financing alternative that operates through a technological platform (Fintech), through which the target population, in principle the population of the Department of Boyacá could manage their financial necessity to get access to education in preschool, basic primary, secondary, and higher education. Easy, fast and safe access to the resources is proposed, through the risk data bases validation, approval and outlay of Cash to the beneficiary's account, all of this in an average of 72 hours and offers a different financing alternative to the current one, centralized in the conventional financial agents market, through soft loans that allow financial inclusion and promote rising the educational level of the region, driving the commitment and continuity through economic incentives. Educo – Créditos Educativos Digitales, is looking for delivering credits from FIVE HUNDRED THOUSAND PESOS ($500.000 COP) and until THREE MILLION PESOS ($3.000.000 COP), managed through a mobile or PC, being a process With 100% digital approval. A total capital of COP 1,400 million will be required for the project development, the resources will be contributed by three founding shareholders and two investors. Each one with a capital contribution of COP 280 million. Once the financial model has been finalized with the assumptions set forth in this Applied Project, the result is a profitable and sustainable business figure over time, which allows us to grant at the end of each fiscal year through a profit pool.

In the modern world, the importance of education as a major factor in the formation of human capital is constantly increasing. The Ukrainian education system is able to compete with the education systems of the advanced countries, but its current state is characterized by the problem of insufficient funding. As a result, there is a gradual deterioration in the quality of educational services and a mismatch in the level of training of specialists to the requirements of the modern economy. The aim of the work is the identification of directions of diversification of forms of financial support of activity of higher educational establishments in Ukraine. Public and private sources of funding for higher education institutions are studied. A comparative analysis has been carried out, the positive and negative sides of the estimated and normative-per capita financing of higher educational institutions have been identified. The problems of differentiation of forms of financial support for the activities of higher educational institutions in modern conditions have been identified and characterized. Criteria for assessing the effectiveness of budget costs for higher education are defined. The introduction of correcting coefficients of normative per capita financing of higher education institutions is proposed. The necessity of stimulating banking institutions regarding the provision of preferential loans to citizens for higher education is justified., Исследованы государственные и частные источники финансирования заведений высшего образования. Проведен сравнительный анализ, выявлены положительные и отрицательные стороны сметного и нормативноподушевого финансирования заведений высшего образования. Идентифицированы и охарактеризованы проблемы дифференциации форм финансового обеспечения деятельности заведений высшего образования в современных условиях. Определены критерии оценивания эффективности бюджетных затрат на высшее образование. Предложено введение корректирующих коэффициентов нормативно-подушевого финансирования заведений высшего образования. Обоснована необходимость стимулирования банковских учреждений относительно предоставления льготного кредитования граждан на получение высшего образования., Досліджено державні та приватні джерела фінансування закладів вищої освіти. Проведено порівняльний аналіз, виявлено позитивні та негативні сторони кошторисного та нормативно-подушового фінансування закладів вищої освіти. Ідентифіковані та охарактеризовані проблеми диференціації форм фінансового забезпечення діяльності закладів вищої освіти в сучасних умовах. Визначено критерії оцінювання ефективності бюджетних витрат на вищу освіту. Запропоновано запровадження коригуючих коефіцієнтів нормативно-подушного фінансування закладів вищої освіти. Обґрунтовано необхідність стимулювання банківських установ щодо надання пільгового кредитування громадян на здобуття вищої освіти.

Energy efficiency policies often involve low-interest loans for retrofit measures in private buildings; the main target of these loans are meant to be households with otherwise poor access to capital. However, such programs can only be successful if the targeted households also take up these loans. This paper studies the relation between access to capital and debt aversion and the adoption of retrofit measures in European Union countries, employing a demographically representative household survey including about 6600 homeowners in France, Germany, Italy, Poland, Romania, Spain, Sweden, and the United Kingdom. The findings suggest that debt aversion negatively affects the adoption of retrofit measures by homeowners. In particular, debt-averse homeowners with poor access to capital are less likely to have adopted retrofit measures than non-debt-averse homeowners with poor access to capital. The findings further provide evidence that low-interest loan programs should be targeted at younger homeowners with lower income and less formal education.

В исследовании сделаны выводы об активизации льготного кредитования предприятий АПК Алтайского края. Выделены изменения, направленные на совершенствование механизма данного вида государственной поддержки. Показаны размеры сотрудничества региональных представительств уполномоченных банков с предприятиями агропромышленного комплекса Алтайского края. Выделена доля банков в общем объеме заключенных кредитных договоров на льготных условиях. Подведены итоги льготного инвестиционного кредитования предприятий АПК Алтайского края по направлениям кредитования. Отмечаются положительные изменения в реализации механизма льготного кредитования. Сделаны выводы о том, что эффективное взаимодействие Минсельхоза России, региональных органов управления и кредитных организаций, уполномоченных на выдачу льготных кредитов, позволило сократить сроки рассмотрения заявок на льготное кредитование, обеспечить соответствие потенциальных заемщиков и целевого использования потенциальных кредитов общим требованиям нормативных актов до включения заявок в реестры, избежать «дублирование» заявок, организовать более точное планирование и эффективное распределение лимитов по направлениям использования.

Досліджено проблеми банківського кредитування аграрних товаровиробників у сучасних умовах господарювання. Розглянуто зарубіжний досвід щодо функціонування механізму кредитування комерційними банками виробників сільськогосподарської продукції. Проаналізовано сучасний стан банківського кредитування підприємств аграрної сфери України. Проаналізовано за строками погашення заборгованості за кредитами, наданими вітчизняними комерційними банками у сільське господарство Досліджена вартість кредитних ресурсів для сільськогосподарських товаровиробників. Виокремлено проблеми пільгового кредитування підприємств аграрного сектора. Обґрунтовано необхідність у відновленні державної фінансової підтримки аграрних підприємств через механізм здешевлення кредитів. Визначено основні фактори, які впливають на розвиток кредитних відносин комерційних банків і сільськогосподарських підприємств. Запропоновано напрями подальшої активізації банківського кредитування аграрних підприємств., The author investigates the problems of agricultural producers crediting by banks under modern management conditions. Foreign experience of functioning of crediting mechanism of agricultural producers by commercial banks is considered. The modern state of bank crediting of Ukrainian agricultural enterprises is analysed. Debts on credits, given by domestic banks to agriculture, are analysed according to the terms of redemption. The paper investigates the cost of credit resources for agricultural producers. The problems of soft loans for agricultural enterprises are selected. The necessity for renewal of state support for agricultural enterprises through the mechanism of credit price reduction is grounded. Basic factors, influencing development of credit relations between commercial banks and agricultural enterprises, are defined. The directions of further intensification of the bank crediting of agricultural enterprises are offered., Исследованы проблемы банковского кредитования аграрных товаропроизводителей в современных условиях хозяйствования. Рассмотрен зарубежный опыт функционирования механизма кредитования коммерческими банками производителей сельскохозяйственной продукции. Проанализировано современное состояние банковского кредитования предприятий аграрной сферы Украины. Проанализированы по срокам погашения задолженность по кредитам, предоставленным отечественными коммерческими банками в сельское хозяйство. Исследовано стоимость кредитных ресурсов для сельскохозяйственных товаропроизводителей. Выделены проблемы льготного кредитования предприятий аграрного сектора. Обоснована необходимость в восстановлении государственной финансовой поддержки аграрных предприятий через механизм удешевления кредитов. Определены основные факторы, влияющие на развитие кредитных отношений коммерческих банков и сельскохозяйственных предприятий. Предложены направления последующей активизации банковского кредитования аграрных предприятий.

The World Bank Group’s investment climate project conducted a survey of foreign investors in the Kyrgyz Republic - both those currently operating and those that have terminated their operations for various reasons. The purpose of the survey was to assess selected aspects of the investment policy and legal environment in place in the Kyrgyz Republic, so as to determine whether the current regulations are investment-conducive or otherwise. The following aspects were studied as part of this survey: reasons for selecting a country for investing, ease of market entry, investor confidence, and protection in running a business, investor incentives and market exit. This report presents the analysis of the results of the survey. It consists of six sections, five of which discuss the results of each of the assessed aspects of the investment policy. The sixth section presents some demographics of the survey.

Since the global economic and financial crisis of 2008, Serbia has struggled with a weak economy and a deteriorating fiscal position. Until 2008, fiscal deficits were moderate and public debt declined significantly. Since the start of the global economic and financial crisis in 2008, however, Serbia has struggled with the interlinked problems of minimal growth and unfavorable fiscal dynamics. As economic activity has stagnated, revenues have fallen and expenditures, particularly mandatory spending on pensions and wages, have remained high. At the same time, structural fiscal issues, such as continued state support to state-owned enterprises (SOEs) and tax administration inefficiencies, have been a drag on growth. As a result of these pressures, general government fiscal deficits averaged 5.6 percent of GDP a year between 2009 and 2014. Reflecting the high fiscal deficits and poor economic growth, Serbia’s public debt has more than doubled, from 34 percent of GDP in 2008 to 71 percent at yearend-2014. The objective of this report is therefore two-fold: (i) policy options and recommendations (beyond those built into the current program) that would help solidify the ongoing fiscal consolidation program and help achieve public debt sustainability over the medium term; and (ii) given near-term fiscal constraints, identify opportunities for enhancing the efficiency, quality, and equity of current public spending on health, education, and social protection over the medium term

Since the global economic and financial crisis of 2008, Serbia has struggled with a weak economy and a deteriorating fiscal position. Until 2008, fiscal deficits were moderate and public debt declined significantly. Since the start of the global economic and financial crisis in 2008, however, Serbia has struggled with the interlinked problems of minimal growth and unfavorable fiscal dynamics. As economic activity has stagnated, revenues have fallen and expenditures, particularly mandatory spending on pensions and wages, have remained high. At the same time, structural fiscal issues, such as continued state support to state-owned enterprises (SOEs) and tax administration inefficiencies, have been a drag on growth. As a result of these pressures, general government fiscal deficits averaged 5.6 percent of GDP a year between 2009 and 2014. Reflecting the high fiscal deficits and poor economic growth, Serbia’s public debt has more than doubled, from 34 percent of GDP in 2008 to 71 percent at yearend-2014. The objective of this report is therefore two-fold: (i) policy options and recommendations (beyond those built into the current program) that would help solidify the ongoing fiscal consolidation program and help achieve public debt sustainability over the medium term; and (ii) given near-term fiscal constraints, identify opportunities for enhancing the efficiency, quality, and equity of current public spending on health, education, and social protection over the medium term

The purpose of the paper is to present a more granular view of such projects through the in-depth focus on a limited number of case studies, with a view to understanding what factors in the design of such lending have helped achieve objectives of expanded access, and what forms of interventions may have been less successful. It examines the nature of Bank lending vehicles, the partnering borrower institutions, the country environments in which its loans were extended, as well as broader elements of good practice that make for loan success. It examines the beneficiaries targeted and results achieved. It aims to draws lessons that suggest what factors could lead to success or failure in Bank operations focused on financial access. The remainder of the paper is organized as follows: section two briefly describes the set of the Bank s projects selected for detailed review. Sections three to six contain the core findings of the review. Section 3 focuses on alternative forms of borrower institutions that have served as vehicles for Bank projects, particularly, public sector banks, apex bank structures that include the private sector, rural banks, nonbanks, non-governmental organizations (NGOs) and microfinance institutions, in terms of the degree to which the Bank has been able to successfully partner with such institutions to expand financial access. It also looks at alternative forms of Bank loan design, policy-based loans, investment loans and lines of credit, Learning and Innovation Loans (LILs), matching grants, technical assistance and combinations thereof, and reviews evidence on the role of loan structure (including partnerships with other donors/lenders) and project success. Section four considers the effect of the broader business environment, in terms of financial regulation. Section five reviews elements of good practice that have contributed to success in lending that could be applicable to loans with any objective, and examines their application in the present context. Section six tries to construct a bottom line, reviewing available evidence on outcomes and impact; especially in terms of the ultimate beneficiaries reached. Section seven, the final section, summarizes the main messages emerging from the review and concludes with observations about ways forward.

The World Bank Group’s investment climate project conducted a survey of foreign investors in the Kyrgyz Republic - both those currently operating and those that have terminated their operations for various reasons. The purpose of the survey was to assess selected aspects of the investment policy and legal environment in place in the Kyrgyz Republic, so as to determine whether the current regulations are investment-conducive or otherwise. The following aspects were studied as part of this survey: reasons for selecting a country for investing, ease of market entry, investor confidence, and protection in running a business, investor incentives and market exit. This report presents the analysis of the results of the survey. It consists of six sections, five of which discuss the results of each of the assessed aspects of the investment policy. The sixth section presents some demographics of the survey.

This report explores the potential financing mechanism options that can be employed to catalyze more private sector investment in clean energy (renewable energy and energy efficiency) in the small island developing states (SIDS). Various financial instruments that have been used successfully to date are described and placed in the context of the issues and constraints of the SIDS, with suggested options for discussion and follow up. Green infrastructure finance, as defined in the report, makes the important point that is the combination of financial and nonfinancial interventions and instruments that can make green investments in infrastructure more affordable and less risky to private sponsors, financial markets, and governments. The objective of this report is to identify and assess options that can help increase investment in renewable energy and energy efficiency in SIDS through the adoption and funding of financing mechanisms by SIDS and development partners with special attention given to the role that the private sector can play. Many renewable energy technologies are characterized by high initial capital costs with relatively low operating costs compared to thermal alternatives. By providing an analysis of options for a financing facility to catalyze renewable energy and energy efficiency, this work is intended to inform the discussions among SIDS and development partners interested in actions to stimulate investment in renewable energy and energy efficiency. This report summarizes the results of the two stages. The assessment and selection of options identifies a number of measures that will be needed to stimulate increased private sector participation - project sponsors and developers, equity funds, lending institutions - for energy efficiency and renewable energy. The background material reviewed for this report has been summarized in the annexes.

The purpose of this paper is to offer empirical evidence on the impact generated by investment subsidies awarded to industrial firms on employment, sales, investments and labor productivity. The analysis is based on unique firm-level administrative data provided by the Italian National Statistical Agency on the universe of both treated- and non-treated applicant firms. For employment and sales outcomes such data derive directly from the National Social Security Agency of Italy and from the Internal Revenue Service Agency. The paper focuses on a decade (2000-2009) of subsidies awarded by a large-scale national Italian programme co-funded by the European Regional Development Fund and by the universe of smaller regional programmes available to all SMEs in the Northwestern Italian region (Piedmont). The analysis produces differential impacts based on different levels of the economic value of the incentives, different types of incentives (distinguishing between non-repayable grants, ?soft-loans? and ?interest rate grants?), different sizes and geographic location of the assisted firms. For the large scale national programme, the analysis exploit the existence of a natural experiment in the form of the existence of viable applicant firms that were denied the subsidy due to an exogenous, budget induced, cut-off point in the programme rankings of each wave of regional calls for applications. Impact estimates are then retrieved with a discontinuity designed within a difference in difference scheme that ensures exact matching of crucial firm characteristics. For the regional programmes, the analysis is implemented with a conditional difference in difference model that pre-processes the data based on a propensity score estimate to ensure common support between treated and non-treated firms. The results of our analysis show that: -Large non-repayable grants, particularly when given to large firms (and in underdeveloped regions), represent an ineffective way to stimulate additional private investment and to improve the performance of the subsidized firms; -Small grants given to small firms (not in the context of severely distressed socio-economic areas) have small impacts, but when all the dimensions are taken into account, they are more cost-effective; - Non-repayable grants are outperformed by repayable soft loans and interest rate subsidies as most effective tools for assistance; -For SMEs, soft-loans and interest rate grants are the most cost-effective form of support.

The purpose of this article was to conduct an empirical evaluation of the Czech public programme START, which was funded from the European Regional Development Fund. The programme lasted from 2007–2011, and supported new entrepreneurs through the zero interest soft loans and credit guarantees. The counterfactual analysis (using three matching techniques: propensity score, nearest neighbour, and kernel) was conducted on the firm level and investigated the changes in financial performance (net profits, return on assets (ROA), return on equity (ROE), sales, assets turnover, and debt ratio) of the supported firms four years after the end of intervention. The obtained findings could not support the hypothesis assuming a positive impact of the programme on the firm’s performance. On the contrary, supported companies reported on average lower sales and lower return on assets, when compared to the control group. The remaining variables could not prove any statistically significant impact of the programme. Indicators measuring firm’s profitability (net profit, return on assets, and return on equity) suggested a negative influence of the programme and the variable representing debt ratio further indicated that firms that were supported by the programme reported on average higher debt ratio in comparison with the control group. Several policy implications are discussed in the study.

In this paper we analyse the role of soft loans in supporting the innovation processes by innovative companies operating in the province of Frosinone (central Italy). The analysis carried out in this paper is based on two dimensions: the first refers to companies' performances during the period 2010 to 2014; the second includes a questionnaire aimed at generating the company profile of each company participating in the investigation. The main findings of the research concern the preference of the companies for financial sources coming from investments funds and their scarce interest for the soft loans instruments, mainly due to the bureaucratic difficulties and the lack of an effective network between the public institutions of the area enrolled to support the innovation and the entrepreneurial development.

Within the framework of the Post-2015 Development Agenda, discussions on Financing for Development and the future of Official Development Assistance (ODA) have intensified. Amongst the instruments under review are soft loans. Though originally conceived as export promotion tools, development objectives have recently become more prominent in soft loan policies. Albeit regulated through the Arrangement on Officially Supported Export Credits, soft loans claim a place amongst the instruments of development policy. By means of comparative case study analysis, this paper examines the relevance of soft loans as an instrument of development policy. We discuss three characteristics of soft loan financing: (i) the institutional heterogeneity of programmes between countries, (ii) the hybrid nature of the instruments between export promotion and development objectives, and (iii) the underlying notions of development. Upon that basis, scenarios for the future use of soft loans as an instrument of development finance are presented.

Mongolia's economy has embarked on a very high, long-term growth trajectory. To realize fully its economic potential, Mongolia needs to build a diversified, efficient and stable financial system, capable of intermediating both on a large scale and in specific market segments. Access to financial services in Mongolia is relatively high when measured by the demographic penetration of branches. The aim of this technical note is to assess the level of access to finance in Mongolia, and especially for Micro, Small and Medium Enterprises (MSMEs), to identify key obstacles to improving access, and to provide recommendations to overcome these obstacles. The technical note is organized as follows. Section one provides a broad overview of the macroeconomic environment and is followed by section two on the status of access to finance in Mongolia. Section three discusses products and market segments. Section four examines the supply of financial services by analyzing the role of key market players. Section five examines the demand for financial services by drawing on enterprise surveys to assess firms perceptions of their access to finance, and analyzes financing conditions for MSMEs. Section six examines obstacles in the regulatory, supervisory framework, and financial infrastructure for access to finance. Section seven describes the main government programs related to access to finance. In conclusion, section eight provides policy recommendations for overcoming obstacles to enhancing access to finance.

This paper examines how two historically low-technology economies, Finland and Israel, assumed leadership in new, rapid innovation-based industries. The paper argues that Schumpeterian development agencies, the Finnish Fund for Research and Development and the Israeli Office of the Chief Scientist in the Ministry of Trade and Industry played a transformative role, introducing new science and technology policies and facilitating industrial restructuring. In contrast to literature on the developmental state, however, argues that these agencies were located the periphery of the public sector, with few hard resources. The paper describes how their peripheral location facilitated successful experimentation. It also explains how ostensibly marginal agencies could successfully scale and monitor new initiatives. More specifically, it argues that reform-oriented policy-makers in small states could leverage extensive inter-personal networks to facilitate scaling and international openness to facilitate monitoring. In identifying specific mechanisms by which policy-makers introduced, scaled and monitored policies, it also explains why these two historically innovative economies have struggled to support experimentation in recent years.

This report provides an overview of the municipal debt market as it exists and has evolved over the past ten years. It provides an assessment of trends and patterns from both bank and bond sources covering all types of municipal governments. The overall objective of the work is to assess the regulatory environment pertaining to municipal borrowing in the country and to generate recommendations to improve this in a manner which expands municipal access to private debt finance while ensuring that risk is appropriately allocated and properly priced. More particularly, this report: 1) outlines the need and rationale for expanding access to credit finance on part of municipalities in India; 2) provides an overview of the existing municipal debt market; 3) provides an overview of the chief characteristics of the regulatory environment pertaining to municipal borrowing in India, places the existing regulatory system in international context, and outlines a suggested overall direction for reform; and 4) provides specific recommendations to improve the regulatory regimes over which the state and union governments have respective control.

This study provides an overview of Arab official development assistance (ODA) over the past four decades. Trends in volume, composition, and direction are discussed in chapter two and the institutional framework is discussed in chapter three. Over 90 percent of Arab development assistance is provided by three countries: the Kingdom of Saudi Arabia (KSA), Kuwait, and the United Arab Emirates (UAE).

Real Gross Domestic Product (GDP) growth rate was 9.9 percent in 2007. Economic growth has been primarily driven by agriculture (which contributed 3.4 percentage points to economic growth), and services (which contributed 4.3 percentage points). In the agriculture sector, the December 2007 annual livestock census reported an increase of 15 percent of livestock from 34.8 to 40.3 mln livestock, with the number of goats, sheep and cattle increasing by 18, 15 and 14 percent respectively. While most of the foreign direct investment (FDI) coming into Mongolia continues to go to mining, its value-added only grew by only 1.7 percent this year (mainly came from coal extraction). On the non-bank side, the financial regulatory commission has been making efforts to improve the legal and regulatory framework, however, its weak institutional capacity and resource constraints continue to be a major impediment in effective supervision. Several key laws relating to the financial sector need to be finalized. Efforts have been made towards resolving immediate issues relating to the closed savings and credit cooperatives, developing the insurance industry and developing a framework and institutions to develop the mortgage market. However, several laws and enabling regulation still need to put in place before benefits of increase in financial sector efficiency (lower cost of financing) can be fully realized.

Within the framework of the Post-2015 Development Agenda, discussions on Financing for Development and the future of ODA have intensified recently. Amongst the many financial instruments that are potentially under review, are soft loans. Combining tied aid with concessional financing, soft loans are of a hybrid nature, involving both export promotion interests and development objectives. A recent ÖFSE research project took a closer look at the institutional evolution and the current status quo of soft loan financing in Europe. Upon that basis, scenarios for the future use of soft loans as an instrument of development finance are presented.