Capital Development Fund, 2004

Item 5 United Nations Capital Development Fund

The African Development Bank s capital was increased by 200 , as was the Asian Development Bank s.

Before World War II, venture capital investments (originally known as development capital ) were primarily the domain of wealthy individuals and families.

It supports the development of the microenterprise and small scale business sector by providing working capital and capital investment loan products.

Innovative sources of capital can also contribute to the global development effort.

History and development Early history and the development of venture capital The seeds of the US private equity industry were planted in 1946 with the founding of two venture capital firms American Research and Development Corporation (ARDC) and J.H.

There are a number of development oriented venture capital funds, and there has also been a trend among international and national development finance institutions to set up venture capital funds in developing countries.

The Inter American Development Bank has sponsored events on social capital, ethics and volunteerism for development in Brazil, Chile, Peru and Uruguay.

2005 5 Options for a future business model for the United Nations Capital Development Fund

2005 5 Options for a future business model for the United Nations Capital Development Fund

Development of capital markets needs to be supported through a series of reforms at various levels.

But a country s economic development ultimately depends on its ability to accumulate capital and allocate it efficiently.

There is thus also a need to foster day to day growth of the informal sector through entrepreneurship development, infrastructure development and provision of capital.

The key is to reflect on six kinds of capital goods business capital, infrastructure, human capital, intellectual capital, natural capital, and social capital.

This requires significantly increased investments in human capital and development oriented infrastructure, such as energy, transport and communications.

However, domestic capital market development requires wide ranging reform and achieving coherence between the policies is not easy.

Both private capital flows and workers' remittances constitute important sources of development finance for Africa as a whole.

Instead, the keys to growth and development appeared to lie beyond an increase in capital intensity as measured by capital output ratios skills, education, technology broadly understood, and improvements in organizational management.

By contrast, in the 1960 s, official overseas development assistance accounted for 70 of capital flows into developing countries.

Starting from the late 1920s, Demirağ began to invest his capital in the development of the Turkish railway network.

The airport project and road development together will account for 82.6 per cent of total capital spending in 2004.

The goal of the United Nations Capital Development Fund (UNCDF) is to help reduce poverty and achieve the Millennium Development Goals (MDGs) in the least developed countries (LDCs).

The midterm (2003 2005) programme of social and economic development of the Russian Federation promotes the development of human capital through social services for people of different ages.

Accordingly, there is a need for a development policy that focuses on reconstruction, builds up physical and human capital for development and emphasizes institutional modernization for greater efficiency.

Human capital not natural resources, production capacity, or financial reserves should constitute the foundation of Russian and European development policies.

Similarly, when emerging markets opened themselves up to financial globalization, they reasoned that capital flows would facilitate their economic development.

All of these countries imposed capital controls and regulated inward foreign investment in the early stages of their economic development.

Remittances improve countries' ability to finance development objectives, the foremost of which are poverty reduction and improvement of human capital.

Private capital flows have come to play the dominant role in development finance, eclipsing both official bilateral and multilateral flows.

Continuation of the government road improvement programme is the second priority of the capital budget (after development of the airport).

As we continue to invest in development of our human capital, HIV AIDS continues to eat away at those investments.

Early high growth economies Japan, South Korea, Taiwan initially exported labor intensive products, then graduated to more capital intensive goods like motor vehicles, and then to human capital intensive activities like design and technology development.

Moreover, political instability has focused development efforts on stabilization, drawing resources away from social and economic capital into political capital , in order to attain greater political stability, which may have distorted income distribution and wealth.

Many Governments in all regions are paying serious attention to the significance of the capital market in the economic development process.

Those remittances by emigrants now constitute the second largest source of capital for developing countries and even exceed official development assistance.

An initiative promoted by the United Nations Capital Development Fund and the Department of Economic and Social Affairs of the Secretariat.

As a result, market oriented interest rate reform is now needed to help optimize capital allocation and support the development of China s financial market, thereby laying the groundwork for future capital account and exchange rate liberalization.

The United Nations Capital Development Fund continued to strengthen and refine its programmes to provide greater support to the needs of least developed countries in meeting the Millennium Development Goals through its local development and microfinance programmes.

We economists were by and large capital boosters, and our magic formula for economic development was saving, investment, thrift, and wealth accumulation.

But the Bank is also hampered by worsening resource constraints, as the biggest post crisis capital infusions went to regional development banks.

Moreover, economists have argued that universalism is an investment in human capital that aids the development of a nation as a whole.

Participant at a seminar on Capital Markets Development and Regulation at the International Law Institute (ILI), Washington, D.C., United States of America.

Clearly, there is a need to deepen capital markets in Africa in order to utilize global savings for the continent's development needs.

The President had been exemplary in that regard, having emphasized on various occasions the critical role of human capital in national development.