Analysis of Recipient Executed Trust Funds
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World Bank, Washington, DC
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In recent years, bilateral aid channeled
through multilateral organizations like the World Bank has
become an important vehicle for concessional finance for
development. At the end of FY09, the World Bank held US$23.9
billion in trust, an amount that has doubled since FY05.
While much of the growth reflects the increase in large
Financial Intermediary Funds (FIFs), there has also been a
rapid increase in Recipient Executed Trust Funds (RETFs).
This paper aims to inform internal Bank audiences and
stimulate discussion on some selected issues - primarily the
growing importance of RETFs as a source of finance and
relevance to Bank's country level operations. The
report also examines briefly the link between RETF
allocations and country performance. The report finds that
disbursements of RETFs grew by twenty percent over
FY03-FY09. Over this period the trends in regional
disbursement shares shifted away from East Asia and Pacific
and South Asia Regions to Africa Region. Recipient country
concentration is evident: fifty percent of the disbursements
have been from six countries - Afghanistan, West Bank and
Gaza, Ethiopia, Vietnam, Indonesia and China. RETF
disbursements, as a share of the combined International Bank
for Reconstruction and Development (IBRD), International
Development Association (IDA), and RETF, grew from five
percent in FY03 to twelve percent in FY08, while that of
IBRD and IDA fluctuated. The bulk of the disbursements from
RETF grants were from IDA eligible countries. RETFs appear
to have substituted for IDA in fragile and conflict affected
states. Disbursements from RETF grants and IDA credits were
broadly aligned by sector. There may be some correlation
between RETF grants allocation and country performance but
the results are not conclusive. The report identifies some
areas for further examination: whether RETFs should
complement or substitute for Bank operations in specific
cases; and whether RETF allocations should be made on the
basis of some need or performance based country priorities,
outcomes and results.
Palabras clave
ACCOUNTING, ADVISORY SERVICES, AID EFFECTIVENESS, ALLOCATION MECHANISM, ANNEXES, ARREARS, ASSISTANCE PROGRAM, ASSISTANCE PROGRAMS, BANK ACTIVITIES, BANK FINANCING, BANK LENDING, BANK POLICIES, CAPACITY BUILDING, CAS, CASS, CONSOLIDATION, COUNTRY ASSISTANCE, COUNTRY ASSISTANCE STRATEGIES, COUNTRY ASSISTANCE STRATEGY, COUNTRY PERFORMANCE, COUNTRY PROGRAMS, CREDITS, DEBT, DEBT REDUCTION, DEBT SERVICE, DEBT SERVICING, DEVELOPMENT BANK, DEVELOPMENT FINANCE, DISBURSEMENT, DISBURSEMENTS, ECONOMIC GROWTH, FINANCE CORPORATION, FINANCES, FINANCIAL ASSISTANCE, FINANCIAL CRISIS, FINANCIAL INTERMEDIARY, FINANCIAL RESOURCES, FINANCIAL SERVICES, FINANCIAL SUPPORT, FINANCING SOURCES, FLEXIBLE FINANCING, FRAGILE INSTITUTIONS, FUNDING SOURCE, FUNDING SOURCES, GUARANTEE AGENCY, HUMAN DEVELOPMENT, HUMAN RESOURCES, IDA CREDIT, IMMUNIZATION, INSTITUTIONAL CAPACITY, INSTRUMENT, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENT, INTERNATIONAL FINANCE, JURISDICTION, LOAN, MONETARY FUND, NPL, NUTRITION, OFFICIAL DEVELOPMENT ASSISTANCE, OPERATING COSTS, PEOPLES, PORTFOLIO, PORTFOLIO PERFORMANCE, PROMISSORY NOTES, PUBLIC ADMINISTRATION, RECIPIENT COUNTRIES, RECIPIENT COUNTRY, RESOURCE ALLOCATION, SAFETY NETS, SOCIAL DEVELOPMENT, SOCIAL SERVICES, SPECIAL FINANCING, STOCKS, TA, TECHNICAL ASSISTANCE, TITLE, TRANSPORT, TRUST FUND, TRUST FUNDS, TRUSTEE