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Resource-Backed Loans: Pitfalls and Potential

Report
27 February 2020
Author
David MihalyiAisha AdamJyhjong Hwang
Download
Resource-Backed Loans: Pitfalls and Potential (PDF 4.24 MB)
Resource-Backed Loans: Pitfalls and Potential (Executive Summary) (PDF 451.92 KB)
Topics
Revenue management
Countries
AngolaGhanaGuineaDem. Rep. of CongoSudanSouth SudanNigeriaBrazilEcuadorVenezuela
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Read the press release here.

Through “resource-backed loans” (RBLs) countries access finance in exchange for, or collateralized by, future streams of income from their natural resource wealth. 

The authors of this report reviewed countries’ past experiences with RBLs across sub-Saharan Africa and Latin America from 2004 to 2018. They identify risks and opportunities RBLs pose and provide recommendations for countries considering taking RBLs in the future.

The researchers identified 52 RBLs, 30 of which were taken by countries in in sub-Saharan Africa and 22 in Latin America. They are distributed across 14 countries in the two regions. Thirty-eight were lent by Chinese policy banks, seven are from commodity traders, four are from other Chinese state-owned enterprises, one is from Korea Exim, one is from Nigeria and one is from Russia's Rosneft. Forty-three of the loans are backed by oil, six by various minerals, two by cocoa, and one by tobacco. The total loan amount represented in the dataset is $164 billion, of which $66 billion went to Africa and $98 billion to Latin America.
 

Authors' review of country experiences highlights five key risks and four key opportunities associated with RBLs. They also discuss the overall RBL landscape, the terms of RBLs and their public finance impact.
 

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Helping people to realize the benefits of their countries’ endowments of oil, gas and minerals.
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  • Topics
    Beneficial ownership
    Civic space
    Commodity prices
    Contract transparency and monitoring
    Coronavirus
    Corruption
    Economic diversification
    Energy transition
    Gender
    Global initiatives
    Legislation and regulation
    Licensing and negotiation
    Mandatory payment disclosure
    Measurement of environmental and social impacts
    Measurement of governance
    Open data
    Revenue management
    Revenue sharing
    Sovereign wealth funds
    State-owned enterprises
    Subnational governance
    Tax policy and revenue collection
  • Approach
    • Stakeholders
    • Natural Resource Charter
    • Regional knowledge hubs
  • Priority
    Countries
    • Colombia
    • Dem. Rep. of Congo
    • Ghana
    • Guinea
    • Mexico
    • Mongolia
    • Nigeria
    • Peru
    • Senegal
    • Tanzania
    • Tunisia
    • Uganda
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    • Primers
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