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Urgency of the research. The article substantiates the role of tax incentives for R&D, cause of the growing role of the innovation component in various areas of economic activity and at the same time the limitations of its financial support. Target setting. As R&D tax incentives have become widespread in developed EU countries, but are currently underdeveloped in Ukraine, its analysis is relevant. Actual scientific researches and issues analysis. Some aspects of tax incentives, including R&D have been studied by such domestic and foreign scholars as N. Bloom, T. Koga, I. O. Lunina, N. M Nazukova, S. V. Onishko, J. Sebastian, V. P Stefan, B. Hall and others. Uninvestigated parts of general matters defining. However, despite the available scientific achievements, the issue of tax incentives in the field of R&D is studied in fragments, requires consideration of the latest trends and the solution of existing problems, which causes the urgency of further research. The research objective. The aim of the study is to analyze the tax incentives for R&D as a component of financial policy of innovative development in European countries. The statement of basic materials. In this regard, the use of the main tax incentives is analyzed in detail: the hidden rate of tax subsidy on R&D costs, tax benefits on R&D, direct government funding of business sector R&D costs. Conclusions. There are significant differences in tax incentives for R&D in different countries. Some countries that occupy the highest and lowest positions in the types of tax incentives were identified. Particular attention is paid to changes in tax incentives in the dynamics., Актуальність теми дослідження. У статті обґрунтовується роль податкового стимулювання R&D, зважаючи на зростаючу роль інноваційної складової в різних сферах економічної діяльності і водночас обмеженість її фінансового забезпечення. Постановка проблеми. Оскільки податкове стимулювання R&D набуло суттєвого розповсюдження в розвинених країнах ЄС, проте наразі нерозвинене в Україні, його аналіз є актуальним. Аналіз останніх досліджень і публікацій. Окремі аспекти податкового стимулювання, у тому числі R&D досліджували такі вітчизняні та зарубіжні науковці, як Н. Блум, Т. Кога, І. О. Луніна, Н. М. Назукова, С. В. Онишко, Дж. Себастіан, В. П. Стефан, Б. Хол та інші. Виділення недосліджених частин загальної проблеми. Проте, незважаючи на наявний науковий доробок, проблематика податкового стимулювання саме сфери R&D досліджена фрагментарно, потребує врахування новітніх тенденцій і вирішення наявних проблем, що обумовлює нагальність подальших наукових досліджень. Постановка завдання. Метою дослідження є аналіз податкового стимулювання R&D як складової фінансової політики забезпечення інноваційного розвитку в країнах Європи. Виклад основного матеріалу. У зв’язку з цим детально проаналізовано використання основних податкових стимулів: прихованої ставки податкової субсидії, податкових пільг, прямого державного фінансування витрат бізнес-сектору на R&D. Висновки. Виявлені суттєві розбіжності у податковому стимулюванні R&D в різних країнах, визначені ті з них, які займають найвищі та найнижчі позиції за видами податкових стимулів. Особливу увагу приділено зміні показників податкового стимулювання в динаміці.

У статті обгрунтовується роль податкового стимулювання R&D, зважаючи на зростаючу роль інноваційної складової в різних сферах економічної діяльності і водночас обмеженість її фінансового забезпечення. Оскільки податкове стимулювання R&D набуло суттєвого розповсюдження в розвинених країнах ЄС, проте наразі нерозвинене в Україні, його аналіз є актуальним. Окремі аспекти податкового стимулювання, у тому числі R&D досліджували такі вітчизняні та зарубіжні науковці, як Н. Блум, Т. Кога, І. О. Луніна, Н. М. Назукова, С. В. Онишко, Дж. Себастіан, В. П. Стефан, Б. Хол та інші. Проте, незважаючи на наявний науковий доробок, проблематика податкового стимулювання саме сфери R&D досліджена фрагментарно, потребує врахування новітніх тенденцій і вирішення наявних проблем, що обумовлює нагальність подальших наукових досліджень. Метою дослідження є аналіз податкового стимулювання R&D як складової фінансової політики забезпечення інноваційного розвитку в країнах Європи. У зв’язку з цим детально проаналізовано використання основних податкових стимулів: прихованої ставки податкової субсидії, податкових пільг, прямого державного фінансування витрат бізнес-сектору на R&D. Виявлені суттєві розбіжності у податковому стимулюванні R&D в різних країнах, визначені ті з них, які займають найвищі та найнижчі позиції за видами податкових стимулів. Особливу увагу приділено зміні показників податкового стимулювання в динаміці. В статье обосновывается роль налогового стимулирования R&D, учитывая возрастающую роль инновационной составляющей в различных сферах экономической деятельности и одновременно ограниченность ее финансового обеспечения. Поскольку налоговое стимулирование R&D приобрело существенное распространение в развитых странах ЕС, однако пока неразвито в Украине, его анализ является актуальным. Отдельные аспекты налогового стимулирования, в том числе R&D исследовали отечественные и зарубежные ученые. Однако, несмотря на имеющийся научный потенциал, проблематика налогового стимулирования именно сферы R&D исследована фрагментарно, требует учета новейших тенденций и решения имеющихся проблем, что обусловливает актуальность дальнейших научных исследований. Целью исследования является анализ налогового стимулирования R&D как составляющей финансовой политики обеспечения инновационного развития в странах Европы. В связи с этим подробно проанализировано использование основных налоговых стимулов: скрытой ставки налоговой субсидии, налоговых льгот, прямого государственного финансирования расходов бизнес-сектора на R&D. Выявлены существенные различия в налоговом стимулировании R&D в различных странах, определены те из них, которые занимают высокие и самые низкие позиции по видам налоговых стимулов. Особое внимание уделено изменению показателей налогового стимулирования в динамике. The article substantiates the role of tax incentives for R&D, cause of the growing role of the innovation component in various areas of economic activity and at the same time the limitations of its financial support. As R&D tax incentives have become widespread in developed EU countries, but are currently underdeveloped in Ukraine, its analysis is relevant. Some aspects of tax incentives, including R&D have been studied by such domestic and foreign scholars as N. Bloom, T. Koga, I. O. Lunina, N. M Nazukova, S. V. Onishko, J. Sebastian, V. P Stefan, B. Hall and others. However, despite the available scientific achievements, the issue of tax incentives in the field of R&D is studied in fragments, requires consideration of the latest trends and the solution of existing problems, which causes the urgency of further research. The aim of the study is to analyze the tax incentives for R&D as a component of financial policy of innovative development in European countries. In this regard, the use of the main tax incentives is analyzed in detail: the hidden rate of tax subsidy on R&D costs, tax benefits on R&D, direct government funding of business sector R&D costs. There are significant differences in tax incentives for R&D in different countries. Some countries that occupy the highest and lowest positions in the types of tax incentives were identified. Particular attention is paid to changes in tax incentives in the dynamics.

The Government of Jordan, the World Bank Group (WBG), and the international community are working towards a paradigm shift in their collective response to the refugee crisis - a holistic approach which stresses the continuum between the humanitarian response and the country’s development agenda. In parallel, Jordan’s implicit social contract by which the state provided citizens with jobs and heavily subsidized public services is evolving. strategic engagement, the WBG will adopt a two-pronged approach aimed at simultaneously addressing Jordan’s immediate needs in view of the fluid and worsening regional situation while keeping a medium and long-term development commitment built on reforming the economy to create the right environment for inclusive, job-creating growth. The first pillar of the Country Partnership Framework (CPF) aims to foster the conditions for stronger private-sector-led growth and better employment opportunities for all.The second pillar of the CPF aims to improve the quality and equity of service delivery, including through private sector solutions.The CPF will implement the new Middle East and North Africa (MENA) Strategy at the country level.The CPF aligns with the Government’s vision Jordan 2025, the Executive Development Plan 2016-2018 (EDP), and the Sustainable Development Goals (SDGs).The CPF’s principles of engagement will be selectivity, flexibility, adaptability and partnership. The outlook for 2016 forecasts growth at three percent on account of a growing mining and quarrying sector, some energy investments, and base effect of the tourism and construction sectors, although some downside risks have begun to materialize in early 2016.

This report was prepared as part of the World Bank engagement in the Philippines to support Islamic Finance and Financial Inclusion. It provides an overview on the context for the development of Islamic finance in the Philippines and is accompanied by two focused reports providing further detail and suggestions on enhancing financial inclusion in the Philippines through Islamic microfinance and assessment of the status of financial inclusion in Autonomous Region in Muslim Mindanao (ARMM)and the proposed Bangsamoro territory. The term Islamic finance is used to refer to financial activities conforming to Islamic Law (Shari‘ah). One of the main principles of the Islamic finance system is the prohibition of the payment and the receipt of ribā (interest) in a financial transaction. A pure debt security is replaced with an “asset-based” security, direct financing of a real asset, and different forms of partnerships of which equity financing is the most desirable.The following key principles guide Islamic Finance: i) Prohibition of interest on transactions (ribā); ii) Financing must be linked to assets (materiality); iii) Engagement in immoral or ethically problematic businesses not allowed (e.g., gambling or alcohol production); iv) Returns must be linked to risks. Table 1 provides a summary description of basic financial instruments.Over the past decade Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim majority countries. Discussion and interest in Islamic finance has also appeared on G20 discussions. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity.In summary, Islamic finance is equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible finance. It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare.

El presente trabajo muestra desde la perspectiva peruana, el impacto negativo de las variables: tributación y cultura empresarial de los agentes nacionales frente a los otros países del Mercado Integrado Latinoamericano (MILA); considerando entre otras, la imposición a las ganancias de capital que se aplica en el Perú, y la limitada propensión de las empresas locales por utilizar los mercados de capital. La investigación es descriptiva y explicativa, utilizándose fuentes secundarias en la recolección de datos, informes de la SMV y datos de las Bolsas del MILA. Adicionalmente, se realizaron entrevistas de expertos a directivos de la Superintendencia del Mercado de Valores; así como, de una representativa Sociedad Agente de Bolsa (SAB), con el fin de contrastar apreciaciones sobre los hallazgos encontrados., The present work shows from a Peruvian perspecti-ve, the negative impact of tax and business culture variables of national agents compared to other MILA countries; considering among others: the taxation of capital gains applied in Peru and the limited propensity of local firms to use capital markets. The research is des-criptive and explanatory, using secondary sources in data collection, reports and data of the SMV and stock markets from MILA. Additionally, experts interviewed directors of the Superintendence of Securities and a representative Broker Company (SAB), with the aim of contrasting assessments of the findings.

The Montenegrin economy has yet to recover from the collapse of the lending boom in 2008. The financial crisis hit asset quality, weakening banks’ portfolios. The legacy of pre-crisis rapid increase in indebtedness is adding to banking sector vulnerabilities. The crisis triggered a prolonged period of balance sheet deleveraging, which has translated into a near uninterrupted credit contraction. Slow economic growth and gaps in the legal framework have hampered banks’ efforts to reduce the overhang of nonperforming loans (NPLs). The CBM-managed payment and settlement systems are generally efficient. Some adjustments are needed to minimize any residual liquidity risks, such as facilitating the automatic transfer of balances from the reserves account to the settlement account. The CBM oversight function should be strengthened through the formulation of an oversight policy framework along with improvements to interdepartmental communication and exchange of information. The growth of the financial sector has contributed to greater access to finance for individuals and SMEs, but a number of weaknesses in the regulatory and enabling environment need to be addressed.

Offered article is devoted to research of features of interaction of the state structures and small business in agriculture. In article the author offered principles of interaction of the state and small business in the agrarian and industrial complex, allowing to reach target results of implementationof programs of support and priorities in realization of the state interest in agrarian and industrial complex.

Mali is a vast, land-locked country in West Africa with a population of approximately 14.9 million, and a GDP per capita of USD480. The economy is largely rural, with over two-thirds of the population living off agriculture, notably cotton. Gold is the country’s largest export, though production has been declining and the industry faces an uncertain future as proven reserves are limited. The service sector, which represents 40 percent of GDP, is dominated by trade and commerce. Mali’s dependence on crops and gold makes it vulnerable to terms of trade shocks. Industry, which employs just 3 percent of the active population, consists largely of small-scale food processing and textile plants. The overwhelming majority of the population (over 90 percent) works in the informal sector. The FSAP Development Module focused on: i) the banking sector and legal framework (credit to the economy); ii) microfinance; iii) agricultural finance; iv) insurance; and v) housing finance2. The mission carried out in-depth assessments on each topic and provided recommendations aiming at mitigating financial vulnerabilities and supporting the development of the financial sector (i.e. development the credit to the economy while insuring financial stability).

The performance of the Malian economy is largely dependent on the performance of the agricultural sector. The overall good growth in the Malian economy over the last several years is attributed to the agricultural GDP growth. Since 1995, the economy grew at about 5 percent per year until 2010, but a global recession, the military coup and terrorist activity caused a noticeable slowdown in GDP to about 1.2 percent in 2011-2012. The economic growth has resumed at a slow pace since 2013 and is currently estimated around 4.5 percent for 2014-2015. Agricultural development in general and agricultural finance in particular is hampered by a lack of quality data on the sector. Although improving, reliable statistical information is still lacking in Mali. There are often inconsistencies in agricultural data presented in the various reports available in the country. Although data on the main food crops and cotton are readily available, quality information on the high potential value chains, like mango and meat and dairy value chains, is less frequently provided. The lack of quality agricultural statistics makes public planning and analysis difficult and deters private sector investment.

The Ukrainian government recognizes investing in energy efficiency (EE) as a pillar of its energy sector strategy for reducing reliance on imported natural gas, mitigating the financial and fiscal stresses of high energy costs, and supporting economic recovery and long-term growth. Major government initiatives have been or are being undertaken to scale up EE investments in industries and residential buildings, two of the largest final energy consumers. Efforts to support EE in the public sector also received a boost with the recent enactment of the energy service company (ESCO) law and amendments to the budget code to enable energy performance contracting. The municipal sector - which includes municipal buildings as well as municipal services such as public lighting, district heating, water and sanitation, solid waste, and public transportation - accounts for the lion’s share of final energy consumption in the public sector. Facilitating and scaling up municipal EE finance should be a key component of the government’s national EE support agenda. Creating a dedicated EE revolving fund (EERF) for the public sector - and focusing its initial efforts on financing EE renovation of municipal buildings - will fill a critical gap in municipal EE financing in Ukraine and help address perhaps the most pressing municipal EE investment needs of Ukrainian cities.

Global alliance for vaccines and immunization (GAVI) is the third largest multilateral in the health sector. It has a single-purpose mandate, to increase access to immunization in poor countries. The World Bank is a founding partner to GAVI and remains a major partner, particularly at a financial level by supporting operations of two major innovative financial mechanisms on its behalf. The Bank’s most significant contribution is a key role in the establishment and management of two innovative financing mechanisms (International Finance Facility for Immunisation (IFFIm) and Advanced Market Commitment (AMC)) that have contributed one-third of GAVI’s financial resources from 2000 to 2010. The relationship with GAVI has been collegial and constructive in countries where there is engagement, but in many countries the Bank is not substantially involved in immunization. This review concludes that the status quo leaves organizational synergies untapped, and that stronger Bank involvement, drawing on its strengths in sustainable funding for immunization, addressing inequities in access to immunization, investments in health systems strengthening, and donor coordination in health can help achieve greater development results.

The general principles for credit reporting were issued by the World Bank in September 2011. Since then, the World Bank and the international committee on credit reporting (ICCR) have been leading efforts towards the implementation of the general principles worldwide. This report is one of the concrete outputs of the work following the general principles. It addresses one of the most significant problems that limit the ability of most small and medium enterprises (SMEs) around the world to obtain adequate external financing to underpin their productive activities: information asymmetries. Creditors assess the creditworthiness of credit and loan applicants based on two basic criteria: ones financial capacity or ability to repay a loan, and ones willingness to repay the loan. A credit reporting system s (CRS) basic objective is to address information asymmetries, which is crucial for determining repayment capacity and repayment willingness. Credit reporting can therefore be extremely valuable to creditors for enhanced, fact-based credit risk assessments, and in this sense can also be seen as a tool to facilitate access to financing, including by SMEs. The main objective of this report is therefore to identify actions that can be undertaken by authorities and other relevant policy makers to improve the flow of data and other relevant credit information on SMEs to creditors through CRS. For this purpose, the report first analyses the overall status of credit reporting activities in connection with SMEs.

The global financial crisis and ensuing credit crunch has revived the discussion on the role of public sector in the financial system around the world and in El Salvador, authorities have announced plans to step up their activities. A clearly defined strategy for the public banks, focused on complementing private sector activity, is necessary as their activities expand to improve access to finance and diversify the sources of funding. Any process of growth needs to accompany by improvement in risk management processes, governance arrangements and enhanced supervision. Going forward, the two public retail banks should increase their specialization in different market segments. The development bank role can be enhanced while maintaining its second tier status. To make the guarantee funds effective, in addition to scale their size, several operational features need to be improved.

This paper is focused on climate-related investment in developing countries. It provides the reader with an overview of climate-related activities, clarifies the terminology and discusses the sources of finance and public support. Section 1 gives an overview of current investment in climate-related activities. Section 2 defines a typology of private sector investment according to stage of technology development and type of project/investment. Section 3 outlines the risks faced by a private investor in emerging markets, how these risks are typically mitigated, and discusses how barriers to low carbon investment can exacerbate these risks. Section 4 discusses the different types of support relevant for the private sector and, building on the experience of the EBRD and IFC, the leverage associated with the different project types and support sources. Case studies of innovative use of concessional finance are also provided. Section 5, using the two main available sources of information, assesses the level of investment that will be required for a 2 degrees celsius pathway and concludes with a description of the support mechanisms that will be needed to mobilize private flows. An annex provides a list of interesting initiatives being implemented by other intergovernmental organizations and agencies that also speak to improving private sector engagement in the climate investment space.

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).

Local and Community Driven Development (LCDD) is an approach that gives control of development decisions and resources to community groups and representative local governments. Poor communities receive funds, decide on their use, plan and execute the chosen local projects, and monitor the provision of services that result from it. It improves not just incomes but people's empowerment and governance capacity, the lack of which is a form of poverty as well. LCDD operations have demonstrated effectiveness at delivering results and have received substantial support from the World Bank. Since the start of this decade, our lending for LCDD has averaged around US$2 billion per year. Through its support to local and community-driven programs, the Bank has financed services such as water supply and sanitation, health services, schools that are tailored to community needs and likely to be maintained and sustainable, nutrition programs for mothers and infants, the building of rural access roads, and support for livelihoods and micro enterprise. This eBook brings together the thoughts and experiences of many of the leading proponents and practitioners of LCDD, a phrase that evolved from Community-Driven Development, and most clearly describes the process of empowering communities and their local governments so they drive economic and social development upwards and outwards. This, too many, appears as a new paradigm, though it has actually evolved over the decades, since it emerged from India in the 1950s. While many LCDD projects have taken root, the key challenge now is how such islands of success, that is, the discrete LCDD projects, can be scaled up into sustainable national programs that build skills in decision-making, management, and governance.