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Foreign direct investment and private capital flows are highly concentrated geographically, with almost half of them reaching five top destinations. These flows tend to evade many high-risk countries. Regulatory and contractual risks, particularly in infrastructure, have inhibited investments in many parts of the developing world. A core objective of the World Bank Group (WBG) has been to support the flow of private investment for development; guarantees and insurance have been among the instruments that the WBG has used to pursue this objective. This study examines three main questions: • Should the WBG be in the guarantee business? • Have guarantee instruments in the three WBG institutions been used to their potential as reflected in WBG expectations and perceived demand? • Is the WBG appropriately organized to deliver its range of guarantee products in an effective and efficient manner?

Marine pollution from land-based sources (MPLBS) is currently one of the main sources of global marine pollution. The international community is facing a dilemma on regulating MPLBS: the lack of international rules makes it difficult to resort to international judicial institutes, while domestic laws have no extraterritorial jurisdiction. Along with developing and improving the international legal regulatory system, the Multilateral Guarantee Mechanism (MGM) can be established for MPLBS combat. With its unique advantages, the MGM is beneficial for controlling MPLBS risk, supervising pollutant sources, and providing effective compensation for damages. Section 1 of this article starts with a brief introduction to the definition and features of MPLBS. With its wide scope not limited to the coastal waters, MPLBS could lead to serious harmful consequences to the marine environment, and it is difficult to trace the real sources of the pollutants. Section 2 analyzes the legal challenges faced by MPLBS combat and points out the necessity of constructing the risk control mechanism for MPLBS. The absence of a specific worldwide international treaty becomes one of the deficiencies for international legal norms regarding MPLBS control, while comparatively integrated domestic legal frameworks on MPLBS control only take effect within territories and jurisdictional waters of states. The establishment of a risk prevention and control mechanism, which also aims to provide effective injury compensation, is more practical and appropriate. Section 3 discusses the necessity, feasibility, and advantages of the MGM for MPLBS risk control. The dilemma of MPLBS control constitutes the necessity of establishing MGM, and the commonalities between international investment risk control and MPLBS risk control show the feasibility of MGM establishment. The advantages of MGM also help to balance national interests and collective environmental protection. Section 4 explores how the MGM functions for MPLBS risk control by referring to a series of core contents, including fundamental convention, guarantee agency, types of risks, payment and subrogation, dispute settlement, and so forth. Section 5 illustrates the implementation of the MGM under two hypothetical scenarios: plastic pollution in the Philippines and Japanese radioactive wastewater pollution. Restrictions of the MGM and corresponding solutions are also discussed. Section 6 concludes the main arguments and makes an expectation on the MGM.

This report evaluates the outcomes of World Bank Group support to Afghanistan from 2002-11. Despite extremely difficult security conditions, which deteriorated markedly after 2006, the World Bank Group has commendably established and sustained a large program of support to the country. The key messages of the evaluation are:•While World Bank Group strategy has been highly relevant to Afghanistan’s situation,beginning in 2006 the strategies could have gone further in adapting ongoingprograms to evolving opportunities and needs, and in programming activities sufficientto achieve the objectives of the pillars in those strategies.•Overall, Bank Group assistance has achieved substantial progress toward most ofits major objectives, although risks to development outcomes remain high. Impressive results have been achieved in public financial management, public health,telecommunications, and community development; substantial outputs have alsobeen achieved in primary education, rural roads, irrigation, and microfinance—allstarted during the initial phase. Bank assistance has been critical in developingthe mining sector as a potential engine of growth. However, progress has beenlimited in civil service reform, agriculture, urban development, and private sectordevelopment.•The Bank Group’s direct financial assistance has been augmented effectively byanalytic and advisory activities and donor coordination through the AfghanistanReconstruction Trust Fund. Knowledge services have been an important part ofBank Group support and have demonstrated the value of strategic analytical work,even in areas where the Bank Group may opt out of direct project financing.•With the expected reduction of the international presence in 2014, sustainabilityof development gains remains a major risk because of capacity constraints andinadequate human resources planning on the civilian side.To enhance program effectiveness, the evaluation recommends that the Bank Group help the government develop a comprehensive, long-term human resources strategy for the civilian sectors; focus on strategic analytical work in sectors that are high priorities for the government; assist in the development of local government institutions and, in the interim, support the development of a viable system for servicedelivery at subnational levels; assist in transforming the National Solidarity Program into a more sustainable financial and institutional model to consolidate its gains; help strengthen the regulatory environment for private sector investment; and scale up IFC and MIGA support to the private sector.Chapter AbstractsChapter 1This chapter examines the country context, including continuing conflict and insecurity, poverty, and the role of development partners and non-state actors (civil society and humanitarian organizations) in Afghanistan. It examines coming transitions in security arrangements, including political and economic transitions. It outlines the evaluation methods used, as well as limitations. Chapter 2This chapter deals with the World Bank Group strategy and program, the Bank Group’s operational program, portfolio performance, analytic and advisory activities review, the Afghanistan Reconstruction Fund, and the new Interim Strategy Note, as well as previous Transitional Support Strategies and ISNs.Chapter 3This chapter examines the building of state capacity and state accountability to its citizens, specifically issues such as results and shortcomings in public financial management, public sector governance, and health and education. The World Bank Group contribution is highlighted. Risks to development outcomes are discussed. Chapter 4This chapter examines the issue of promoting growth in the rural economy and improving rural livelihoods, including sectors such as rural roads, agriculture and water. The National Solidarity Program and the Bank Group’s contribution to it are discussed. Risks to development outcomes arenoted.Chapter 5This chapter concerns support for the formal private sector, examining the overall investment climate and financial sector. It looks at possibilities for growth in the mining and hydrocarbons sector, information and communications technology, and power sectors. Urban development is also examined. The World Bank Group contribution is highlighted.Chapter 6This chapter provides an overall assessment (relevance, efficacy) of the Bank Group’s program in Afghanistan, outlining the internal and external drivers of success (knowledge services, staff capacity, customization of program design to country context, alignment of donor objectives, etc) and weakness. Chapter 7This chapter outlines the lessons for fragile and conflict-affected situations drawing on the specifics of the Afghanistan evaluation case. Recommendations are offered in areas such as labor markets, human resources, strategic-level analytical work vis-a-vis long-term development strategies, and strengthening of the regulatory environment for private sector investment.

The role of foreign direct investment (FDI) in international capital flows is examined. Theories of the determinants of FDI are surveyed, and the economic consequences of FDI for both host (recipient) and home (investor) nations are examined in light of empirical studies. Policy issues surrounding possible negotiation of a \"multilateral agreement on investment\" are discussed.

New horizons are opening for Africa, with a growing number of Chinese andIndian businesses fostering its integration into advanced markets. However,significant imbalances will have to be addressed on both sides of the equation to support long-term growth.

At the present stage，China's project guarantee system is not perfect, there are problems such as the same guarantor guarantee the owner and the contractor, the risk consciousness of the construction project market is not strong, the guarantee issued by guarantee agencies is not standard, and the guarantee rate of the engineering is not unified. Such serious problems have influenced the development of China's construction market, reducing the competitiveness of China's construction enterprises in the international market. Actual survey raised a number of recommended countermeasures, such as actively carry out publicity and training work, strengthen legislation and perfect contract management, combination of compulsory and voluntary implementation, actively cultivate the professional guarantee gompanies and engineering guarantee market, perfect social credit system and social security systemm, and determine the reasonable project guarantee fees to establish a correct sense of risk, aiming to further improve our project guarantee system.