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The aim of this paper is to investigate the bilateral responsibility character of the loan agreement. At the heart of a research there is a method of the analysis of the existing Russian legislation and law-enforcement practice and the existing European standards for legal unification. Results revealed that the rights of the lessor can be subdivided on precontractual and contractual. The right to reliable information about the borrower belongs to precontract laws of the lessor; right for coordination of contractual conditions. Moreover, it is necessary to differentiate the contract monetary and the contract of a commodity (real) loan in connection with differences in a set of the bilateral rights and duties of the lessor and borrower. In conclusion, in the pre-revolutionary doctrine an opportunity to sign the loan agreement on consensual model in this connection we consider that this legal design can be reproduced in the existing civil legislation was proved.

We investigate how borrower consent clause (BCC) is used in private debt contracts as a contract design mechanism to protect borrower interests. We find that the probability of including a BCC in debt contracts increases in the intensity of creditor control rights measured by number of financial covenants. Furthermore, we document that performance covenants result in higher likelihood of BCC inclusion than capital covenants do. For robustness checks, we use alternative proxies for creditor control rights, and employ simultaneous equation and propensity score matching to address endogeneity. The baseline results still hold. Exploiting Anti-Recharacterization Law (ARL) as a quasi-natural experiment for strengthened creditor rights, we find that adoption of ARL increases the likelihood of BCC inclusion. Using credit default swap (CDS) trading as a setting of weakened creditor control rights, we document the inception of CDS trading is associated with lower likelihood of including BCC. Furthermore, we find that the association between creditor control rights and BCC is more pronounced for borrowing firms with good quality and more conservative financial reporting.

East Asia and the Pacific is a region of dynamic growth. Women have contributed significantly to this growth and have benefited from it through active participation in the labor market. However, women are still disproportionately represented in the informal sector and in low paid work. Efforts to identify barriers to women's business and entrepreneurial activities in the region are critical not only to facilitate inclusive growth in a national context but also to counter the increasing trend of female migratory flows in the region. This report highlights' both the challenges and the economic opportunities for businesswomen in the region offers some useful potential pointers for reform.

The National Credit Act, 2005 (NCA) was introduced to create a more stable credit market and is applicable to all credit transactions. One of the main objectives of the Act is to establish new and improved rights for credit consumers. As a result, credit providers are obliged to comply with the NCA and enforce the new and improved rights. The purpose of this research paper is to determine if the NCA has established new and improved rights for home loan borrowers. The study utilised a mixed methods approach. Using a convenience sampling technique, a sample size of 250 respondents was used. The findings of the study revealed that borrowers rights are being enforced by credit providers by maintaining confidentiality, providing information to home loan borrowers on a regular basis and, most importantly, ensuring that home loan borrowers are well informed prior to entering the home loan credit agreement.

In economic growth the largest differences between developed and developing economies are in innovation performances. Innovation is critical for growth, but it is increasingly important for addressing major development changes, such as those related to inclusion and sustainability. Recognizing this pattern, many countries are promoting innovation and entrepreneurship. Market and government failures and other bottlenecks impede innovation and entrepreneurship, particularly in developing countries. These countries need to build the capacity to find, absorb, and use new technologies and processes as well as foster entrepreneurs who can take risks, look for finance, and bring new products and processes to market. The Independent Evaluation Group reviewed the investment portfolio in innovation and entrepreneurship interventions over the past decade across the World Bank Group. IEG found that this investment is substantial, but its effectiveness can be enhanced through broad, systemic efforts. Urgent action is required to enhance coordination, consultation, and linkages on innovation and entrepreneurship initiatives across networks, sectors, and regions. Another challenge is to develop practical solutions for people who earn less than

Empowering Women in Vanuatu: Analyzing Challenges to Economic Participation Women in Vanuatu examines the barriers hindering women's full economic participation in this traditional, patriarchal society.Despite increasing involvement in the private sector, women face limited government support and discriminatory legal frameworks.

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.

This book deals with the evolution and context of the Bank policy for projects on international waterways. It starts with a brief description of how the Bank faced the challenges stemming from such projects, and the different approaches deliberated by the Bank that led to the issuance of the first policy in 1956. The Book then reviews the implementation experience and analyzes the principles and procedures, as well as the main features of each of the policies issued in 1956, 1965 and 1985. The principles of international water law prevailing at each stage of the policy updates are examined and compared with those of Bank policy.The book also discusses in details the notification process: its basis, by whom, to whom, its content, different riparians’ responses, and the exceptions to the notification requirement. It analyzes how the Bank handles an objection from one or more of the riparians to projects proposed for Bank financing. It also examines how the Bank has dealt with transboundary groundwater, as well as the linkages between the policy for projects on international waterways and the policies on disputed areas and environmental impact assessment. The conclusion provides an overview of the main findings of the book, and highlights some of the lessons drawn from the implementation experience of the policy.

This book rental housing lessons from international experience and policies for emerging market is an effort to bring rental housing to the forefront of the housing agenda of countries around the world and to provide general guidance for policy makers whose actions can have an effect on where and how people live. It warns of the challenges they face and provides guidelines on how to develop or redevelop a sound rental sector. it can enable key players in housing markets be they government officials, private rental property owners, financiers, or nongovernmental organizations to add rental housing as a critical housing option and to have an informed discussion on how best to stimulate this sector. The housing policy of most nations focused on increasing home ownership. There had been very little discussion about rental housing, less about social housing, and virtually none about public housing. This book includes totally five chapters: chapter one is introduction; chapter two is the rental market and its players; chapter three is legal, tax, and financial issues; chapter four is recommendations and conclusion; chapter five is country experiences.

The reality of climate change associated with anthropogenic emissions is now widely acknowledged by the scientific community. Its potential devastating future harms are equally well perceived and as stated in the Copenhagen Accord major nations agree on the need to jointly and urgently combat climate change. The international community is also quite aware that stabilizing atmospheric concentrations of green-house gases (GHG) at supportable levels will require a drastic reduction in GHG emissions within a limited period of time. Undertaking such an enormous effort triggers several interlinked challenges: (1) technically mitigating GHG emissions to the required level; (2) implementing these solutions in countries where the required amount of emission reduction is most realistically and efficiently achievable in particular through involving and using in full the large potential of developing countries; and (3) mobilizing the large amount of financing needed to ensure that the corresponding projects and programs can be effectively implemented. Furthermore, these challenges must be simultaneously addressed in a way that is acceptable to all the parties involved. This means in particulars that any arrangement designed to meet the global GHG emission reduction challenge must be consistent with the principle of the common but differentiated responsibilities of developed and developing countries.