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Development Finance Institution

Spurring additional capital to advance the UN Sustainable Development Goals

What We Do

The J.P. Morgan Development Finance Institution (JPM DFI) was established in January 2020 to mobilize finance in support of the UN Sustainable Development Goals (SDGs) in emerging economies. The JPM DFI seeks to expand J.P. Morgan’s sustainable development-oriented financing activities by i) applying its impact methodology to assess the anticipated impact of transactions; ii) originating and structuring sustainable development finance transactions; and iii) identifying sources of capital interested in financing opportunities with measurable development impact. By supporting the origination and distribution of financial products to institutional investors, acting as investors or lenders, who are interested in financing sustainable development, the JPM DFI aims to build sustainable development as a traded asset class.

Annual Reports

What We Offer

The JPM DFI applies its impact methodology to assess transactions with public and private sector clients and official development institutions (ODIs) that may promote economic and social/sustainable development in countries eligible to borrow from the World Bank. In particular, the JPM DFI offering includes:

  • Impact Assessment: Using the JPM DFI methodology to assess the anticipated development impact of transactions and assist clients in communicating the expected contributions of their transactions towards advancing the UN SDGs;

  • Structuring: Creating scalable financing structures with the goal of catalyzing investment from both private and public sector investors; and

  • Distribution: Identifying sources of capital that seek investments with both financial returns and sustainable development impact.

Our Clients

  • Corporates and Sovereigns: As Development Finance Structuring Agent (DFSA), we assist corporate and sovereign clients in preparing their disclosures of the anticipated development impact of their intended projects or activities in emerging markets. We also provide our clients with a development impact assessment. This is a formal report that applies the JPM DFI methodology to the transaction, produces a development intensity score, and provides a framework for reporting on the impact of the transaction over its maturity. To date, the JPM DFI has been mandated as DFSA for over 25 transactions, spanning across various products and geographies.

  • Investors: The JPM DFI assists investors to identify investment opportunities in transactions with anticipated contributions to the UN SDGs.

  • Official Development Institutions (ODIs): The JPM DFI collaborates with ODIs (such as national and multilateral development banks) on transactions with sustainable development impact. For example, J.P. Morgan may serve as a bond underwriter for the ODIs and may work with DFIs that act as an anchor investor in a transaction.

Insights

Unpacked: Development Finance

Learn how development finance plays an important role in funding sustainable projects, like clean water, in emerging markets, and why there’s a push for private institutions to play a more active role in having an impact.
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Unpacked: Development Finance

Learn how development finance plays an important role in funding sustainable projects, like clean water, in emerging markets, and why there’s a push for private institutions to play a more active role in having an impact.

Affordable and clean energy, widespread access to healthcare and education, quality jobs and infrastructure, safe and sustainable cities. These are pretty ambitious goals for developing countries, so how can we get there? By raising about an extra 2.5 trillion dollars of annual financing until the year 2030.

This is: Development Finance Unpacked

Back in 1944, the concept of development finance was born. Institutions like the World Bank were created to fund the rebuilding of vital infrastructure and services across efforts of war-torn European countries.

Since then, development finance has evolved into what it is today: Funding projects that improve the quality of life and well-being of people in developing countries.

In September 2000, a critical milestone took place when all United Nations members agreed on a set of development goals to achieve by 2015 called the “Millennium Development Goals.”

The idea? To rally world leaders around efforts to fight extreme poverty, expand access to quality jobs and healthcare, and more.

As 2015 approached, the United Nations formed 17 new Sustainable Development Goals to be achieved by 2030. They aimed to advance progress on things like: clean water, infrastructure, education, sustainable farming, improved mobility, and more.

Sustainability is the connecting force between them, emphasizing the necessary balance between economic growth, social inclusion, and environmental protection.

The estimated total investment needed to achieve the SDGs in emerging economies ranges between 3.3 to 4.5 trillion dollars per year.

Currently, we’re only half way there. According to the United Nations, there is a 2.5 trillion dollar gap of development finance – per year – until 2030.

Historically, the development financing has primarily come from public institutions, which are owned and operated by government shareholders.

It can also come from multilateral institutions, like the World Bank. They receive funding from multiple member governments and use it across projects in developing countries. Currently, around one hundred and forty countries are eligible to borrow from the World Bank.

However, this annual funding gap can’t be closed by public institutions alone. To do it the private sector – think multinational corporations or financial institutions – must play a leading role.

Private organizations can offer more capital, access to investors, structuring expertise and a global network.

It could be a direct investment like opening a factory, or a portfolio investment, like an asset manager buying a bond from a government to provide clean water.

Let’s look at an example of how development finance works. Let’s say a government agency in Saharan Africa, to build new infrastructure to provide clean water. While this may intuitively feel “developmental”, a development finance institution will thoroughly evaluate whether this qualifies as a development finance opportunity.

Certain questions could include: Will the infrastructure serve areas that struggle to access clean water? Will it be resilient to climate change? Does the agency provide quality jobs and training to employees?

If a project meets the necessary requirements, the development finance institution will connect this opportunity with potential investors – usually those interested in supporting development finance activities, like an impact investor or an ESG investment fund manager.

From there, projects that support the SDGs and have impact in developing countries, receive their needed funding and we move one step closer to closing that 2.5 trillion annual dollar gap.

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Contacts

Faheen Allibhoy
Managing Director

Head of the JPM DFI

+1 (212) 622 8253

Faheen Allibhoy
Managing Director

Faheen Allibhoy leads the JPM DFI in its mission to catalyze finance for the SDGs and increase the participation of private capital in development finance.

Faheen is a seasoned manager with experience in international investing, emerging markets and the development agenda. She has sector expertise in infrastructure, renewable energy, industrials and private equity funds.

Prior to J.P. Morgan, Faheen spent 18 years at the International Finance Corporation (IFC), the private sector arm of the World Bank, where she was responsible for setting strategy, business development, transaction execution and portfolio management; as well as serving as Country Manager based in Dakar, Senegal. Faheen started her career at Merrill Lynch in Investment Banking. Faheen has a BA in Economics from Wellesley College and an MBA from Harvard Business School. She is a member of the Council of Foreign Relations, Wellesley Business Leadership Council and the Harvard Business School Advisory Council for Africa.

Arsalan Mahtafar
Executive Director

Director of Development Impact

+1 (212) 270 8088

Arsalan Mahtafar
Executive Director

Arsalan Mahtafar is the Director of Development Impact of the JPM DFI.

In this role, Arsalan maintains the JPM DFI methodology – ensuring it is in-line with best practices in the field of development finance – and applies the methodology to banking and markets transactions originated and structured by J.P. Morgan’s Corporate & Investment Bank to assess their anticipated development impact.

Arsalan joins the JPM DFI from J.P. Morgan’s Corporate & Investment Bank’s Strategy team, where he advised senior management on growth and transformation strategies, including the strategy and operating model of the JPM DFI. Prior to J.P. Morgan, Arsalan was a manager within McKinsey’s Economic Development Practice, where he advised developing country governments on country growth strategies. Arsalan holds a Master in Public Administration in International Development from Harvard University and dual Bachelors in Business Administration and International Political Economy from UC Berkeley.

Jiten Wignarajah
Executive Director

Director of Development Finance and Distribution

+44 (207) 134 7675

Jiten Wignarajah
Executive Director

Jiten Wignarajah is Director of Development Finance and Distribution at the JPM DFI, based in London.

Jiten is responsible for identifying investors interested in owning development-focused assets and providing support to J.P Morgan’s Syndicate and Sales teams in attracting these investors to JPM DFI-qualified transactions. He will also be responsible for the origination and structuring of new development finance products to further attract institutional investment.

Jiten started his career in J.P. Morgan’s Securitized Products Group where he was responsible for originating, structuring and distributing structured finance products for European and emerging market clients. He has over 15 years of experience working with financial institutions, sponsors, specialty-finance lenders and corporate clients. Jiten studied Physics and Philosophy at the University of Oxford.

Mihai Mosneanu
Executive Director

Director of Development Finance Syndications

+44 (207) 134 2427

Mihai Mosneanu
Executive Director

Mihai Mosneanu is the Director of Development Finance Syndications of the JPM DFI.

Mihai is responsible for expanding the reach of the developmental transaction which J.P. Morgan originates across various lines of business to an ever growing investor universe. Having been with J.P. Morgan for over 8 years and with more than a decade of professional experience in emerging markets, Mihai’s broader mandate within the firm is to oversee the distribution of the emerging markets private credit business which allows for broader synergies as the JPM DFI evolves.

Mihai holds a Masters in International Relations from the University of Cambridge and graduated with a First Class Honors bachelor degree in Economics from University College London.

Allie Barry
Vice President

+1 (212) 622 3185

Allie Barry
Vice President

Allie Barry is a Vice President of the JPM DFI who focuses on several JPM DFI functions including deal origination, structuring, development qualification, and investor syndication.

Allie joined the JPM DFI from the firm’s Management Associate Program, a leadership development program. Prior to joining J.P. Morgan, Allie worked as an associate at Glade Brook Capital. Allie holds a Masters in Business Administration from Columbia University and a Bachelor of Science in International Politics from the School of Foreign Service at Georgetown University.

Martina Brandli
Associate

+1 (212) 622 1398

Martina Brandli
Associate

Martina Brandli is an Associate of the JPM DFI. Martina joined the JPM DFI from the Investment Strategy team in J.P. Morgan’s Asset and Wealth Management business.

Prior to this, Martina worked as an analyst at the J.P. Morgan Private Bank in Italy and at the European Commission in Luxembourg. Martina holds a Masters in International Management and a Bachelor in Economics from Bocconi University in Milan, Italy.

Josemaria Soriano
Analyst

+1 (212) 622 9274

Josemaria Soriano
Analyst

Josemaria Soriano is an Analyst on the JPM DFI team and provides support to all of the JPM DFI functions in his role. Josemaria joins the team from J.P. Morgan’s Corporate & Investment Bank’s North American Debt Capital Markets team, where he focused on ESG products, liability management transactions, and debt origination, including the first Sustainability-linked Bond by a North American Oil & Gas Company.

Prior to joining J.P. Morgan, Josemaria worked as a researcher in Nuclear Energy, Fuel Cell Engineering, and Nanotechnology. Born in Lima, Peru, Josemaria holds a Master of Science in Engineering Systems Management from St. Mary’s University where he graduated with Honors for his thesis in Impact Evaluation. He also holds a Bachelor of Science in Physics and a Bachelor of Arts in Mathematics from St. Mary’s University, Texas.

Daniel Zelikow
Vice Chair

Chair of the Governing Board of J.P. Morgan Development Finance Institution

+1 (212) 585 3758

Daniel Zelikow
Vice Chair

Daniel Zelikow is Vice Chair, Public Sector, at J.P. Morgan, Global Co-Head of Infrastructure Finance and Advisory, and Chair of the Governing Board of the JPM DFI. He leads a team that manages the bank’s business with public sector clients. In 2020, he launched the JPM DFI to scale up the firm’s financing of development challenges in emerging markets.

Immediately prior to re-joining J.P. Morgan in 2010, Daniel was the Executive Vice President and Chief Operating Officer of the Inter-American Development Bank in Washington, D.C. While with the IADB, he was instrumental in defining a new corporate strategy, doubling the volume of client operations, devising and executing the IADB’s response to the global financial crisis, and bringing about significant management and financial reforms. He also chaired the management committees on policy, operations, and risk, and he chaired the Board of Executive Directors in the President’s absence.

Daniel was previously with J.P. Morgan and headed the firm’s emerging markets sovereign debt origination and its liability management group. He also managed a New York-based investment banking practice focused on government financial institutions, multilateral development banks, export credit agencies and sovereigns.

Prior to joining J.P. Morgan in 1999, he held key positions in the U.S. Treasury, where he was Deputy Assistant Secretary responsible for financial policy towards countries in the Americas, Asia and Africa. At Treasury, he was the founding director of the Office of Technical Assistance and also served for two years as the Senior Economic and Financial Advisor to the President and Minister of Finance of Albania in Tirana.

He holds a BA from Dartmouth College, graduating summa cum laude, and a D.Phil from Oxford University. He serves on several for profit and non-profit boards.

FAQs

The JPM DFI augments JPM’s existing emerging markets client offering by addressing the growing demand from institutional investors for transactions with credible impact disclosure and reporting. By applying the JPM DFI impact methodology, we help our emerging markets clients assess the anticipated development impact of their transaction and communicate that impact in a standard format to the investor community. Through increased investor engagement, we hope to create a “virtuous cycle”, whereby more emerging markets issuers recognise the benefit of setting clear sustainable development targets which can be measured and tracked. This improved disclosure from emerging markets clients should further support investor confidence and capital flows into sustainable development assets in emerging markets.

The JPM DFI does not have its own balance sheet capacity. The JPM DFI provides its services in conjunction with J.P. Morgan’s Corporate & Investment Banking (CIB) products. The CIB, among other things, originates and structures financial instruments for distribution/syndication to the ultimate institutional investors to such assets. The JPM DFI helps emerging markets corporates and sovereigns assess the anticipated development impact of their financing needs and identify institutional investors seeking to provide capital or risk mitigation products to projects and transactions with sustainable development impact. In doing so, the JPM DFI seeks to scale up the CIB’s origination of such transactions and accelerate the mobilization of capital to these investment opportunities.

In recent years, we have seen a growing interest in ESG and impact investing from all market participants. As the ESG wave grows, we have observed meaningful changes in behavior and increased interest in ESG products from investors (ESG-aligned funds), corporates (focus on ESG frameworks and targets) and commercial banks (public commitments). J.P. Morgan has also advanced its ESG strategy by forming new teams focused on climate change and sustainable development, and by announcing a $2.5 trillion target by 2030 to finance and facilitate transactions that address climate change and contribute to sustainable development. In 2021, transactions assessed by the JPM DFI accounted for the largest contribution to this target.

The UN Sustainable Development Goals (SDGs) are at the heart of the 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015. The SDGs are 17 interconnected global goals and 169 unique targets aimed at ending poverty, improving health and education, reducing inequality, and spurring economic growth – all while tackling climate change and working to preserve our natural ecosystems. While some of the goals (e.g., SDG 7 Affordable and Clean Energy and SDG 13 Climate Action) are directly aimed at mitigating the adverse impacts of climate change, a focus on economic, social, and environmental sustainability is a common feature underlying all of the SDGs.

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This material (including market commentary, market data, observations or the like) has been prepared by personnel in the Development Finance Institution at JPMorgan Chase & Co. It is not the product of any Research Department at J.P. Morgan (“JPM Research”) and has not been reviewed, endorsed or otherwise approved by J.P. Morgan Research. Any views or opinions expressed herein are solely those of the individual authors and may differ from the views and opinions expressed by other departments or divisions of J.P. Morgan. This material is for the general information of our clients only and it is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction or a recommendation for any investment product or strategy. All transactions (including potential transactions) presented herein are for illustration purposes only.

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. In no event shall J.P. Morgan be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you in evaluating the merits of participating in any transaction. J.P. Morgan is not obligated to update any information contained herein or to inform you if any of this information should change in the future. The information contained herein does not constitute a commitment or undertaking by any J.P. Morgan entity to underwrite, subscribe for or place any securities or to extend or arrange credit or to provide any other services to any person or entity. All products and services are subject to applicable laws, regulations, and applicable approvals and notifications. J.P. Morgan is the marketing name for the investment banking activities of JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC (member, NYSE), J.P. Morgan Securities plc (authorised by the PRA and regulated by the FCA and the PRA) and their investment banking affiliates.

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