On the 16^th of June 2010, the Paris Club organized in collaboration with the Institute of International Finance (IIF) a high-level international conference dealing with the sustainable financing of emerging and developing countries.

Vincenzo La Via, Chief Financial Officer of the World Bank, opened the conference.

After a discussion on the access of those countries to financing resources that allow them to prevent debt crises, this conference has been the occasion to talk about the opportunities and risks linked with the financing of sub-sovereign and non-sovereign entities and the restructuring of their debt. High level speakers from various professional backgrounds took part to this event: official representatives from emerging and developing countries, from bilateral creditors and from the private sector, as well as multilateral creditors (IMF, World Bank) and multilateral organizations (OECD).

Ms. Christine Lagarde, Minister of Economy, Industry and Employment, closed the conference.

During the first Roundtable, the speakers discussed the financing tools and the principles for sustainable lending and borrowing set up by the international financial community, as well as contingent financing mechanisms that can help preventing debt crises, such as insurance-type facilities (1).

The second roundtable was dedicated to the financing of non-sovereign entities: the speakers talked about the case of sub-sovereign loans, and about the restructuring of non-sovereign entities and the issues it raises (2).

(1) The first roundtable gathered under the presidency of Mr. Pierre Jacquet, Senior Economist and Strategy Director of the French Development Agency:

• Kyungwook Hur, former Korean Vice Minister of Finance and newly appointed Korean Ambassador to the OECD.
• Reza Moghadam, Director of the Strategy, Policy and Review Department, International Monetary Fund
• Lassine Bouare, Minister for Budget, Mali
• Enos Bukuku, Vice Governor of the Central Bank of Tanzania
• Vincenzo La Via, Chief Financial Officer, World Bank
• Steven Tvardek, Head of the Export Credit Division, OECD
• Avinash Persaud, Chairman of Intelligence Capital Limited

(2) The second roundtable gathered, under the presidency of Mr. Jean Lemierre, Adviser to the President of BNP Paribas:

• Lee Buchheit, Partner, Cleary Gottlieb Steen & Hamilton LLP
• Simon Compaoré, Mayor of Ouagadougou, Burkina Faso
• Jean-Jacques Moineville, Operations Director, French Development Agency
•  Marcia Favale-Tarter, Adviser to Karim Massimov, Prime Minister of the Republic of Kazakhstan
• Dieter Wojahn, member oft he Executive Board of Euler Hermes
• Richard Fox, Senior Director, Middle East and Africa, Fitch Ratings Ltd