2019 July 12 Friday

How MDBs Can Help Private Capital to Extend Their Country Risk Appetite (Open Event)

Salle D, ECCL



One of the obstacles to finance and infrastructure investment in Asia are the country limits of commercial lenders.  This topic challenges conventional country risk management frameworks and seeks to understand whether MDBs can increase investor's country risk appetite and, therefore, the mobilization of private capital through project selection, preparation, safeguards and leveraging convening power through sovereign relationships to act as an honest broker.




The 2030 Agenda for Sustainable Development envisaged that MDBs had a pivotal role to play in addressing the infrastructure gap across the developing world, through their focused efforts and initiatives.  Recognizing that investor appetite for infrastructure projects in emerging markets is constrained by risks that may be mitigated through MDB credit enhancements, our topic tasks stock of progress to date and seeks to further explore how MDBs can crowd-in private finance to not only enhance their limited resources but enable those private sector investors to expand their respective country risk appetite.


Discussion Topics


This event brings together thought leaders from global and regional private sector finance entities, rating agencies, economists, and Multilateral Development Banks to consider, inter alia:


  • Getting back to basics - Are the current methodologies for assessing country risk still fit for purpose?

  • Country risk models and methodologies of the past and future - Has big data changed the approach? Have climate related risks and changes in technology influenced models?

  • The setting of country risk limits - What are the obstacles to decision making?  How are limits sized?  Are there regional correlations?

  • Regulatory constraints - How are MDBs considering leveraging their balance sheets?

  • Short and long-term progress. What are the best approaches to enable crowding in of asset managers and other non-traditional lenders.


Session Format


Keynote address followed by panel discussion.



Stephen Capon

Head of Asia and Global Head Country & Credit Risks Management, Chubb Global Markets


Steve has been working in global financial markets for almost 30 years and with Emerging Markets specifically for 26 years. The only continent on which he has not had direct experience of risk assessment or business development is Antarctica. Steve joined Chubb in 2002 and as Head of Asia is responsible for the development of Chubb's Political Risk & Credit division's strategy across the region. In addition, he is responsible globally for their country and credit risk management infrastructure: from country risk models, through corporate and bank credit risk analysis to portfolio management, capital at risk and regulatory reporting. Steve has a Masters in Modern History with Middle Eastern Politics from St Andrews University and is an Associate of the Chartered Institute of Bankers.

Andrew Davison

SVP - Infrastructure Finance Group, Moody's Investors Service


Andrew Davison (SVP, Infrastructure Finance) is responsible for Moody's strategic initiatives responding to market dynamics that are reshaping the development and financing of infrastructure assets across the globe. Andrew's role includes analytical and outreach responsibilities on ESG themes.


Andrew joined Moody's in 2006 and led Moody’s EMEA Project Finance ratings team from 2007-2012. He has a broad background in energy and infrastructure finance and has acted variously as lead debt arranger, financial advisor and principal on a range of profile transactions in the sector on behalf of previous employers: Hambros, SG, Enron and Scotia Capital.


Andrew is a Fellow of the Institute of Chartered Accountants in England and Wales and holds an engineering degree from Trinity College, Cambridge.

Victoire de Groote

Global Head of Country Risk, HSBC


Victoire is Global Head of country Risk at HSBC.  This department is the owner of sovereign ratings that are impacting all of HSBC’s wholesale exposures. The department is also the owner of the methodology for setting Group tolerance limits for individual countries and plays an important role in country, regional and global stress testing.  Within the team and beyond the global responsibility, Victoire has personal expertise on China and Great China region, the US and the UK

She joined HSBC in September 2010, having spent most of her career at Fortis (Belgium) and then BNP-Paribas-Fortis.  She studied economics, history and European affairs at the University of Louvain (UCLouvain) in Belgium and was professor of macroeconomics for 10 years at the University of Liege (Belgium).

Joshua Loud

Head of Country Risk, EBRD


Joshua Loud is the Head of Country Risk at the European Bank for Reconstruction and Development.  Prior to joining the EBRD in 2015, he worked as a senior country risk analyst at GE Capital and a research economist at the United States Department of the Treasury.  Joshua holds a PhD in political economics from Stanford University.

Bernhard Obenhuber

Managing Partner,


Bernhard Obenhuber is co-founder and managing partner of, a UK-based Fintech company that develops innovative products for country risk assessments. crowd-sources sovereign ratings, applies machine learning algorithms for risk analysis and provides consultancy services.

Prior to his entrepreneurial activities, Bernhard worked for more than 10 years in banking as economist and investment strategist with UBS and Credit Suisse. Bernhard received his Master’s Degree in Finance and Economics from the University of Innsbruck (Austria) and is a CFA Charterholder.

Klaus Regling

Managing Director, European Stability Mechanism


K. Regling is Managing Director of the European Stability Mechanism. He is also CEO of the European Financial Stability Facility. He has worked as an economist in the public and private sector in Europe, Asia, and the U.S., with the IMF in Washington and Jakarta and with the German Ministry of Finance where he prepared EMU in Europe. In 2001-2008, he was DG for Economic and Financial Affairs of the European Commission. He spent a year at the Lee Kuan Yew School of Public Policy in Singapore where he researched financial and monetary integration in Asia. Previously, Mr. Regling worked in the private sector as MD of the Moore Capital Strategy Group in London and as an economist with the German Bankers’ Association. Mr. Regling studied economics at the Universities of Hamburg and Regensburg.

Keng Siong Wong

Credit Risk Manager (Supranationals, Central Banks & Export Credit Agencies), DBS Bank


Wong Keng Siong is Credit Risk Manager for Supranationals, Central Banks & Export Credit Agencies at DBS Bank. Prior to March 2019, he was Head of Country Risk for 11 years. In his previous role, he was responsible for the Country Risk Framework, including policy, methodologies, processes & infrastructure, ratings & limits, stress scenarios and served as subject matter expert in country and macroeconomic risk.


Mr Wong was an economist with the Monetary Authority of Singapore and major financial institutions like Dai-ichi Kangyo Bank and Bank of Tokyo-Mitsubishi for 18 years before becoming a risk manager.


He has an MBA from University at Buffalo and a BBA(Hons) from the National University of Singapore. He is currently working on a DBA with the Singapore University of Social Sciences.



Martin Kimmig

Chief Risk Officer, Risk Management Department, AIIB


Dr. Martin Kimmig heads AIIB’s risk management. His main responsibilities are to ensure the stability and financial continuity of the Bank. He oversees capital allocation and utilization, manages financial and non-financial risks, including reputational consequences, as well as fosters a strong risk culture throughout the Bank. He joined the AIIB from The Rock Creek Group where he held the position of a Managing Director covering emerging market equities. Previously, he spent a 24-year career at the World Bank Group, primarily in the International Finance Corporation (IFC) where he held leadership positions in both investment operations and risk management. Martin Kimmig holds a PhD in economics from the University of Freiburg and a CFA designation. He is a national of Germany.