Our goal is to raise awareness of public bank responses to COVID-19 worldwide
We look at public banks’ emergency financial measures - from debt relief to loan guarantees to advisory services - in an effort to identify ‘best practices’ to inform future policy.
What are public banks?
910
public banks
around the world
$48.7
trillion in assets
17%
global banking
resources
Public banks are financial institutions owned and controlled by the state or some other public entity and governed under public law. They operate at local, national and international levels, and typically have different political mandates and operating strategies than commercial banks and their multilateral counterparts.
They also play a much larger part in the global economy than is commonly known. As of mid-2020, there were an estimated 910 public banks around the world (excluding central and multilateral banks). Collectively, they held US$48.7 trillion in assets, accounting for an estimated 17% of global banking resources and equating to approximately 34% of 2019 global GDP (see McDonald et al, 2020).
A growing number of analysts see public banks as ‘catalytic’ institutions capable of confronting major societal challenges through long-term ‘mission-driven’ investment strategies. From financing renewable energy to counter-cyclical lending during economic downturns, public banks are capable of providing essential funding at critical times in an effort to develop long-term sustainable economies.
Partners and Collaborators
This project is an initiative by the Municipal Services Project in association with Queen’s University (Canada), SOAS (University of London, UK), and the United Nations Conference on Trade and Development (UNCTAD).
A multidisciplinary team of more than 20 researchers is contributing to this project, in locations as diverse as Cambodia, Italy, Brazil and India.
Contact
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