Open books: how investments in financial intermediaries can be transparent and why they should be

Development finance institutions (DFIs) have recognized the importance of openness and transparency in projects they finance directly, yet they have not extended this to high-risk projects financed through their financial intermediary clients.

As DFIs are increasingly providing financing through financial intermediaries, Oxfam has outlined a suggested framework, Open Books for High-Risk Financing, which proposes a set of principles to systematize and enhance disclosure in financial intermediary lending.

This report shows that DFIs are out of excuses and that the time is right to take a decisive step towards more transparency in their intermediary operations. If they do not, it will be vulnerable communities who bear the greatest consequences.