Our financial systems portfolio spans capital market development, digital finance, blended finance structuring, and gender-lens investing across frontier markets. Each project demonstrates our ability to mobilize capital and strengthen financial ecosystems for inclusive growth
FEATURED Finance PROJECTS
Highlights from our portfolio demonstrating our experience across financial markets strengthening, digital finance, blended finance structuring and gender lens investing.
FCDO | £90M | 2021 | Global Multi-Country
Mobilising institutional capital at scale
Impact
- Listed product perfor- Investment products listed on London, Johannesburg exchanges
- Institutional capital mobilization models demonstrated at scale
- Frontier market investment vehicles structured and launched
Our Role
Advisory support towards designing capital mobilization strategies and blended finance frameworks for frontier markets.
DFAT | 2024-2026 | Indonesia
Climate-resilient infrastructure through PPPs
Impact
- AUD 374M government budget mobilized for infrastructure
- Gender and climate standards embedded in project design
6 climate-resilient PPP projects prepared with 2X integration
Our Role
Advisory support across PPP structuring, climate-resilient design, and gender-responsive infrastructure frameworks.
DFID | £68M | 2018-2022 | 19+ Emerging Markets
Capital markets, fintech, and regulatory reform across 19 markets
Impact
- Capital market transactions grew from $366M to $719M
- Fintech regulatory reforms implemented across multiple markets
- Digital finance ecosystems strengthened in 19+ countries
Our Role
Financial sector advisor on capital markets development, fintech innovation, and regulatory reform working with LSE, Bank of England, and FCA.
FCDO | £50M | 2024-2026 | Multi-Country
Evaluating FCDO's flagship trade programme
Impact
- Multi-country trade and investment interventions assessed
- 2X Challenge and ESG frameworks integrated across multiple countries
- Gender-smart investment models validated for scale Challenge and green investment evaluation frameworks applied
Our Role
Technical advisor on assessing effectiveness of investment mobilization, trade facilitation, and gender-lens investing across FCDO's flagship multi-country programme.
USAID | $17M | 2022-2025 | Pakistan
Unlocking FDI and increasing U.S.-Pakistan trade
Impact
$14.5M FDI mobilized across priority sectors
754 investor meetings facilitated (Dubai, Riyadh, NYC, SF)
$133M investment pipeline developed
Our Role
Trade and investment advisory support spanning investor roadshows, pipeline development, and institutional strengthening.
USAID/Iraq | $53.3M | 2012 | Iraq
Evaluating financial sector reform in conflict-affected markets
Impact
- Retail payment systems and credit bureau establishment evaluated
- Banking sector reforms assessed for sustainable market development
- Financial infrastructure strengthened in post-conflict environment
Our Role
Financial sector advisory support assessing payment systems, credit infrastructure, and banking reforms in fragile state context.
FINANCE PROJECT PORTFOLIO
Our portfolio demonstrating depth of expertise across diverse markets, clients, and development challenges.
Mobilising Institutional Capital Through Listed Product Structures (MOBILIST)
Client: FCDO | Duration: 2021 | Value: £90 million | Geography: Global Multi-Country
Description: MOBILIST was a £90 million FCDO programme targeting listed markets to mobilise large-scale institutional capital to emerging and frontier markets. Development Executives supported the programme by designing monitoring, evaluation, and learning approaches and developing results frameworks to track capital mobilisation, market development, and systemic change across public and private markets.
Key Expertise: Established institutional capital mobilization evaluation frameworks | Developed listed product performance metrics | Created adaptive management systems for product refinement | Measured market access expansion and institutional participation growth
Global Finance Programme
Client: DFID | Duration: 2018-2022 | Value: £68 million | Geography: Global Multi-Country (19+ emerging markets)
Description: Development Executives provided MEL and advisory support to the £68 million GFP. The programme provided support across four work streams: strengthening banking systems; deepening capital markets; mainstreaming equitable usage of financial technologies (digital finance); and, fostering an environment of financial stability. Focus countries for GFP included Bangladesh, Ghana, Kenya, Mozambique, Morocco, Nigeria, Pakistan, Sierra Leone, South Africa, Tanzania, Zambia, etc.
Key Expertise: Evaluated financial stability reforms across 19 countries | Measured capital market transaction growth from $366M to $719M | Assessed FinTech regulatory frameworks and digital innovation | Generated evidence on central banker capacity building and supervisor development
Pakistan Investment Promotion Activity (IPA)
Client: USAID | Value: $17 million | Duration: 2022-2025 | Geography: Pakistan
Description: The purpose of the IPA was to strengthen Pakistan’s business enabling environment to build greater credibility of Pakistani institutions and improve the ecosystem for foreign direct investment and increase U.S.-Pakistan bi-lateral trade and investment. As a subcontractor, to this five year program, Development Executives will work closely with governments (federal and provincial) and private sector stakeholders (e.g., businesses, associations, investors, etc.) to strengthen the investment climate for foreign investors in Pakistan and promote opportunities for enhanced trade and investment between U.S. and Pakistan businesses.
Key Results: Facilitated 754 one-on-one investor meetings | Generated $133.2 million in investment inquiries | Mobilized $14.5 million in direct FDI | Advanced $42 million in FDI deals through pipeline | Increased bilateral trade by $46.1 million
Kemitraan Indonesia Australia untuk Infrastruktur (KIAT)
Client: DFAT | Value: Multi-million AUD | Duration: 2024-2026 | Geography: Indonesia
Description: The KIAT is a 10-year facility supported by the Australian Government and its overarching goal is to support ‘sustainable and inclusive economic growth through improved access to infrastructure for all people’. To support this goal, KIAT works with the Government of Indonesia (GoI) and other development partners to help achieve: improved GoI policy and regulatory framework for infrastructure development; high quality projects prepared and financed by GoI, the private sector and/or MDBs; high quality infrastructure delivery, management, and maintenance by GoI; and, infrastructure policies, design and delivery that are more inclusive for women and people with disabilities. As a Technical Assistance Panel member, Development Executives supports KIAT by providing a range of pre-qualified specialists to undertake technical assistance work on the project.
Key Results: Developed MEL systems for infrastructure finance interventions | Measured government budget leveraging ($374 million mobilized) | Evaluated PPP regulatory framework effectiveness | Assessed climate-resilient infrastructure financing structures
Investment Promotion Programme
Client: FCDO | Duration: 2018-2021 | Value: £50 million | Geography: Five-Country Multi-Region
Description: Development Executives’ provided MEL and advisory support to the £50 million IPP. The programme provided support across four work streams: capacity building of Investment Promotion Agencies; Investment Promotion campaigns and events; technical assistance to Public Private Partnership for investment projects; and, trade and investment integrity initiatives. Focus countries included Nigeria, South Africa, India, Pakistan and Philippines.
Key Expertise: Developed investment mobilization additionality measurement methodologies | Assessed institutional effectiveness in investment facilitation | Generated evidence on FDI attribution and development impact | Evaluated IFC transaction advisory partnership effectiveness
Iraq Financial Development Program Evaluation
Client: USAID/Iraq | Duration: 2012 | Value: $53.3 million | Geography: Iraq
Description: Development Executives conducted a Mid-Term Evaluation of the FDP. The key objectives of this $52 million program were to: expand private sector financial intermediation by enhancing advocacy capacity of the private financial sector; improve soundness of the private financial sector through institution building and targeted reforms (e.g., establishing credit bureau, introducing retail payment systems, etc.); and, improve quality and availability of finance and business education.
Key Expertise: Evaluated central bank collaboration effectiveness on retail payment systems | Assessed banking sector reform and institutional development | Measured credit information bureau establishment and operationalization | Generated evidence on financial sector reform in conflictaffected contexts
Growth Gateway Programme
Client: FCDO | Duration: 2024-2026 | Value: £50 million | Geography: Multi-Country Trade & Investment
Description: The £50m Growth Gateway Programme aims to drive increased two-way trade and investment between the UK and Low- and Middle-income Countries (LMICs) and deliver significant benefits to both. The programme works directly and indirectly with the private sector to: provide digital guidance on export readiness, import regulations and financing options; deliver support to UK and LMIC firms to advance opportunities with positive development impact; and, deliver technical analysis to unlock sectoral and cross-cutting barriers and develop opportunity pipelines. As a supplier to the programme, Development Executives is relied on to provide specialized trade and investment as well as monitoring evaluation and learning related expertise to the programme.
Key Results: Developed multi-country trade finance evaluation frameworks | Assessed investment mobilization effectiveness and attribution | Applied 2X Challenge gender lens compliance methodologies | Measured environmental and gender-smart investment impact across countries4
Philippines: Framework Agreement for Technical Assistance Completion Report Validations
Client: Asian Development Bank | Duration: 2023-2026 | Geography: Philippines/Regional
Description: Development Executives was retained under a Framework Agreement with the Asian Development Bank’s Independent Evaluation Department to support the validation of Technical Assistance Completion Reports. The work involved assessing relevance, effectiveness, efficiency, and sustainability of technical assistance operations and synthesising lessons learned across countries and sectors.
Key Results: Regional multilateral development bank evaluation partnership | Technical assistance evaluation expertise | Institutional capacity building assessment
UNDP Independent Evaluation Office (IEO) - GPN Express Roster for Independent Evaluators
Client: United Nations Development Programme | Years: 2025-Ongoing | Country: Global | Value: Roster-based assignments
Description: Development Executives approved as expert evaluator on UNDP’s Global Performance Network (GPN) Express Roster for Independent Evaluators, enabling deployment for independent evaluation assignments across UNDP’s global portfolio. The roster status facilitates rapid engagement for evaluation design, methodology development, stakeholder consultation, performance assessment, and impact measurement across country offices and regional programmes.
Key Metrics: Global roster qualification | Independent evaluation services | UNDP IEO standards compliance | Quantum procurement system integration
Key Expertise: Independent evaluation | UNDP compliance | Development impact assessment | Multilateral standards | Global deployment capacity
Armenia Public Finance Management Activity
Client: USAID/Armenia | Duration: 2023 | Value: $3.2 million | Geography: Armenia
Description: The Armenia Public Finance Management Activity supported the Government of Armenia to strengthen budget planning, execution, reporting, and oversight. As Institutional Assessment Specialist, Development Executives led baseline and needs assessments for the National Assembly Budget Office and Standing Committee on Financial, Credit, and Budget Issues, identifying institutional gaps and reform priorities across the budget cycle.
Key Results: Evaluated government financial management reform effectiveness | Assessed institutional capacity building progress and sustainability | Measured transparency improvement in public finance systems | Generated evidence on institutional reform impact and sustainability
Sustainable Energy and Economic Development Programme (SEED)
Client: FCDO | Value: £37.5 million | Duration: 2020-2025 | Geography: Khyber Pakhtunkhwa, Pakistan
Description: Development Executives was a key local subcontractor on the seven year SEED programme. The programme was geared towards supporting provincial economic development and sustainable energy in Pakistan. The programme supported the province of Khyber Pakhtunkhwa (KPK), to plan and finance the infrastructure and investment it needed for growth, jobs and prosperity. The programme also addressed Pakistan’s energy crisis by providing innovative financial solutions to industry for the adoption of sustainable energy practices.
Key Results: Developed comprehensive MEL strategy for energy-finance integration | Implemented adaptive management systems across government | Established investment return measurement and VFM assessment | Created stakeholder coordination frameworks | Measured provincial economic impact
DFID Global Evaluation Framework Agreement (GEFA)
Client: DFID | Duration: 2017-2019 | Value: Strategic evaluation partnership | Geography: Global Programme
Description: Development Executives was appointed to DFID’s Global Evaluation Framework Agreement as a framework supplier, enabling DFID to commission independent evaluation and analytical expertise across its global portfolio. The framework provided DFID with access to pre-qualified specialists to support evaluation, learning, and evidence generation across sectors and geographies, as required.
Key Expertise: Delivered technical expertise for multiple financial sector evaluations | Provided country specific financial sector assessment | Supported design of evaluation methodologies | Generated evidence on financial system effectiveness
Pakistan Privatisation Support
Client: Government of Pakistan | Duration: 2003-2004 | Value: High-profile asset privatization transactions | Geography: Pakistan
Description: Development Executives’ core team member served as the transaction manager responsible for several high profile privatization transactions that involved disposal of state owned industrial and real estate assets into the private sector. Determined terms, timing, and method of sale to maximize value of assets being privatized and delivered organizational, valuation, and contractual due diligence to internal and external stakeholders. Simultaneously led and managed teams of investors, valuation experts, legal counsels, and other governmental and non-governmental agencies for effective execution of multiple transactions.
Key Expertise: Determined optimal terms, timing, and sale methodology | Delivered organizational, valuation, and contractual due diligence | Coordinated investor, legal, valuation expert, and government teams | Successfully executed multiple concurrent transactions
Pakistan-Afghanistan Border Region: Cross-Border Livelihoods Assessment
Client: DFID | Years: 2009
Country: Pakistan-Afghanistan border region | Value: Trade and livelihoods analysis
Description: Development Executives’ core team member was retained by DFID to develop an assessment for the Af/Pak cross border region by summarizing available evidence and developing in-depth analysis of key economic sectors (such as, agriculture, trade, minerals, etc.). This assessment provided a better understanding of how the local population is linked to the region’s economy and shed light on their access to cross border livelihoods opportunities. The assessment also provided an analysis of existing market conditions and included information on key traded goods, income levels, job creation, labor market, barriers to trade, etc.
Key Expertise: Border economics | Cross-border trade | Livelihoods assessment | Regional economic integration
Pakistan Khushhali Bank (KB)
Client: Government of Pakistan / Asian Development Bank | Duration: 2001-2002 | Value: Pakistan’s largest microfinance institution | Geography: Pakistan
Description: Development Executives’ core team member served as the Regional General Manager worked the largest micro finance institution (MFI) in Pakistan as which has been established with the support Government of Pakistan and Asian Development Bank. Its main objective is poverty alleviation through social mobilization. As the Regional General Manager I : (i) supervised the regional staff of professionals as well as developed regional and Field Unit teams (ii) designed and developed regional plans that effectively financed income-generating initiatives and provided saving facilities that encouraged capital formation (iii) developed and implemented the operational plan (action plans and annual work plans). (iv) implemented management information systems to effectively plan, monitor, and audit resource allocation.
Key Expertise: Supervised regional professional staff and field unit teams | Designed regional financing plans for income-generating initiatives | Provided savings facilities encouraging capital formation and financial inclusion | Implemented management information systems for resource allocation
United States Capital Markets
Client: Freddie Mac | Duration: Core team member experience | Value: Portfolio management and innovation | Geography: United States
Description: Development Executives’ core team member served as a key member of Freddie Mac’s strategy team where he worked closely with the largest retail banks and Wall Street investment banks on a variety of projects across multiple financial markets i.e., primary and secondary financial markets as well as the global debt markets. He routinely managed and led cross-functional teams on initiatives that involved investments, venture capital, new product development, new market assessments, competitor analysis, joint ventures, marketing and contracting arrangements, investment analysis and due diligence, business process improvement, technological innovation. Played a key role in developing electronic trading strategies for Freddie Mac’s portfolio of over $800 billion which would allow the company to effectively trade financial products, such as, mortgages, securities, and debt instruments.
Key Expertise: Developed electronic trading strategies for $800B+ portfolio | Managed cross-functional teams on investment initiatives | Contributed to market assessments and competitor analysis | Designed financial product innovation strategies
Pakistan Country Assistance Programme Evaluation
Client: ADB | Duration: 2005-2006 | Value: Assessment of $1.6 billion in assistance | Geography: Pakistan
Description: Development Executives’ core team member was retained by Asian Development Bank (ADB) for the assessment and rationalization of over $1.6 billion in private sector development and financial sector development assistance to Pakistan over a twenty year period (1985 – 2005). Assessed ADB’s strategies and operations that supported development of a broad range of financial intermediaries e.g., banks (commercial, SME, micro-finance/rural finance banks, etc.), Development Financial Institutions, Stock and Commodity Exchanges, etc. Developed reports and recommendations that had significant impact on the design of ADB’s 2006 multi-year Country Assistance Strategy for Pakistan and the future allocation of ADB resources in the country’s financial sector..
Key Expertise: Assessed ADB’s strategies and operations in financial sector | Evaluated development of broad range of financial intermediaries | Developed reports impacting ADB’s 2006 Country Assistance Strategy | Influenced future ADB resource allocation in Pakistan’s financial sector
Saudi Arabia: Developing Economic Reform Programme
Client: Government of Saudi Arabia | Duration: 2004-2005 | Value: Multi-billion dollar programme | Geography: Province of Madinah, Saudi Arabia
Description: Development Executives’ core team member was retained to provide technical and strategic advisory support towards designing a multi-billion dollar private sector development program for the Province of Madinah in Saudi Arabia. This involved: managing and leading teams of international experts to develop and recommend business models and financial structures that would enhance Madinah’s physical (e.g., Airport, Roads, Railways, Seaports, etc.), human (e.g., knowledge-based society, etc.), technological (e.g., SMART Cities, ICT innovation, etc.), and financial (e.g., e-Banking services, etc.) infrastructure; working with a global network of knowledge innovation experts to develop the first-ever Intellectual Capital Assessment Report for the Kingdom of Saudi Arabia making it the second country for which such an assessment was developed; sourcing investment opportunities across key economic sectors in Madinah (such as, Mining, Agriculture, Manufacturing, Tourism, Small and Medium Enterprises, Business Services and Finance); and, developing information and analysis (such as, strategic studies, feasibility studies, business plans, presentations, etc.) required for investment decision making purposes..
Key Expertise: Managed teams of international experts on business models and financial structures | Developed first-ever Intellectual Capital Assessment Report for Kingdom (second globally) | Sourced investment opportunities across key economic sectors | Prepared strategic studies, feasibility studies, and business plans
Financial Sector Strengthening and Reform (FIRST) Initiative
Client: DFID / Multi-Donor | Duration: 2006-2007 | Value: $65 million | Geography: 15+ Countries (Botswana, Tanzania, Burundi, El Salvador, Vietnam, Costa Rica, Angola, Sudan, Uganda, India, Indonesia, Chile, Rwanda, etc.)
Description: Development Executives’ core team member served as a Project Officer to the $65 million, multi donor technical assistance program, where he was responsible for simultaneously, leading and managing the development, approval, and implementation of over fifty technical assistance projects in different countries that focused on, accounting and auditing (e.g., Bostwana, Tanzania, etc.), banking systems (e.g., Burundi, El Salvador, etc.), capital markets (e.g., Vietnam, Costa Rica, etc.), regulatory/supervisory reform (e.g., Angola, Sudan, etc.), housing finance (e.g., Uganda, India, etc.), insurance (e.g., Indonesia, Chile, etc.), pensions and collective investment schemes (e.g., Indonesia, Rwanda), etc.
Key Expertise: Led development and implementation of 50+ technical assistance projects | Supported accounting and auditing reforms across multiple countries | Strengthened banking systems in diverse emerging markets | Advanced capital market development initiatives | Implemented regulatory/supervisory reform programmes | Established housing finance systems in multiple countries | Developed insurance and pensions frameworks | Achieved significant financial sector capacity building across 15+ countries
Related Services
Financial systems work often integrates capabilities from our other practice areas
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