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This chapter insists that local cocreation projects need not only good intentions and the hard work of volunteers but also require funding and financing of the design and implementation of new solutions. It draws a conceptual distinction between funding and financing and explains who may help to provide funding and financing and why they may do so. As a part of this discussion, attention is drawn to the importance of writing good and persuasive funding applications and drawing up a strong and convincing business case to secure financing of new solutions. The new and emerging strategy for mobilizing private capital to help finance SDG projects is explained and illustrated, before closing the chapter with a discussion of the need to develop a proper system for fiscal accounting and auditing, which can prevent mismanagement and misconduct that eventually undermine popular support for local SDG projects.

Historically, the World Bank has been the largest external financier of education in the world, committing a peak amount of just over $5 billion in Fiscal Year (FY) 2010 through both its Education Sector projects and multisector projects managed by other sectors (World Bank, 2010b). The World Bank also hosts the Education for All-Fast Track Initiative (EFA FTI). Launched in 2002, EFA FTI is a partnership of governments, civil society organizations, and multilateral agencies such as United Nations Educational, Scientific and Cultural Organization (UNESCO) and the World Bank, which provides grant funding and technical assistance to implement the basic education components of national education strategies. By providing significant funding for education in low-income countries (LICs) through its own International Development Association (IDA) and by managing the majority of EFA FTI grant funding, the World Bank has a major impact on the direction of education development around the world.

In 2011 the Bank released a new Education Sector Strategy, Learning for All, which sets out the World Bank Education Sector's approach to education development over the coming decade. The analysis in this chapter examines the role of the EFA FTI and the growth of World Bank education operations managed outside the World Bank Education Sector, as well as their influence on Bank education lending objectives in sub-Saharan Africa. We examine trends in World Bank and EFA FTI basic education financing in sub-Saharan African countries that have joined the EFA FTI partnership to compare these two sources of financing for primary education and analyze the extent to which the World Bank is substituting its primary education lending with grants from the EFA FTI. We also assess the results frameworks of 10 multisector operations managed by noneducation sectors (Economic Management and Poverty Reduction; Urban Development; Rural Sector; Population, Health, and Nutrition; and Social Protection) to ascertain the extent to which they include education objectives and indicators. The chapter focuses its research around two questions:1.Is there evidence that financing from the EFA FTI is substituting World Bank financing for education in sub-Saharan Africa?2.Are World Bank multisector operations well designed to achieve education objectives in sub-Saharan Africa?

The research finds that the EFA FTI has almost certainly impacted the demand for IDA financing for basic education development. The comparison of IDA and EFA FTI primary education financing shows country-level substitution is occurring in a number of sub-Saharan African countries, with at least 13 out of 18 EFA FTI grant recipients in sub-Saharan Africa receiving a declining share of IDA financing for primary education since joining the EFA FTI.

Second, multisector operations now account for one-third of Bank education lending and have increased to comprise half of all new education commitments in sub-Saharan Africa. The research finds that multisector operations with education components are not as effective or accountable for education outcomes as those managed by the Education Sector, unless they are explicitly linked to national education plans. Given the disconnect between Education Sector managed education lending, and financing for education managed by other Bank sectors, it is unclear how the latter will be guided by the Bank's Education Sector Strategy, which will only apply to half of all Bank education lending for sub-Saharan Africa. Currently, there is no guarantee that both EFA FTI funding and noneducation sector managed lending will be measured against World Bank education strategy standards, and yet the Education Sector Strategy 2020 does little to address these challenges.

The second major area of the so-called risk treatment is risk financing. Risk financing includes measures to finance the costs of losses, risks, and uncertainties. Historically, risk financing has been virtually synonymous with buying insurance. However, over time alternatives to insurance have evolved – self-insurance, pools, captives, large deductible programmes, finite insurance programmes, banking arrangements, and capital market-based solutions. The concept of risk financing has expanded to include products that address a range of financial risks such as interest rate and credit risk. These products include derivatives and some new innovative securities.

Today, the rapid development of the risk financing market has created several practical problems. Notably, regulatory and legal structures have not always kept pace with change, leading to much confusion about risk financing alternatives. Many products look and function almost identically to others, and yet history and custom have dictated very different treatment by regulators, tax authorities, and others. There is growing pressure for significant legal and regulatory realignment.

For newcomers to the field, risk financing measures can be thought of as existing on a continuum, ranging from pure retention (all losses paid directly out of pocket) to pure transfer (where a third party accepts and bears the full costs of risk). An important recognition of the continuum of risk financing is that there are no products that are fully retention or transfer, but rather a varying blend of the two. Hedging of risk, for example, is arguably here a near perfect blending of a retention and a transfer of risk.

The Malaysian economy is expected to face another tumultuous year in 2019. It has been reported more than 21,000 people lost their jobs in 2018, half of whom were in Selangor and Kuala Lumpur. This rising unemployment gravely affects a person’s source of income, particularly when he/she is the sole breadwinner of the family. It further leads to the inability to pay one’s monthly commitments such as home, personal and car financing. Notwithstanding the above situation, Sharīʿah encourages leniency on the part of the creditor, that is, when the debtor is in a difficulty, to grant him/her time until it is easy for him/her to pay. Nonetheless, in Malaysia, the inability to pay debt or non-performing loan/financing entitles the financial institutions (both conventional banks and Islamic financial institutions) to proceed with legal proceedings in civil court It is trite that Islamic financing in Malaysia is governed by Sharīʿah principles and legislations, which are conventional in nature; and contractual rights and duties involving Islamic finance are enforceable in the civil court of law. This chapter examines procedural laws governing the event of default of Islamic financing in Malaysia. The methodology adopted in this chapter is doctrinal legal analysis whereby the relevant laws, namely, Rules of Court 2012, Insolvency Act 1967, Limitation Act 1953, Evidence Act 1950, Court of Judicature Act 1964 and the National Land Code 1965 are analysed in addition to the relevant case law. The study reveals that while some of the provisions are sufficient to regulate the event of default of Islamic financing, the laws are largely inadequate. The chapter also finds a significant number of legal issues and challenges relating to event of default in Islamic financing, which require legal reform.

The focus of this study is to analyze the impact of financing sources on productivity and technical efficiency of the tuna fishing business in Sendang Biru Coastal, Indonesia, in order to improve the entrepreneurship goals. This research used the quantitative explanatory method. The results showed that fishermen's difficulty accessing traditional financing sources (banks and cooperatives) became a constrain in optimizing production activities. The financing source used by Sendang Biru fishermen for their business activities mostly comes from “Pengambek.” The logit regression analysis shows that the number of fishing gear and the size of the boat owned by fishermen have a positive and statistically significant effect on the opportunities for fishers to obtain traditional financing. The ability of fishers to obtain business financing sources positively impacts the productivity and technical efficiency of the tuna fishing business. Our research implies developing a financing system in coastal environment business, especially in the tuna fishing industry.

The literature documents a shortage in the supply of external funding to small- and medium-sized enterprises (SMEs) in general and to innovative SMEs in particular. This study separates cognitive from financial constraints on innovative SMEs’ growth opportunities. Using data gathered through in-depth interviews with the CEOs of 115 SMEs, we reveal that over and above a problem with supply, there exists a twofold problem on the demand side. Specifically, we document that there is a tendency for these companies to avoid approaching external funding sources, especially ones that gear their investments toward innovation. Our results reveal a cognitive bias (over-pessimism) affecting the entrepreneurs’ (lack of) demand for external financing over and above other firm-specific factors. CEO tenure — our proxy for human and social capital — is significantly lower (higher) in firms that did (did not) pursue external funding. This finding may provide some support for our hypothesis regarding the cognitive bias and over-pessimism of the more veteran CEOs who have had negative experiences regarding recruiting external resources. The impact of this entrepreneurial cognition is shown to be economically detrimental to the enterprise. Nevertheless, the negative effects are not limited to the micro level, but have implications at the macro level as well, due to under-realization of the potential for employment, productivity, and growth of the firms comprising the vast majority of the economy.

This chapter discusses the opportunity of Islamic project financing implementation for public infrastructure development in Indonesia.

This chapter, firstly, reviewed existing literature on Islamic finance to explore the applicability of Islamic financing in infrastructure development. Interviews were conducted as the first stage of Delphi method approach. This was then followed by reviewing Indonesia’s government policies and regulations in infrastructure industry and Islamic financing.

This chapter enlightens the implementation of Islamic financing on infrastructure project financing in Indonesia. The findings indicate that the government policies and regulations on both infrastructure investment and Islamic financing support the implementation of Islamic project financing, whereas, an improvement is still needed in order to overarch infrastructure business and Islamic financing investment.

Financing framework development for Indonesia infrastructure projects.

The result reported comprises the preliminary study of Islamic project paper written based on published research papers and interviews. Furthermore, the data collected for the study are limited to the case of Indonesian infrastructure projects.

Islamic financing in Indonesia infrastructure projects development has not been optimally implemented. Therefore, this chapter serves as a catalyst to explore alternative financial scheme such as Islamic financing for infrastructure development.

This chapter highlights possibilities and obstacles in applying Islamic scheme to infrastructure project financing. This provides a framework to analyse the steps to implement Islamic financing successfully in infrastructure development.

There exists a shortage of studies that establish linkages between entrepreneurial orientation and debt financing in family businesses. In line with this research stream, the purpose of this chapter is to examine the relationship between entrepreneurial orientation and debt financing of family businesses. Specifically, the study investigates how the five entrepreneurial orientation dimensions – risk-taking, innovativeness, proactiveness, competitive aggressiveness, and autonomy influence family business debt financing. By adopting a qualitative research methodology and based on empirical evidence gathered through a 10-case study design involving face-to-face interviews with owners of family businesses in Nigeria, the study examines the influence of entrepreneurial orientation on debt financing. The results suggest that the entrepreneurial orientation of family businesses seems to play a pivotal role in influencing debt financing. If a firm is entrepreneurial-oriented, it is reasonable to expect that it will focus attention on new and emerging opportunities for obtaining debt financing. The study advances research on entrepreneurial orientation and debt financing in family businesses. It develops an empirically theoretical framework at the intersection of the family business and entrepreneurial orientation research, filling a gap in the literature. Future research could substantiate the findings of this study on a broader empirical base, using quantitative methods. This study offers a new perspective to the study of entrepreneurial orientation and, at the same time, contributes with findings from research on entrepreneurial orientation to the study of debt financing in family businesses.