Development Finance in a New Era: The Financialisation of Global Aid

Development Finance in a New Era: The Financialisation of Global Aid

As traditional overseas aid drops to historic lows, is the growing reliance on private sector instruments a genuine solution or a geopolitical pivot? This episode investigates the increasing financialisation of development cooperation, exploring how aid is being channelled through development finance institutions (DFIs) to crowd in private capital, and what this structural shift means for accountability, transparency, and state capacity in the Global South. In the second of a three-part bonus series of Global Aid Rethink, hosts Ivica Petrikova (Associate Professor in Politics and International Relations, Royal Holloway, University of London) and Melita Lazell (Associate Professor in Political Economy and Development at the University of Portsmouth) return to examine the stark realities of a changing global aid landscape. Joining Ivica and Melita for this conversation are Paddy Carter, Head of Development Economics at British International Investment (BII), and Luis Mah, Assistant Professor in Development Studies at the University Institute of Lisbon. Together, they explore how major reductions in core capital injections are forcing institutions like the BII to become self-financing revolving funds, and why DFIs have increasingly become primary objects of analysis, replacing traditional development agencies and NGOs on the global stage. The conversation also highlights how financial instruments are being deployed as tools of geopolitical interest - such as the European Union’s Global Gateway initiative competing with China’s Belt and Road Initiative - whilst examining the stark findings of the Publish What You Fund transparency index. Concluding the episode, the panel reflects on the future of the aid landscape over the next decade, debating whether financial inclusion serves as a core component of development or simply a means to formalise economies and build state capacity. * Read the transcript here [https://1drv.ms/b/c/78a938171475c335/IQAPIvfgOlPCQYVy0Va567FlAVD8HY21fhoIYOsqlahtXXI?e=7VtnUM] This is a Research Podcasts [https://researchpodcasts.co.uk/] production. Episode credits: Presenters: Ivica Petrikova [https://www.linkedin.com/in/ivicapetrikova/], Royal Holloway, University of London and Melita Lazell, [https://www.linkedin.com/in/dr-melita-lazell/] Portsmouth University Guests: Paddy Carter [https://www.bii.co.uk/en/people/paddy-carter-2/] and Luis Mah [https://www.linkedin.com/in/luismah/] Producer: Catherine McDonald [https://www.linkedin.com/in/cathmcd11/], Research Podcasts Music: MFCC via Pixabay [https://pixabay.com/] This podcast was generously funded by the ESRC-funded Royal Holloway Social Science Impact Accelerator [https://www.royalholloway.ac.uk/research-and-education/industry/working-with-us/social-science-impact-accelerator/] ---------------------------------------- Hosted on Acast. See acast.com/privacy [https://acast.com/privacy] for more information.

Development Aid After the Cuts: Navigating a Post-Aid World

Following the catastrophic funding drops of 2025, what does the immediate future hold for international development cooperation? This episode investigates the immediate impacts of deep aid cuts on the ground, addressing the driving forces behind fragile public support in donor nations, the severe consequences of funding withdrawals on health sectors, and how the current geopolitical environment is accelerating a shift away from traditional donor-recipient paradigms. In the first of a three-part bonus series of Global Aid Rethink, hosts Ivica Petrikova (Associate Professor in Politics and International Relations, Royal Holloway, University of London) and Melita Lazell (Associate Professor in Political Economy and Development at the University of Portsmouth) return to examine the stark realities of a changing global aid landscape. Joining Ivica and Melita for this conversation are Nilima Gulrajani, Principal Research Fellow at ODI Global, and Nafisa Bedri, Global Professor in Gender and Reproductive Health in Africa, currently based at the University of Portsmouth. Together, they explore the devastating real-world outcomes of recent bilateral cuts - particularly concerning maternal and child health in conflict environments like Sudan - and analyse new sovereignty movements like the 'Accra Reset'. The conversation also highlights the critical need to bypass traditional international bureaucracies to fund local organisations directly, cultivate transnational solidarity, and build a more transparent, investment-based model for global development. * Read the transcript here [https://1drv.ms/b/c/78a938171475c335/IQC6Kc11BJUsS4dMRcwKcWRvAWfJRVXrJJtXrZZGuW_eDLI?e=SKkWtr] This is a Research Podcasts [https://researchpodcasts.co.uk/] production. Additional Resources: * N. Gulrajani, "North Stars for Northern Donors: what should guide donors as dialogues turn to decisions?" [https://odi.org/en/insights/north-stars-for-northern-donors-why-dialogues-need-to-evolve-into-decisions/], ODI Global (22nd May 2026) * H. Aly, N. Gulrajani and J. Pudussery, "Reimagining donorship: The Donors in a Post-Aid World dialogue series" [https://odi.org/en/publications/reimagining-donorship-the-donors-in-a-post-aid-world-dialogue-series/], ODI Global (11th May 2026) * What now? Moving from dialogue to decisions [https://odi.org/en/events/what-now-moving-from-dialogue-to-decisions/], ODI Global (11th May 2026) * N. Gulrajani, "From Peak Aid to a Post-Aid World" [https://online.ucpress.edu/currenthistory/article/125/867/16/215167/From-Peak-Aid-to-a-Post-Aid-World], Current History (2026) * N. Gulrajani and H. Aly, "Should a Northern donor exist in the 21st century? Introducing a new dialogue series" [https://odi.org/en/insights/should-a-northern-donor-exist-in-the-21st-century-introducing-a-new-dialogue-series/], (11th Sep 2024) Episode credits: Presenters: Ivica Petrikova [https://www.linkedin.com/in/ivicapetrikova/], Royal Holloway, University of London and Melita Lazell, [https://www.linkedin.com/in/dr-melita-lazell/] Portsmouth University Guests: Nilima Gulrajani [https://odi.org/en/profile/nilima-gulrajani/]and Nafisa Bedri [https://www.port.ac.uk/about-us/structure-and-governance/our-people/our-staff/nafisa-bedri] Producer: Catherine McDonald [https://www.linkedin.com/in/cathmcd11/], Research Podcasts Music: MFCC via Pixabay [https://pixabay.com/] This podcast was generously funded by the ESRC-funded Royal Holloway Social Science Impact Accelerator [https://www.royalholloway.ac.uk/research-and-education/industry/working-with-us/social-science-impact-accelerator/] ---------------------------------------- Hosted on Acast. See acast.com/privacy [https://acast.com/privacy] for more information.

6. The Future of Aid

With global funding at its lowest in decades and the Sustainable Development Goals significantly off-track, what does the future look like for the global aid landscape? This concluding episode synthesises insights from across the series, reflecting on profound systemic shifts, the implications of recent deep aid cuts in the UK and US, and the immense challenges of rebuilding the moral and political case for international assistance. To bridge these complex themes and conclude the first series, hosts Ivica Petrikova (Associate Professor in Politics and International Relations, Royal Holloway, University of London) and Melita Lazell (Associate Professor in Political Economy and Development at the University of Portsmouth) engage in a comprehensive final discussion. Joining Ivica and Melita for this concluding conversation is Dr Jack Taggart, a researcher in critical approaches to international political economy, the politics of international development, and the dynamics of global governance, based at Queen's University Belfast. Together, they explore the historical precedents for aid retrenchment and revival, the rise of national self-interest and financialisation in aid agendas, and the potential for a more fragmented, unilateral future for aid provision. The discussion also addresses the barriers to implementing more effective, recipient-owned development approaches and the crucial need for improved public communication regarding aid's impact and purpose. * Read the transcript here [https://researchpodcasts.co.uk/wp-content/uploads/2025/06/GAR-1.6-MIXED-LW_otter_ai.pdf] This is a Research Podcasts [https://researchpodcasts.co.uk/] production. Episode credits: Presenters: Ivica Petrikova [https://www.linkedin.com/in/ivicapetrikova/], Royal Holloway, University of London and Melita Lazell, [https://www.linkedin.com/in/dr-melita-lazell/] Portsmouth University Guests: Jack Taggart [https://www.qub.ac.uk/schools/happ/find-a-phd-supervisor/dr-jack-taggart.html] Producer: Catherine McDonald [https://www.linkedin.com/in/cathmcd11/], Research Podcasts Music: MFCC via Pixabay [https://pixabay.com/] This podcast was generously funded by the ESRC-funded Royal Holloway Social Science Impact Accelerator [https://www.royalholloway.ac.uk/research-and-education/industry/working-with-us/social-science-impact-accelerator/] ---------------------------------------- Hosted on Acast. See acast.com/privacy [https://acast.com/privacy] for more information.

5. Aid in Practice

Beyond theoretical debates, what are the tangible, on-the-ground impacts of development projects, and what barriers do practitioners face when implementing them? This episode moves into the realities of aid in practice, exploring the immediate and long-term consequences of recent aid cuts, the intricate complexities of localisation, and the actual effectiveness of varying donor approaches. To examine these practical challenges at a time when global aid funding is at its lowest in decades and the Sustainable Development Goals are significantly off-track, hosts Ivica Petrikova (Associate Professor in Politics and International Relations, Royal Holloway, University of London) and Melita Lazell (Associate Professor in Political Economy and Development at the University of Portsmouth) continue the Global Aid Rethink series. Joining Ivica and Melita for this discussion are Tamsin Bradley, Professor in Development Studies at the University of Portsmouth, and Olusola Adeyemo, African Lead in Sustainable Farming, Distribution and Extension at AGRA. Drawing on their extensive field experience, they share insights into how aid projects are delivered, the barriers to achieving sustainable impact, and the unintended side effects that can arise. The conversation also addresses vital priorities for future funding amidst reduced Official Development Assistance (ODA) budgets, advocating for a critical focus on systems, education, youth, and local innovation. * Read the transcript here [https://researchpodcasts.co.uk/wp-content/uploads/2025/06/GAR-S1-E5-Transcript.pdf] This is a Research Podcasts [https://researchpodcasts.co.uk/] production. Episode credits: Presenters: Ivica Petrikova [https://www.linkedin.com/in/ivicapetrikova/], Royal Holloway, University of London and Melita Lazell, [https://www.linkedin.com/in/dr-melita-lazell/] Portsmouth University Guests: Tamsin Bradley [https://www.port.ac.uk/about-us/structure-and-governance/our-people/our-staff/tamsin-bradley] and Olusola Adeyemo [https://www.linkedin.com/in/olusolaadeyemo/?originalSubdomain=ke] Producer: Catherine McDonald [https://www.linkedin.com/in/cathmcd11/], Research Podcasts Music: MFCC via Pixabay [https://pixabay.com/] This podcast was generously funded by the ESRC-funded Royal Holloway Social Science Impact Accelerator [https://www.royalholloway.ac.uk/research-and-education/industry/working-with-us/social-science-impact-accelerator/] ---------------------------------------- Hosted on Acast. See acast.com/privacy [https://acast.com/privacy] for more information.

4. Aid as Extraction

Does the growing reliance on private sector markets and financial logic in delivering international development assistance lead to capital being extracted from the Global South? This episode interrogates the critical and often overlooked dimension of aid as extraction, exploring whether the increasing financialisation of aid genuinely fosters sustainable development or simply prioritises profit generation over the needs of the most vulnerable. To dissect these complex mechanics at a time when global aid funding remains at its lowest in decades and the Sustainable Development Goals continue to be significantly off-track, hosts Ivica Petrikova (Associate Professor in Politics and International Relations, Royal Holloway, University of London) and Melita Lazell (Associate Professor in Political Economy and Development at the University of Portsmouth) continue the Global Aid Rethink series. Joining Ivica and Melita for this in-depth discussion is Professor Emma Mawdsley, Head of the Department of Geography at the University of Cambridge and an expert in the politics of global development. Together, they delve into real-world examples of financialised aid, examining the role of development finance institutions like British International Investment (BII). The conversation also addresses the stark lack of transparency in these models, the concentration of investments in middle-income countries, and the broader implications of aid being subordinated to geopolitical logics. * Read the transcript here [https://researchpodcasts.co.uk/wp-content/uploads/2025/05/Global-Aid-Rethink-1.4-Transcript.pdf] This is a Research Podcasts [https://researchpodcasts.co.uk/] production. Episode credits: Presenters: Ivica Petrikova [https://www.linkedin.com/in/ivicapetrikova/], Royal Holloway, University of London and Melita Lazell, [https://www.linkedin.com/in/dr-melita-lazell/] Portsmouth University Guests: Professor Emma Mawdsley [https://www.geog.cam.ac.uk/people/mawdsley/] Producer: Catherine McDonald [https://www.linkedin.com/in/cathmcd11/], Research Podcasts Music: MFCC via Pixabay [https://pixabay.com/] This podcast was generously funded by the ESRC-funded Royal Holloway Social Science Impact Accelerator [https://www.royalholloway.ac.uk/research-and-education/industry/working-with-us/social-science-impact-accelerator/] ---------------------------------------- Hosted on Acast. See acast.com/privacy [https://acast.com/privacy] for more information.