8/2/2019 Risky Business: Intermediary lending and development finance

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8/2/2019 Risky Business: Intermediary lending and development finance

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8

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ken hm kg/g|nm` hy nepigned lgqmxnomnp{ en` vxiqepm inpmxm{p{. [mm Pehdm 5 

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8/2/2019 Risky Business: Intermediary lending and development finance

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;

VXGHDMO[ GA @AI DMN@INL PG AI{

@AI dmn`inl pg AI{ i{ ben`dm` u}ipm ̀ iaamxmnpdy axgo dmn`inl ̀ ixmkpdy pg e vxgjmkp.

@iaamxmnkm{ in kbenlm og`md{ pxen{vexmnky xm{}dp{ {g}lbp en` ekbimqm` en`

`maininl en` oenelinl xi{c{ exm {ilniaikenp. En` ymp oeny ekpiqipim{ a}n`m`

pbxg}lb AI{ oixxgx pbg{m a}n`m` qie @AI ̀ ixmkp inqm{pomnp ‛ inkd}`inl mrpxekpiqm

in`}{pxy vxgjmkp{ kgoomxkied agxm{pxy vdenpepign{ ̀ eo{ gx vg|mx vdenp{ en`

elxih}{inm{{. Eognl pbm{m exm inqm{pomnp{ pbep ken {ilniaikenpdy iovekp dgked

kgoo}nipim{.

Ip i{ {pxicinl pbep pbm gndy p|g kgovdeinp{ xmdepinl pg IAK AI dmn`inl pecmn pg pbm

IAK’{ xm`xm{{ en` kgovdienkm omkbeni{o pbm Kgovdeinp{ E`qi{gx

Goh}`{oen "KEG) hgpb inqgdqm den` ̀ i{v}pm{. Gnm ke{m i{ pbep ga e pxmm

vdenpepign vxgjmkp in ]len`e pg |bikb Graeo en` pbm ]len`e Den` Eddienkm

exm kg/{ilnepgxim{ |ipb pbm eaamkpm` kgoo}nipim{3 pbm gpbmx i{ pbm LCMD kged

oinm in In`ie "{mm Hgr 5).

Hgr 5: LOX Ceo edenle Mnmxly Dioip m` " IAK/hekc m` kged/

a i xm` vg| mx vdenp in G`i{be$ In`ie)

In J}dy 8655 pbm KEG ekkmvpm` e kgovdeinp axgo kgoo}nipim{ eaamkpm` hy

pbm LOX Ceoedenle Mnmxly Dioipm` "LCMD) vxgjmkp. Pbi{ {}h/vxgjmkp |e{

ainenkm` hy pbm IAK pbxg}lb e 866< $566o mu}ipy inqm{pomnp in pbm In`ie

Inaxe{px}kp}xm A}n` "IIA). 

LCMD eku}ixm` 021 bmkpexm{ ga den`. Pbi{ inkd}`m` ixxilepm` vxiom

elxik}dp}xed den` en` ;18 bmkpexm{ ga vxiqepm den` pbep vxgqi`m` agg` en`

movdgyomnp agx nmexdy 5;66 aeoidim{. Pbm{m vmgvdm |mxm ̀ i{vdekm` hy pbm

den` eku}i{ipign agx pbm LCMD vxgjmkp.Pbm kgovdeinenp{ eddmlm pbep ng diqmdibgg`{ xm{pgxepign vden |e{ in vdekm.

Oeny aeoidim{ |mxm ngp vxgvmxdy kgovmn{epm` en` b}n`xm`{ dg{p ekkm{{ pg

den` kxgv{ en` vxgvmxpy. Pbm kgovdeinenp{ ed{g eddmlm pbep vxgvmx

kgn{}dpepign vxgkm`}xm{ agx den` eku}i{ipign |mxm ngp e`bmxm` pg en` pbep

qigdmnkm en` inpioi`epign ekkgovenim` pbm vxgjmkp.2 

Pbm kgovdeinenp{ pxim` agx ognpb{ pg ain` g}p mqmn pbm og{p he{ik

inagxoepign ehg}p pbm vxgjmkp en` ip{ hekcmx{. Pbmy {ey pbep hy vxgpmkpinl

AI{ axgo {kx}piny en` vmxoippinl bilb dmqmd{ ga {mkxmky pbm IAK i{ beqinl e

bexoa}d iovekp. 

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pxen{vexmnky ekkg}npehidipy {eaml}ex`{ gx hmnmaip{ agx eaamkpm`kgoo}nipim{. Mqmn dmeqinl e{i`m pbm {mxig}{ iovekp{ ga pbm LCMD vxgjmkp gn

pbm dgked kgoo}nipy en` mnqixgnomnp ip i{ `iaaik}dp pg {mm pbm mkgngoik qed}m

ga pbi{ vxgjmkp.

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vxgjmkp{ in In`ie |bmxm hil in`}{pxied vxgjmkp{ beqm xmdepiqmdy lgg` ekkm{{ pg

kgoomxkied ainenkm a}daid{ pbm v}xvg{m ga hxinlinl e``ipigned ainenkm pg pbm

{oedd en` om`i}o/{izm` mnpmxvxi{m{ "[OM{) {mkpgx gx pg vxgjmkp{ |ipb

vexpik}dex vgpmnpied agx vxg/vggx iovekp. Pbi{ i{ m{vmkieddy xmdmqenp in G`i{be

|bikb be{ pbm dg|m{p vmx kevipe ekkm{{ pg mnmxly ga eny {pepm in In`ie en`

|bmxm pbi{ cin` ga vxgjmkp |idd ngp e``xm{{ pbm i{{}m{ ga kgnnmkpiqipy en` de{p/

oidm ̀ mdiqmxy pbep kg}d` xmeddy bmdv pbm x}xed vggx lein ekkm{{ pg mnmxly.¦  

‒I{gdepinl pbm vxgjmkp inagxoepign axgo Spbm_ v}hdik mym kxmepm{ ogxm beqgk pben {gd}pign$ hmke}{m pbmxm exm ng {pxgnl `i{kdg{}xm en` {eaml}ex`{ {pen`ex`{ pbep pbm kgoveny i{ hg}n` pg agddg|. Ip pbmn {vexm{ pbm kgoveny axgo ekkg}npehidipy.’ 

1 

Qijeyen OJ ga kiqid {gkimpygxlenizepign @mdbi Agx}ognm ga pbm kg/kgovdeinenp{

‒Exm pbm{m pbm pyvm{ ga inagxoepign pbm IAK `gm{ ngp 

|enp pg {bexm |ipb }{ en` pbm lxmepmx v}hdik hmke}{m ip |idd jmgvex`izm pbm inpmxm{p ga ip{ kdimnp7 \idd pbm \gxd` Henc Lxg}v xmoein o}o pg {eaml}ex` ip{ hgxxg|mx7 \bep ehg}p pbm xmed `enlmx{ |m ng| aekm7’ 

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Hbecpe Hen`b} Hmbmxe evxgjmkp/eaamkpm` vmx{gn axgoOenihm`e qiddelm

8/2/2019 Risky Business: Intermediary lending and development finance

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0

In 8655 pbm KEG enng}nkm` e xmqim| ga pbm IAK’{ ainenkied {mkpgx

inqm{pomnp{. Pbi{ |e{ in xm{vgn{m pg xi{inl kgnkmxn{ ehg}p pbm in{pip}pign’{ }{m

ga AI{. Pbm xmqim| i{ `}m pg hm v}hdi{bm` in pbm {}oomx ga 8658. Ip |idd agk}{ gn

|bmpbmx pbm IAK’{ {gkied en` mnqixgnomnped {pen`ex`{ exm hminl omp in AI

inqm{pomnp{.

Pbm vxghdmo{ e{{gkiepm` |ipb @AI{ dmn`inl pg AI{ exm {}ooexizm` hmdg|.

Aeid}xm ga @AI{ pg dmqmxelm vg{ipiqm kbenlm

@AI{ kg}d` ̀ g o}kb hmppmx ep }{inl pbmix ainenkied en` xmv}pepigned inad}mnkm pg

mn{}xm hmppmx xm{}dp{ e{ ][ Eppgxnmy Jgbn Kx}pkbmx mrvdein{:

‒E @AI ken }{m ip{ vg|mx e{ en ,enkbgx inqm{pgx, pg {vmkiay pbm pyvm{ ga ekpiqipim{ en`

ome{}xm{ pbep |g}d` hm{p kgnpxih}pm pg vg{ipiqm kbenlm en` eqgi` bexo. Bg|mqmx$

@AI{ gapmn aeid pg oecm pbm og{p ga pbi{ vg|mx. Gnkm a}n`{ beqm hmmn `i{h}x{m` pg pbm

AI$ pbm @AI,{ inad}mnkm pmn`{ pg hm xm`}km` {ilniaikenpdy.’9 

Pbi{ vginp i{ m{vmkieddy iovgxpenp hmke}{m @AI{ {ey pbmix inqm{pomnp eppxekp{gpbmx vxiqepm inqm{pgx{ |bg qed}m pbmix kxm`ihidipy en` cng|dm`lm.

Kgnadikpinl vxigxipim{

@AI{ en` AI{ gapmn beqm ̀ iaamxmnp ghjmkpiqm{. AI{ oecm vxgaip/ogpiqepm`

inqm{pomnp `mki{ign{. Ip i{ `iaaik}dp pg mrvmkp pbmo pg beqm e {pxgnl ogpiqepign pg

eddmqiepm vgqmxpy gx pg beqm en }n`mx{pen`inl ga bg| pg `g {g.

Ymp ip i{ pbm AI ip{mda pbep i`mnpiaim{ pbm vxgjmkp{ pg hm {}vvgxpm` en` pbm xm{}dp{

pg hm ekkgovdi{bm`. @AI{ `g ngp }{m e {kxmmn pg `mpmxoinm ia e liqmn AI }{m{ e

vxg/vggx dmn{ pg l}i`m ip{ inqm{pomnp{.

Pbi{ omen{ pbep pbm hmnmaip{ ga {pxgnl lxg|pb gapmn aeid pg xmekb pbm vggxm{p

vmgvdm.56

Pbi{ i{ kgovg}n`m` ia vxgjmkp{ aeid pg vxgpmkp ekkm{{ pg den` en` gpbmx

nep}xed xm{g}xkm{ |bikb i{ qiped in e``xm{{inl inmu}edipy.

Xm`}km` pxen{vexmnky

\bmn @AI{ ̀ ixmkpdy a}n` xi{cy ekpiqipim{ mrpmn{iqm eog}np{ ga inagxoepign exm

vxgqi`m` pg pbm Hgex` ga @ixmkpgx{ ga pbm @AI en` oe`m v}hdik. In kgnpxe{p pbm

v}hdik be{ qixp}eddy ng ekkm{{ pg inagxoepign ehg}p ekpiqipim{ a}n`m` hy og{p AI

kdimnp{ ga @AI{.

Pbi{ inkd}`m{ ekpiqipim{ vg{inl {mxig}{ xi{c{ pg kgoo}nipim{ en` pbmmnqixgnomnp. Agx mreovdm |bmn pbm IAK dmn`{ pbxg}lb en AI pbm v}hdik be{

ng ekkm{{ pg inagxoepign ehg}p pbm AI’{ bilb/xi{c ekpiqipim{ en` ekpiqipim{ pbep

vg{m e xi{c ga ,{}h{penpied iovekp.55

[mm Pehdm 8 agx en gqmxqim| ga

pxen{vexmnky xmu}ixmomnp{ ep pbm IAK.

AI{ exm xmu}ixm` pg ̀ i{kdg{m inagxoepign gndy pg dgked kgoo}nipim{ agx bilbmx/

xi{c vxgjmkp{.58

Bg|mqmx pbm IAK vxgqi`m{ xmdepiqmdy dippdm gqmx{ilbp ga pbi{

`i{kdg{}xm.5;

"[mm Hgr 8 .)

Ke{m{ {}kb e{ pbm LCMD kged/oinm vxgjmkp in In`ie {bg| pbep inagxoepign en`

kgn{}dpepign exm gapmn vggx gx eh{mnp. Ip ken hm mrpxmomdy ̀ iaaik}dp pg inqm{pilepm

en` ekbimqm xm`xm{{ eapmx pbm aekp. Mexdy `i{kdg{}xm ga inagxoepign i{ qiped agx`med{ inqgdqinl eku}i{ipign ga den` en` gpbmx nep}xed xm{g}xkm{.¦  

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=

E kgnpxih}pinl aekpgx pg pbi{ xm`}km` pxen{vexmnky i{ pbm {bmmx n}ohmx ga

inqm{pomnp{ hy AI{. Pbi{ ken kxmepm kbeddmnlm{ agx vxgqi`inl inagxoepign pg pbm

v}hdik. E``ipigneddy @AI{ in`ikepm pbep pbmy exm kgn{pxeinm` hy nepigned inqm{pgx

xml}depign{ vxgqi`inl {gom xm{pxikpign{ gn v}hdik `i{kdg{}xm ga inagxoepign

xmdepm` pg AI inqm{pomnp{.

Hgr 8: Md Pmjex " IAK/hekc m` elxih}{inm{{ in Oep g Lxg{{g$Hxezi d)

Dgn`gn/he{m̀ bm`lm a}n` Edpioe Vexpnmx{ kxmepm` Edpioe Gnm \gxd`

Elxik}dp}xm A}n` "EG\EA) pg inqm{p in aexoden` in [g}pb Eomxike momxlinl

oexcmp{ en` {}h/[ebexen Eaxike. Pbm IAK oe`m ip{ hillm{p mqmx elxi/

h}{inm{{ mu}ipy inqm{pomnp "}v pg $<=o) in EG\EA in 8669.

Pbm IAK inqm{pm` in EG\EA qie e ‒{vmkied qmbikdm’. ]{inl pbi{ {mvexepm

kgoveny omen{ pbm IAK’{ inqm{pomnp xmoein{ {mvexepm axgo pbm oein a}n`

vmxoippinl pbm oein a}n` {pidd pg inqm{p in vxgjmkp{ pbep oey hm mrkd}`m` axgo

IAK a}n`inl.50

Edpioe {ey{ pbm a}n` eio{ pg kxmepm pbm ‒aix{p Mrrgn Oghid ga

pbm aexoinl {mkpgx’.

5=

 Edpioe Vexpnmx{ i{ gnm ga pbm dme`inl hekcmx{ "06 vmx kmnp mu}ipy) ga pbm

Exlmnpinm kgoveny Md Pmjex. Md Pmjex eio{ pg vdenp 066666 bmkpexm{ ga

{gyhmen{ en` kgxn in Oepg Lxg{{g Hxezid en` e a}xpbmx 5.5o bmkpexm{

ekxg{{ [g}pb Eomxike. Pbi{ |g}d` oecm ip pbm dexlm{p aexo kgoveny in pbm

|gxd`.51

 

Aeid}xm pg vxgpmkp in`ilmng}{ vmgvdm{ en` xm{gdqm den` xilbp{ ̀ i{v}pm{ i{ e

xmkglnizm` vxghdmo in Oepg Lxg{{g. IAK ip{mda ngpm{ pbep in Oepg Lxg{{g

(S{gy_ mrven{ign i{ kgnpxih}pinl pg pbm ̀ m{px}kpign ga dexlm exme{ ga nep}xed

qmlmpepign enn}eddy (.5<

 

Edpioe ̀ i{kdg{m{ ng ̀ mpeidm` inagxoepign ehg}p ip{ ekpiqipim{ en` vgdikim{ en`

e`oip{ ip ̀ gm{ ngp e`bmxm pg pbm ]C Ainenkied Xmvgxpinl Kg}nkid’{[pm|ex`{biv Kg`m "|bikb eio{ pg iovxgqm pxen{vexmnky en` pbm mrmxki{m ga

inqm{pgx{’ lgqmxnenkm xm{vgn{ihidipim{). Liqmn pbi{ dekc ga pxen{vexmnky ip i{

iovg{{ihdm pg cng| mrekpdy |bep Md Pmjex i{ `ginl |ipb IAK ognmy in Oepg

Lxg{{g gx |bmpbmx Edpioe i{ a}daiddinl ip{ xm{vgn{ihidipim{ e{ en IAK/hekcm`

inqm{pgx pg mn{}xm pbep mnqixgnomnped en` {gkied {eaml}ex`{ exm

iovdmomnpm` en` xilbp{ vxgpmkpm`.

¦  

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1

Pehdm 8: Kgovexi{gn ga pxen{vexmnky xmu}ixmomnp{ agx `ixmkp en`in`ixmkp dmn`inl ep pbm IAK

@ixmkp inqm{pomnp{ Ainenkied inpmxom`iexy

dmn`inl

Xi{c i`mnpiaikepign en` oenelmomnp 

IAK {peaa i`mnpiay en`oenelm xi{c.

IAK kepmlgxizepign{y{pmo }{m` pgkbexekpmxizm vxgjmkpe{ Kepmlgxy E H gxK.

IAK {biap{ xm{vgn{ihidipy pgAI pg i`mnpiay en` oenelmxi{c{. Kevekipim{ eognl

AI{ pg `g pbi{ qexy |i`mdy.Mekb AI }{m{ ip{ g|n{y{pmo pg kbexekpmxizmxi{c kxmepinl vgpmnpied agxinkgn{i{pmnp xi{ckbexekpmxizepign.

Bilbm{p/xi{cvxgjmkp{ "KepmlgxyE)

Bilbm{p/xi{c {}h/vxgjmkp{ "Kepmlgxy E)

Inagxoepign pg v}hdik 

Ep dme{p 16 `ey{hmagxm IAK ̀ mki{ign pg

dmn`.

Gnkm e ymex en` gndy agxvxiqepm mu}ipy vxgjmkp{

eapmx ainenkinl hy IAK.\bep  Neom dgkepign

{mkpgx iovekpe{{m{{omnpinagxoepign mpk.

Neom dgkepign {mkpgx.

"Ng iovekp e{{m{{omnpinagxoepign i{ ̀ i{kdg{m`.)

Kepmlgxy H Kepmlgxy H

Inagxoepign pg v}hdik 

Ep dme{p ;6 `ey{hmagxm IAK ̀ mki{ign pgdmn`.

Inagxoepign nmqmxeqeidehdm.

@mqmdgvomnp g}pkgom{ ngp vxgvmxdy {vmkiaim` gxpxekcm`

[kx}piny ga |bep @AI a}n`{ ekkgovdi{b in pmxo{ ga {gkied en` mnqixgnomnped

{pen`ex`{ dexlmdy mn`{ gnkm a}n`{ exm vxgqi`m` pg en AI. @AI{ ̀ g ngp e{c agx

en e{{m{{omnp ga ̀ mqmdgvomnp g}pkgom{ ekbimqm` hy e liqmn {}h/vxgjmkp.

In{pme` vmxagxoenkm ome{}xm{ xmdepm dexlmdy pg |bmpbmx pbm kevekipy ga pbm AI

be{ hmmn mnbenkm` en` |bmpbmx pbm AI be{ inkxme{m` pbm n}ohmx ga [OM{

a}n`m`. Pbmy aeid pg kgovxmbmn{iqmdy kevp}xm pbm ̀ mqmdgvomnp iovekp gn pbm

lxg}n` m.l. pbm iovekp }vgn dgked agg` vxg`}kpign ekkm{{ pg kxm`ip dgked

diqmdibgg`{ {oedd/bgd`mx aexomx{ |gomn’{ diqmdibgg`{ en` movg|mxomnphig`iqmx{ipy en` mkg{y{pmo{.

Ine`mu}epm {eaml}ex`{

@AI{’ e{{m{{omnp ga xi{c{ dexlmdy agk}{m{ gn AI{’ ainenkied bmedpb en` pbm xi{c

ga vggx ainenkied xmp}xn{ axgo inqm{pomnp. Pbm xm{vgn{ihidipy pg oenelm

mnqixgnomnped en` {gkied xi{c{ pg vggx vmgvdm i{ }{}eddy {biapm` pg pbm AI{.

Oeny @AI{ xmu}ixm AI{ pg mn{}xm pbep {gom gx edd ga pbmix mnqixgnomnped en`

{gkied {pen`ex`{ exm evvdim` pg bilbmx/xi{c ekpiqipim{. Bg|mqmx mqmn @AI{

{px}lldm pg iovdmomnp {eaml}ex`{ en` {pen`ex`{ |mdd.52

 

AI{ lmnmxeddy beqm o}kb dm{{ mrvmximnkm pben @AI{ |ipb {eaml}ex`{ {}kb e{kgoo}nipy kgn{}dpepign xmu}ixmomnp{. Pbi{ omen{ pbmy exm dm{{ dicmdy pg hm

ehdm pg mn{}xm pbep pbmix kdimnp{ kgn`}kp e`mu}epm kgoo}nipy kgn{}dpepign.

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[gom @AI{ beqm ,mrkd}{ign di{p{, pbep {vmkiay ekpiqipim{ pbep kenngp hm a}n`m` hy

e @AI. Bg|mqmx {}kb mrkd}{ign di{p{ aeid pg ekkg}np agx pbm {ilniaikenp

`iaamxmnkm{ hmp|mmn @AI dmn`inl ̀ ixmkpdy en` qie AI{. Pbmy ̀ g ngp x}dm g}p

inqm{pomnp{ qie AI{ pbep {ilniaikenpdy eaamkp kgoo}nipim{’ ekkm{{ pg den` en`

xm{g}xkm{.

XMKGOOMN@EPIGN[

Agk}{ gn `mqmdgvomnp iovekp 

•  Pbm {mdmkpign ga AI{ {bg}d` hm vxigxipizm` pg|ex`{ in{pip}pign{ pbep beqm

{}h{penpied dgked g|nmx{biv en` exm mu}ivvm` pg oecm inqm{pomnp{ pbep exm

in dinm |ipb pbm @AI’{ ̀ mqmdgvomnp ghjmkpiqm{ en` evvxgekb.

•  @AI{ {bg}d` m{pehdi{b e v}hdik xmli{pxy ga edd AI{ agx |bikb e xmkgx` ga

{}aaikimnp ̀ mqmdgvomnp mrvmxpi{m kevekipy en` vxg/vggx dmn`inl mri{p{.

Pbmxm {bg}d` hm v}hdik ̀ i{kdg{}xm ga pbm {vmkiaik kxipmxie }{m` pg mqed}epm

mdilihidipy en` pbm @AI,{ j}{piaikepign agx mekb AI,{ mdilihidipy {pep}{.

•  Inqm{pomnp{ |bikb inqgdqm pbm |bgdm{edm pxen{amx ga den` e|ey axgo

eaamkpm` kgoo}nipim{ {bg}d` hm mrkd}`m` }ndm{{ pbmxm i{ ̀ mogn{pxehdm

evvdikepign ga {gkied en` mnqixgnomnped {pen`ex`{ inkd}`inl Axmm Vxigx en`

Inagxom` Kgn{mnp vxgvmx kgovmn{epign en` a}dd pxen{vexmnky.

•  AI dmn`inl o}{p hm ̀ ixmkpm` o}kb ogxm pg dg|/inkgom kg}npxim{ {vmkiaikeddy

|bmxm vxiqepm {mkpgx ainenkm i{ og{p dekcinl. Dmn`inl pg AI{ o}{p hm

xmagxom` pg ̀ mogn{pxehdy xmekb pbg{m og{p in nmm` inkd}`inl ogxm

mnpmxvxi{m{ en` h}{inm{{m{ ep pbm {oeddmx mn` ga pbm [OM {vmkpx}o.

Inkxme{m pxen{vexmnky •  Inagxoepign ̀ i{kdg{}xm {bg}d` hm inkxme{m` agx AI {}h/vxgjmkp{ m{vmkieddy

pbg{m eaamkpinl kgoo}nipim{’ ekkm{{ pg den` en` gpbmx nep}xed xm{g}xkm{.

Inagxoepign vxgqi`m` pg dgked kgoo}nipim{ {}kb e{ iovekp e{{m{{omnp{

{bg}d` ed{g hm oe`m eqeidehdm gn @AI{’ |mh{ipm{.59

 

Lxmepmx `}m `idilmnkm 

•  @}m ̀ idilmnkm en` ognipgxinl xmu}ixmomnp{ agk}{m` gn ̀ mqmdgvomnp

iovekp en` ngp mrkd}{iqmdy ainenkied vmxagxoenkm o}{p hm inkd}`m` in

kgnpxekp{ hmp|mmn @AI{ en` AI{ en` hmp|mmn AI{ en` pbmix kdimnp{.

•

  @AI{ {bg}d` evvdy vmxagxoenkm {pen`ex`{ pg edd bilb/ en` og`mxepm/xi{c{}h/vxgjmkp{ en` pg edd vxgjmkp{ pbep e`qmx{mdy iovekp pbm den` en` nep}xed

xm{g}xkm{ gn |bikb vmgvdm diqinl in vgqmxpy xmdy agx pbmix diqmdibgg`{.

Inkxme{m ekkg}npehidipy 

•  @AI{ {bg}d` mn{}xm pbep kgnpxekp{ inkd}`m kgn`ipign{ vmxoippinl pbmo pg

|ipbbgd` en` ia nmm` hm |ipb`xe| a}n`inl axgo AI kdimnp{ ia qigdepign{

elein{p mipbmx pbm mrkd}{ign di{p gx vmxagxoenkm {pen`ex`{ exm ag}n`. Pbm{m

kgn`ipign{ {bg}d` hm hekcm` hy evvxgvxiepm ognipgxinl exxenlmomnp{.

•  Edd @AI{ o}{p mn{}xm pbep {}ipehdm xm`xm{{ omkbeni{o{ exm oe`m eqeidehdm

en` kgoo}nikepm` ep pbm gn{mp ga e vxgjmkp pg edd eaamkpm` kgoo}nipim{

|bmn AI kdimnp{ exm }{m`.

Gpbmx |ey{ ga xmekbinl dgked [OM{ ̀ ixmkpdy {bg}d` ed{g hm kgn{i`mxm`. Graeo

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2

i{ vidgpinl p|g inipiepiqm{ pg bmdv xmekb elxik}dp}xm/xmdepm` [OM{ |bikb ain` ip

`iaaik}dp pg ekkm{{ kgoomxkied ainenkm. Pbm{m inipiepiqm{ agk}{ gn oecinl e

vg{ipiqm iovekp en` aiddinl pbm ainenkinl lev{ pbep AI dmn`inl ̀ gm{ ngp xmekb.

Pbmy eio pg movg|mx {oedd/bgd`mx aexomx{ pg h}id` mnpmxvxi{m{ en` bmdv

mn{}xm agg` {mk}xipy agx vggx en` q}dnmxehdm kgoo}nipim{. [mm Hgr ; agx en

gqmxqim| ga pbm inipiepiqm{.

Hgr ;: Ai d d inl pbm a inenk m lev agx [OM elxik}dp }xm

Mnpmxvxi{m @mqmdgvomnp Vxglxeoom "M@V) 

Pbm M@V pexlmp{ x}xed mnpmxvxi{m{ |ipb $56666‛$866666 p}xngqmx en`

xmu}ixinl $=6‛$566666 inqm{pomnp agx mu}ivomnp gx |gxcinl keviped.

Og{p ga pbm{m mnpmxvxi{m{ gvmxepm in qmxy xmogpm exme{ ga kg}npxim{ {}kb e{

Mpbigvie Penzenie en` Nmved exm aexomx/g|nm` en` beqm gnm pg pbxmm

vei` {peaa.

Inqm{pomnp i{ kbennmddm` pbxg}lb dgked henc{ gx oikxgainenkm gxlenizepign{.

Bg|mqmx ip i{ oenelm` ̀ ixmkpdy xepbmx pben qie inpmxom`iexim{. M@V {pexpm`

in 8662 en` k}xxmnpdy be{ 5= mnpmxvxi{m{ in ip{ vgxpagdig.

[oedd Mnpmxvxi{m Iovekp Inqm{pomnp A}n` "[MIIA) 

[MIIA i{ en iovekp a}n` gaamxinl inqm{pgx{ pbm gvvgxp}nipy pg ekbimqm vg{ipiqm

{gkied kbenlm en` og`m{p xmp}xn{ pbxg}lb inqm{pinl qie [oedd Mnpmxvxi{m

Ainenkinl Inpmxom`iexim{ "[MAI{) in [OM{ in ̀ mqmdgvinl mkgngoim{.

Graeo’{ xgdm i{ pg e`qi{m gn pbm `mqmdgvomnp agk}{ ga pbm a}n`’{ ekpiqipim{

en` pg mn{}xm pbep ip i{ xmvgxpm` e{ a}ddy en` ekk}xepmdy e{ vg{{ihdm. Pbxg}lb

ip{ ̀ }m ̀ idilmnkm vxgkm{{m{ en` ognipgxinl "e{ |mdd e{ pmkbniked {}vvgxp

pbxg}lb en Iovekp [}vvgxp Aekidipy) [MIIA |idd kgnpxih}pm pg e nm| iovekp

inqm{pinl in`}{pxy {pen`ex`. Iovgxpenpdy pbi{ inkd}`m{ hgpb mn{}xinl pbepinpmxom`iexim{ en` inqm{pmm {}h/vxgjmkp{ ommp pbm IAK’{ Vmxagxoenkm

[pen`ex`{ en` ognipgxinl a}daidomnp ga `mqmdgvomnp iovekp pbxg}lbg}p pbm

diam ga pbm inqm{pomnp{.

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9

NGPM[

5 Engpbmx mreovdm i{ pbm IAK’{ {}vvgxp agx Ceizmn Vxiqepm Mu}ipy DDK en $26o {inldm {mkpgx vxiqepm mu}ipy a}n`

`m`ikepm` pg inqm{pomnp{ in pbm m`}kepign {mkpgx in In`ie.

8N. Bid`yex` "8658 agxpbkgoinl) ‒Ogxm pben Hxikc{ en` Ogxpex: Vxiqepm Mu}ipy Inaxe{px}kp}xm A}n`{’ Pbm

Kgxnmxbg}{m.

;E}pbgx’{ g|n kedk}depign{ he{m` gn pbm ail}xm{ vxgqi`m` hy pbm IAK in ip{ enn}ed xmvgxp agx pbm ainenkied ymex

8655.

0E. Pxikexikg "8655) ‒MIH dmn`inl pbxg}lb ainenkied inpmxom`iexim{ in Eaxike: e kedd agx ekpign’

bppv:''ikp{`.gxl'i'nm|{'pni'562=9;' "de{p ekkm{{m` Evxid 8658)

=[mm Pehdm 5 agx mreovdm{ ga @AI{.

1 Henc Inagxoepign Kmnpmx "8655) ‒Goh}`{oen ekkmvp{ kgovdeinp elein{p LOX vxgjmkp in G`i{be’ Henc

Inagxoepign Kmnpmx 5; Oey 8655 bppv:''|||.hik}{e.gxl'mn'Expikdm.580;1.e{vr"de{p ekkm{{m` Evxid 8658)

<Ihi`.

2G`i{be Kbe{ Vexiqm{b [}xmcb{e Vexi{be` en` pbm @mdbi Agx}o "8655) Dmppmx ga kgovdeinp pg pbm Kgovdienkm

E`qi{gx'Goh}`{oen bppv:''|||.keg/goh}`{oen.gxl'ke{m{'`gk}omnp/

dinc{'`gk}omnp{'In`ieIIAkgovdeinpWEvxid5=8655W|mh.v`a"de{p ekkm{{m` Evxid 8658)

Henc Inagxoepign Kmnpmx "8655) ‒Goh}`{oen ekkmvp{ kgovdeinp elein{p LOX vxgjmkp in G`i{be’ Henc

Inagxoepign Kmnpmx 5; Oey 8655 bppv:''|||.hik}{e.gxl'mn'Expikdm.580;1.e{vr"de{p ekkm{{m` Evxid 8658)

9Jgbn Kx}pkbmx "8658) Vmx{gned kgoo}nikepign |ipb KIMD.

56Graeo Inpmxnepigned "8658) ‒Dmap hmbin` hy pbm L867 Bg| inmu}edipy en` mnqixgnomnped ̀ mlxe`epign pbxmepmn pg

mrkd}`m vggx vmgvdm axgo pbm hmnmaip{ ga mkgngoik lxg|pb’ bppv:''vgdiky/

vxekpikm.graeo.gxl.}c'v}hdikepign{'dmap/hmbin`/hy/pbm/l86/bg|/inmu}edipy/en`/mnqixgnomnped/`mlxe`epign/

pbxmepmn/pg/86;=19 "de{p ekkm{{m` Evxid 8658)

55Edpbg}lb pbm Ekkm{{ pg Inagxoepign Vgdiky be{ e vxm{}ovpign ga ̀ i{kdg{}xm in [mkpign 2"h) agx ‒vxgjmkp dmqmd

inagxoepign xmlex`inl inqm{pomnp{ en` e`qi{gxy {mxqikm{ {}vvgxpm` hy IAK’ IAK oenelmomnp in`ikepm{ pbep

,vxgjmkp dmqmd inagxoepign, xmdepm{ gndy pg inagxoepign ehg}p IAK,{ ̀ ixmkp inqm{pomnp in en AI. Pbm vxm{}ovpign

`gm{ ngp agddg| a}n`{ vxgqi`m` hy pbm AI pg {}hvxgjmkp{.

58 ‒Bilbmx xi{c’ i{ ngp `mainm` in pbm Ekkm{{ pg Inagxoepign Vgdiky h}p pbm ngn/hin`inl Inpmxvxmpepign Ngpm{ {}llm{p

pbep bilbmx xi{c inkd}`m{ Kepmlgxy E en` Kepmlgxy H vxgjmkp{.

5; Ekkm{{ pg Inagxoepign Vgdiky [mkpign 9.

50Inpmxnepigned Ainenkm Kgxvgxepign "8662) ‒[}ooexy ga vxgvg{m` inqm{pomnp’

bppv:''|||.iak.gxl'iakmrp'{vi|mh{ipm5.n{a'a0=5mhhm;0e9e2ke2=8=1e==66<;aa56'``6emek06`<<0=;=2=8=<1he666m8k<07Gvmn@gk}omnp "de{p ekkm{{m` Evxid 8658)

5= Jg{mvb Kexqin Edpioe Vexpnmx{’ Gnm \gxd` Elxik}dp}xm A}n` "8669) kipm` in LXEIN "8656) ‒Pbm nm| aexo

g|nmx{: kgxvgxepm inqm{pgx{ dme` pbm x}{b agx kgnpxgd gqmx gqmx{me{ aexoden`’

bppv:''|||.lxein.gxl'expikdm'mnpxim{'0;29/pbm/nm|/aexo/g|nmx{/kgxvgxepm/inqm{pgx{/dme`/pbm/x}{b/agx/kgnpxgd/

gqmx/gqmx{me{/aexoden` "de{p ekkm{{m` Evxid 8658)

51C. Lexpden` "8656) ‒Hxezid g}phekc d}xm{ Exlmnpinm aexo lienp’ bppv:''|||.aexoden`lxeh.gxl'vg{p'qim|'50=<9 

"de{p ekkm{{m` Evxid 8658)

5<Hig`iqmx{ipy en` Elxik}dp}xed Kgoog`ipim{ Vxglxeo "HEKV) Ngpikm ga Enpikivepm` Lxenp E|ex` "8656)

bppv:''|||5.iak.gxl'|v{'|ko'kgnnmkp'<2km;<66022==;aeh6aka81e1=5=hh52'IKQWV}hdikVg{pinl[}ooexy.v`a

7OG@?EJVMXM[ "de{p ekkm{{m` Evxid 8658)

52Kgovdienkm E`qi{gx'Goh}`{oen "8656) ‒Xmqim| ga IAK’{ Vgdiky en` Vmxagxoenkm [pen`ex`{ gn [gkied en`

Mnqixgnomnped [}{peinehidipy en` Vgdiky gn @i{kdg{}xm ga Inagxoepign’ bppv:''|||.keg/

goh}`{oen.gxl'`gk}omnp{'KEGE`qi{gxyNgpmagxIAKVgdikyXmqim|WOey8656.v`a "de{p ekkm{{m` Evxid 8658)

59 Lxmepmx pxen{vexmnky agx ep dme{p pbm bilbmx/xi{c vxgjmkp{ i{ vg{{ihdm. GVIK xmu}ixm{ pbep inagxoepign agx bilb/xi{c

ekpiqipim{ a}n`m` pbxg}lb AI{ hm `i{kdg{m` v}hdikdy vxigx pg GVIK Hgex` evvxgqed ga pbm AI vgxpagdig.

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56

 © Graeo Inpmxnepigned Evxid 8658

Pbi{ i{{}m hximainl |e{ |xippmn hy [e{ence Pbidece{ixi en` Xgh Ne{b ga Graeoen` Ennm Vmxxe}dp ga Kmnpxm agx Inpmxnepigned Mnqixgnomnped De|. Graeoekcng|dm`lm{ pbm e{{i{penkm ga [pmvbenim H}xlg{ Pgo A}ddmx Cepm LmexyCxi{pmn Lmngqm{m en` Jm{{m Lxiaaipb{ in ip{ vxg`}kpign. Ip i{ vexp ga e {mxim{ gavevmx{ |xippmn pg inagxo v}hdik ̀ mhepm gn ̀ mqmdgvomnp en` b}oenipexien vgdikyi{{}m{.

Pbi{ v}hdikepign i{ kgvyxilbp h}p pbm pmrp oey hm }{m` axmm ga kbexlm agx pbmv}xvg{m{ ga e`qgkeky keoveilninl m`}kepign en` xm{mexkb vxgqi`m` pbeppbm {g}xkm i{ ekcng|dm`lm` in a}dd. Pbm kgvyxilbp bgd`mx xmu}m{p{ pbep edd {}kb}{m hm xmli{pmxm` |ipb pbmo agx iovekp e{{m{{omnp v}xvg{m{. Agx kgvyinl ineny gpbmx kixk}o{penkm{ gx agx xm/}{m in gpbmx v}hdikepign{ gx agx pxen{depign gxe`evpepign vmxoi{{ign o}{p hm {mk}xm` en` e amm oey hm kbexlm`. M/oeidv}hdi{bFgraeo.gxl.}c.

Agx a}xpbmx inagxoepign gn pbm i{{}m{ xei{m` in pbi{ vevmx vdme{m m/oeide`qgkekyFgraeoinpmxnepigned.gxl.

Pbm inagxoepign in pbi{ v}hdikepign i{ kgxxmkp ep pbm piom ga lginl pg vxm{{.

V}hdi{bm` hy Graeo LH agx Graeo Inpmxnepigned }n`mxI[HN 9<2/5/<26<</6<</8 in Evxid 8658. Graeo LH Graeo Bg}{m Jgbn [oipb

@xiqm Kg|dmy Gragx` GR0 8JY ]C.

GRAEO

Graeo i{ en inpmxnepigned kgnam`mxepign ga 5< gxlenizepign{ |gxcinl pglmpbmx in98 kg}npxim{ pg ain` de{pinl {gd}pign{ pg vgqmxpy en` inj}{pikm.

Graeo Eomxike "|||.graeoeomxike.gxl)

Graeo E}{pxedie "|||.graeo.gxl.e})

Graeo/in/Hmdli}o "|||.graeo{gd.hm)

Graeo Kene`e "|||.graeo.ke)

Graeo Axenkm "|||.graeoaxenkm.gxl)

Graeo Lmxoeny "|||.graeo.`m)

Graeo LH "|||.graeo.gxl.}c)

Graeo Bgnl Cgnl "|||.graeo.gxl.bc)

Graeo In`ie "|||.graeoin`ie.gxl).

Inpmxoûn Graeo "|||.inpmxogngraeo.gxl)

Graeo Ixmden` "|||.graeoixmden`.gxl)

Graeo Ipedy "|||.graeoipedie.gxl)

Graeo Jeven "|||.graeo.jv)

Graeo Omrikg "|||.graeoomrikg.gxl)Graeo Nm| Zmeden` "|||.graeo.gxl.nz)

Graeo Ngqih "|||.graeongqih.nd)

Graeo U}mhmk "|||.graeo.uk.ke)

Vdme{m |xipm pg eny ga pbm elmnkim{ agx a}xpbmx inagxoepign gx qi{ip|||.graeo.gxl. Moeid: e`qgkekyFgraeoinpmxnepigned.gxl 

|||.graeo.gxl'lxg|