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Good Deals Don't Make Good Markets: Impact Investing Needs Systems, Not Transactions
Episode Description
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What does it take to move impact investing from individual transactions to a system? And what does that mean for the field when the global development finance landscape shifts so dramatically in such a short period of time?
In this episode, Elizabeth Boggs Davidsen traces a career that begins in the corridors of Washington political power and ends up in Khartoum during a military coup, and later in refugee camps on the Afghanistan-Pakistan border — before running through twenty years at the Inter-American Development Bank, the UNDP's SDG Impact Standards, and the US Development Finance Corporation under the Biden administration.
She breaks down what everyone gets wrong about impact investing — that it's about a transaction, a fund, a project, when it's really about building a system — and makes the case for why GSG Impact's model of locally-rooted national partners, domestic capital mobilisation, and the forthcoming Impact Economy Index represents a fundamentally different approach to the problem.
If you work in impact investing, blended finance, or development policy — or if you want to understand how a $5 trillion SME finance gap in emerging markets actually gets closed — don't miss Elizabeth's practitioner case for why good deals do not automatically create good markets.
Featured Guest:
Elizabeth Boggs Davidsen, CEO and Executive Director, GSG Impact
Listen Next:
Conversation with Leslie Maasdorp: From Apartheid to the BRICS Bank to BII — Leslie Maasdorp's Journey Through Development Finance
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Here’s what you’re in for:
00:00 – Intro & Trailer
01:02 – Scott's Introduction & Guest Framing
03:22 – Welcome & Introduction
03:30 – Three Generations: The Boggs Family & Early Lessons in Catalytic Capital
06:53 – Women Who Built Careers & Choosing International Development
08:01 – Georgetown, Madeleine Albright & Joining the UN
10:10 – First Posting: Khartoum, Sudan & the Power of Local
14:05 – Joining the IDB: Microfinance, OMJ & 20 Years of Lessons
21:20 – The Parachute Problem: What Development Finance Gets Wrong
23:25 – UNDP: Building the SDG Impact Standards
27:15 – The DFC: Policy Team Under Biden
28:25 – Joining GSG Impact: Field Builders for the Impact Economy
32:10 – Impact Economies vs. Impact Investments: The Core Thesis
34:15 – Priority 1: National Partnerships & the Ghana Case Study
36:20 – Priority 2: Impact Transparency & Frameworks Proliferation
41:20 – Does Impact Investing Outperform? The Growth Data
42:35 – Priority 3: $800M SME Finance Target & the Impact Economy Index
47:30 – Index Launch, Guardrails & the Race to the Top
49:15 – Geopolitical Reset: ODA Down 25%, USAID Gone, UK Aid Cut
53:05 – China: Avoided or Engaged?
55:25 – Rapid Fire
59:30 – Closing & How to Connect with GSG Impact
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