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Event Background
EVENT
Workshop on Managing Sovereign Risks for Infrastructure Financiers
Workshop on Managing Sovereign Risks for Infrastructure Financiers
9-10 December

2025

TIME: 9-10 December 2025, 09:00 – 18:00 (GMT+8)

LOCATION: Shanghai, China

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SUMMARY

The increase in developing countries at risk of debt distress over the past couple of years has posed immediate difficulties for infrastructure financiers who have had to restructure their loans. It has also created an ongoing challenge regarding whether and how they can continue their financing given the heightened sovereign risks. However, important lessons and best practices have been developed on both issues:

  • Debt restructuring: much has been learnt about debt restructuring from the first countries that have gone through – and beyond - the Common Framework, that can be usefully shared with financiers to prepare them for future restructurings.
  • Managing sovereign risks: International Financial Institutions (IFIs) and other financiers and actors have developed systems, instruments and skills to effectively evaluate and manage sovereign risks in financing infrastructure.

The workshop will bring together Chinese infrastructure financiers and former and current senior staff of International Financial Institutions and other international experts to learn and exchange ideas on how to make debt restructuring work better for the mutual benefit of borrowers and lenders, and how Chinese financers can effectively manage sovereign risks for new lending to developing countries.

AUDIENCE

The workshop is designed for two primary audiences:

  • Chinese infrastructure financiers: the major development banks, commercial banks, and equity funds in China that are investing in developing countries.
  • Supporting institutions: such as SINOSURE.

Each financier is expected to invite around five participants in accordance with the following guidelines:

  • Departments: participants should include representatives from sovereign lending, project finance, and risk management departments.
  • Debt restructuring experience: ideally, at least one participant from each bank should have been involved in at least one debt restructuring.
FORMAT

The workshop is a two-day in-person event to be held at the Asia-Pacific Finance Development Institute (AFDI) in Shanghai. It will cover three key topics: how to evaluate sovereign risk, how to minimize sovereign risk when financing infrastructure, and sovereign debt restructuring. The workshop will feature highly interactive sessions, including plenary technical overview presentations, case studies, practical exercises, and a panel discussion. The program will also include networking opportunities to ensure Chinese financiers have ample opportunities to connect with international experts.

Speaker presentations will be in English, with simultaneous translation provided in Chinese. Presentations and related knowledge products will be uploaded on MCDF’s website and JIGSAW platform.

AGENDA
Speakers
Zhongjing Wang
Zhongjing Wang
CEO, MCDF
<p>Mr. Zhongjing Wang is the inaugural CEO of the Multilateral Cooperation Center for Development Finance (MCDF). Previously, he led the Interim Secretariat that established the multilateral finance facility. A strong advocate for high-quality connectivity infrastructure, he champions diversity, transparency, and innovation. Before MCDF, he served as Director-General at China’s Ministry of Finance, overseeing cooperation with multilateral and bilateral development partners and an annual lending portfolio of about USD 7 billion. He has served on boards of major international financing institutions. Mr. Wang holds an MPA from Harvard Kennedy School and an LL.B from Peking University.</p>
Erick Berglof
Erick Berglof
Chief Economist, Economics Department, AIIB
<p>Berglof sets the vision and strategy for the Economics Department and leads the planning, implementation and supervision of its work plan in support of the Bank’s mandate. He is the Bank’s inaugural Chief Economist. Prior to joining AIIB in September 2020, he was Director of the Institute of Global Affairs, London School of Economics, and Chief Economist of the European Bank for Reconstruction and Development from 2006 to 2015, where he was part of creating and co-led the Vienna Initiative, a European crisis response team credited with mitigating the impact of the 2008 Global Financial Crisis. He is an expert in transition economics and institutional transformation through private sector development. He holds a PhD in Financial Economics and an MA in Business and Economics, both from the Stockholm School of Economics. Berglof is a national of Sweden.</p>
Manuela Francisco
Manuela Francisco
Global Director for Economic Policy, Prosperity Vertical, World Bank Group
<p>Manuela Francisco is the Global Director for Economic Policy at the Prosperity Vertical of the World Bank. A Portuguese national, she joined the Bank in 2005 as a Country Economist in the Africa Department and has since held several leadership roles, including Director of Credit Risk in the Chief Risk Officer Vice Presidency and Practice Manager for Macroeconomics, Trade, and Investment in South Asia. Before joining the Bank, she was an Assistant Professor at Universidade do Minho in Portugal. Ms. Francisco holds a Ph.D. in Economics, specializing in international macroeconomics, from the University of Nottingham.</p>
Lu Wenbin
Lu Wenbin
President, AFDI
<p>President Lu is a professor and PhD supervisor with a long-standing career in accounting education and leadership. He holds a Master’s and PhD in Accounting from the Shanghai University of Finance and Economics and has conducted visiting research at City University of Hong Kong and Arizona State University. After beginning his academic career in 1993, he joined the Shanghai National Accounting Institute (SNAI) in 2000, where he has since held multiple senior roles and became President in 2023. He also serves as Vice President of the China Financial Accounting Society and is a recipient of the State Council Special Allowance.</p>
Marcos Chamon
Marcos Chamon
Deputy Division Chief of the Debt Policy Division, IMF
<p>Marcos Chamon is a Deputy Division Chief in the Debt Policy Division of the IMF’s Strategy, Policy and Review Department, playing a central role in the institution’s crisis-response and lending policies. He previously held managerial positions in the IMF’s Research and Western Hemisphere Departments. Marcos has published extensively on sovereign debt restructuring, debt composition, climate-related debt issues, currency mismatches, financial vulnerabilities, capital controls, and macroprudential policies. His work also covers China’s consumption and savings, Latin American growth, and emerging-market crisis responses. He was a visiting professor at PUC-Rio and holds a Ph.D. in Economics from Harvard University.</p>
Patricio Merlani
Patricio Merlani
Senior Economist, Macro and Debt Unit, World Bank Group
<p>Patricio Merlani&nbsp;is Senior Economist of the World Bank’s Global Macro and Debt Unit, with 20 years of experience in&nbsp;sovereign debt management and restructuring, macro-fiscal policy, and asset and liability management (ALM). Before joining the bank, he served twice as undersecretary in the Argentine government, as Undersecretary of Finance and Chief of Staff of the Treasury. He was a consultant for the IMF, the World Bank, the Asian Development Bank, the African Development Bank, National Governments, and for the Office of Technical Assistance (OTA) of the United States Treasury.</p>
Marcin Sasin
Marcin Sasin
Head of Macroeconomics, Economics Department, Asian Infrastructure Investment Bank
<p>Marcin Sasin is a Senior Economist at ASIAN INFRASTRUCTURE INVESTMENT BANK’s Economics Department, since 2019, heading the macroeconomic function. He and his team assess country’s debt sustainability, monitors borrowing limits, supports sovereign risk ratings and helps develop solutions related to local currency financing, among other tasks. Before ASIAN INFRASTRUCTURE INVESTMENT BANK, he spent a combined 15 years in the World Bank, International Monetary Fund and Japan International Cooperation Agency in a range of assignments, including country economics, financial programming, and macroeconomic advisory. He holds an MSc in Applied Economics from KU Leuven in Belgium.</p>
Oliver Burnage
Oliver Burnage
Head of Portfolio Risk Management and Framework, Risk Management Department, Asian Infrastructure Investment Bank
<p>Oliver Burnage is the Head of Portfolio Risk Management &amp; Framework at the Asian Infrastructure Investment Bank (ASIAN INFRASTRUCTURE INVESTMENT BANK), where he oversees Board reporting on risk profile and metrics, leads forward-looking risk assessments, and evaluates the methodology for the Bank’s Preferred Creditor Status. He is actively involved in portfolio optimization and engages with credit rating agencies on behalf of ASIAN INFRASTRUCTURE INVESTMENT BANK. Previously, Oliver served as Head of the Quantitative Risk Group at Santander Global Banking and Markets, leading risk methodology development and stress testing for wholesale banking. He also held risk management roles at Barclays Capital, bringing a wealth of experience in quantitative analytics and financial risk management.</p>
Liao Ziwei
Liao Ziwei
Senior Investment Officer, Public Sector Clients Department, Region 1, Asian Infrastructure Investment Bank
<p>Ziwei Liao is an Infrastructure Investment Professional at the Asian Infrastructure Investment Bank with two decades of experience in infrastructure financing, equity investment, business development, and management consulting. She has focused on power and energy, clean and digital technology, and urban utilities, delivering equity investments, cross-border acquisitions, project financings, and market-entry initiatives. Ziwei has managed diversified portfolios across the U.S., China, Australia, Europe, MENA, Central Asia, South Asia, and Southeast Asia. She also brings deep expertise in ESG investing.</p>
Strahan Spencer
Strahan Spencer
Head of Platform Team, MCDF
<p>Strahan Spencer manages the team supporting MCDF’s Collaboration Platform, overseeing investment matching and knowledge sharing on standards and best practices, and shaping the Platform’s medium- and long-term strategy. A development economist with over 20 years of experience in economic development and infrastructure, he has worked in China, Nepal, India, Kenya, Rwanda, Iraq, and the Occupied Palestinian Territories. Before joining MCDF, he served as Economic Development Team Leader and Senior Economic Adviser at the UK FCDO in Beijing and previously led the Accelerating Investment and Infrastructure in Nepal programme at DFID. He holds degrees from Oxford University and the University of East Anglia.</p>
Marcelo Giugale
Marcelo Giugale
Senior Advisor to the CEO, MCDF
<p>Marcelo Giugale is an Independent Consultant to governments and international institutions, and former Director of the World Bank’s Department of Financial Advisory and Banking Services, where he led global teams helping countries manage assets, debts, and fiscal risks. With over 35 years of experience across Latin America, Africa, the Middle East, Eastern Europe, and Central Asia, he has overseen more than $30 billion in lending and insurance operations. An Adjunct Professor at Georgetown University and Fellow of the U.S. National Academy of Public Administration, he has published widely on macroeconomic policy, fiscal risk, and sustainable finance. He holds a PhD and MSc in Economics from the London School of Economics.</p>
Juan Pradelli
Juan Pradelli
Senior Instructor on Debt Sustainability, MCDF
<p>Juan Pradelli is a global expert in macroeconomic analysis, fiscal policy, debt management, and public financial management, with over 20 years of experience advising governments and international institutions. He is the Founder and CEO of Sustainable Economics Associates LLC, a consulting firm serving clients worldwide. A former Senior Economist at the World Bank and the Inter-American Development Bank, he has advised Ministries of Finance and Economy in countries including Italy, Saudi Arabia, Indonesia, and the Maldives. Juan regularly collaborates with the IMF and multilateral development banks and recently edited a book on debt sustainability in Asia.</p>
Satheesh Sundararajan
Satheesh Sundararajan
Practice Manager, MIGA
<p>Satheesh Sundararajan is a Practice Manager at MIGA, World Bank Group, focusing on mobilizing commercial capital for developing-country infrastructure through risk-mitigation instruments, SOE debt management, and project finance structuring. He has worked across Africa, LAC, and South Asia in energy, transport, and water, providing technical assistance on PPPs, regulatory frameworks, transactions, and credit enhancements. Before joining the Bank, he advised public and private clients in Europe on major infrastructure projects with a Big Four firm. He holds a PhD in Project Management in Engineering from the University of Maryland.</p>
Kim Eng Tan
Kim Eng Tan
Managing Director, Sovereign and International Public Finance Ratings, S&P Global Ratings
<p>Kim Eng Tan is Managing Director for Sovereign Ratings in Asia-Pacific at S&amp;P Global Ratings. Based in Singapore, he leads analytical and outreach activities and serves as the region’s main spokesperson for sovereign ratings. He is also a member of S&amp;P Global’s global sovereign criteria committee. Previously, he was an economist at the Monetary Authority of Singapore and the Ministry of Trade and Industry. He holds a Bachelor of Accountancy (Honors) from Nanyang Technological University and a Master’s in Economics from the London School of Economics.</p>
Wu Jiang
Wu Jiang
Country Head of China, Dept for Business and Trade, UK Export Finance (UKEF)
<p>Wu Jiang is the Country Head of China at UK Export Finance, with extensive experience in strategy, investment, and business development across Fortune 500 companies. She specializes in project development and investment—including greenfield projects, private equity, and M&amp;A—supported by strong capabilities in structured project finance, financial analysis, and due diligence. With sector experience spanning chemicals, industrial equipment, power, and IT, she is also known for her strong negotiation skills and deep understanding of cross-border transaction regulations.</p>
Huang Ying
Huang Ying
Deputy Director, Global Finance Department, Industrial and Commercial Bank of China (ICBC)
<p>Ms. Huang has over 15 years of professional experience in international project finance. She has led and participated in Africa's largest project financing initiative, accumulating extensive expertise in the oil, gas, and mining sectors across the Middle East, Southeast Asia, and South America. In recent years, her focus has shifted to sovereign client management and debt restructuring, having spearheaded ICBC's first sovereign debt restructuring under the G20 Common Framework.</p>
Tom Longmuir
Tom Longmuir
Partner, Ashurst Law Firm
<p>Tom Longmuir is a partner in the projects practice, leading an emerging markets finance practice focused on development and impact finance. He specializes in complex, first-in-kind and largest-in-kind financings across SSA, MENAT, and CEE/CIS, with a strong emphasis on blended structures that mobilize private capital and support the Sustainable Development Goals. Tom has led major multilateral credit-supported transactions with AfDB, ADF, AFC, IBRD, and IDA, and has acted on landmark ECA-backed infrastructure financings across EMEA. He also advised on ASIAN INFRASTRUCTURE INVESTMENT BANK’s inaugural partial debt guarantee in Türkiye and MIGA’s first trade finance guarantee program. He is widely recognized in Chambers Global, IFLR1000, and Legal 500.</p>
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ORGANIZING PARTNERS

The Workshop on Managing Sovereign Risks for Infrastructure Financiers is co-sponsored by the Multilateral Cooperation Centre for Development Finance (MCDF), Asian Infrastructure and Investment Bank (AIIB), the World Bank, and the Asia-Pacific Finance Development Institute (AFDI).

CONTACT

If you would like to learn more about the workshop, please contact the following MCDF colleagues: