It is essential to encourage an inclusive growth by increasing investments in Fragile FCS: OPPORTUNITIES FOR DOING A MULTI-STAKEHOLDER INITIATIVE BUSINESS AND DOING GOOD? Identifying ‘credible investment targets’ and ‘bridging A new more nuanced narrative is called for, that the information gap’ may help to scale up investments in FCS, a more holistic approach is required, that and sectors, based on an understanding of the acknowledges the political as well as economic weight opportunities and not just the risks associated with of investors and potential investees in FCS context. doing business in FCS and doing good. FCS have the Civil society organisation’s, development agencies, potential to be attractive as emerging markets for private sector actors, can play a critical role in ensuring institutional investors. Demographic trends and a that investors and investees work in ways that create growing middle class in many FCS are generating a opportunities to rebuild trust (between business and rising demand for consumer goods, infrastructure, government, business and communities, between services, and agribusiness, which could provide new communities and government, between communities), opportunities for investors (7) . which are critical for consolidating peace. also be mitigated, in part by sharing and managing for this. They not only bring investors and potential the associated risks and reducing the associated investees together to identify business opportunities, collateral costs. Perceived risks can be addressed but can also serve as opportunities to foster public- by bridging the information and connection gap that private dialogue and for monitoring and oversight currently exists in the investor community. by community / civil society stakeholders, about how This can be overcome by making granular information investment decisions are made. available to investors, on where to invest, what to invest in, who to interface with, the actual risk-returns, and appear to have great potential in FCS: social bonds A COMMON EFFORT FOR INNOVATION and social impact bonds for FCS. Although these are Feedback from investors, development actors and the require accompanying measures to enable would- Ministries of Finance of G7+ countries, suggests that be investors with the help of development agency innovation would be required to enable investors to partners, to identify ‘credible’ investment targets. deal with real and perceived risks, and to de-risk, both screen and label ‘investment-worthy’ companies and operate in FCS and developing one-stop shops for facilitating the generation and dissemination of tailored (2) All 17 SDGs are critical. See http://treasury.worldbank.org/cmd/htm/World-Bank-BNP-Paribas-TeamUp-2030-Agenda-Sustainable-Develop-Goals-Innovative-Finance.html. (3) OECD (2016), States of Fragility 2016: Understanding Violence, (5) World Bank Group et al (2015) From Billions to Trillions: Transforming Development Finance Post-2015 Financing for Development: Multilateral Development Finance”, prepared jointly by the African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Collier, P, et al, (2006), , Centre for the Study of African Economies, Working Paper, No.2006/12 34