Dr Ludovico Alcorta - Director, Development Policy, Statistics and Research Branch (DPR), United Nations Industrial Development Organization (UNIDO)

Ludovico outlines that long-term finance is required (at low interest rates) for structural transformation, for the development of new industries, products and processes – which requires investment in new technologies. Long-term finance can be provided through (1) banks and (2) financial institutions specialised in lending for longer periods. There are also opportunities for non-bank finance, such as venture capitalism specialising in start-up companies that will eventually develop the new products and processes required for structural transformation.