Capital market development is a central component of financing for
development. Fundamentals required for their development include
stable macroeconomic and strong institutional contexts. Development
of market infrastructure and critical mass is also important.
Supportive policy that is holistic and adaptive and that includes
national development plans and detailed legislative and regulatory
reform and engages institutional investors can successfully promote
the development of capital markets. Their potential role is
particularly important for green finance and middle-income
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