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Development finance institutions (DFIs) have recognized the importance of openness and transparency in projects they finance directly, yet they have not extended this to high-risk projects financed through their financial intermediary clients. As DFIs are increasingly providing financing through financial intermediaries, Oxfam has outlined a suggested framework, Open Books for High-Risk Financing, which proposes a set of principles to systematize and enhance disclosure in financial intermediary lending. This report shows that DFIs are out of excuses and that the time is right to take a decisive step towards more transparency in their intermediary operations. If they do not, it will be vulnerable communities who bear the greatest consequences.

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