A foco desta tese acontece sobre o processo de concepção e de implementação de um projeto com financiamento multilateral, sendo realizada uma análise das relações sociais e políticas entre os Governos Brasileiros e os Bancos Multilaterais de Desenvolvimento (BMDs). O objetivo principal é compreender o arranjo institucional dos BMDs e do Estado Brasileiro e suas implicações no processo de planejamento territorial, a partir do caso do Estado do Ceará. A pesquisa teórica passa primeiramente pela análise da evolução do conceito de desenvolvimento, destacando as interpretações dadas pelas instituições globais de poder, iluminando o fundamental papel dos BMDs na construção e na disseminação de uma compreensão global de desenvolvimento. É discutido também o entrelaçamento dos BMDs com as políticas de desenvolvimento do Brasil desde meados do século XX até a primeira década do século XXI. Para a pesquisa empírica foram escolhidos três projetos de desenvolvimento territorial ainda em fase de implementação pelo Governo do Ceará, financiados individualmente pelos Banco Mundial, Banco Interamericano (BID), Corporação Andina de Fomento (CAF). A análise desses projetos reforçou o argumento de que a década de 1990 foi uma década de alinhamento entre os governos brasileiros e os BMDs, o que, no caso particular do Estado do Ceará, deu-se harmoniosamente, a partir do \"Governo das Mudanças\" (1987-2006), com o início da sistematização do planejamento territorial no Ceará. Os BMDs, além de financiadores, foram responsáveis por grande parte da metodologia de planejamento aplicada hoje no Estado do Ceará. A compreensão do papel que o Brasil representa para as instituições financeiras multilaterais foi fundamental para a reflexão sobre a mudança de relacionamento entre o Estado Brasileiro e os Bancos Multilaterais no início do século XXI, iluminando que não somente os BMDs são importantes para o Brasil, como também o Brasil transformou-se em um importante \"player\" na arquitetura do financiamento multilateral. Isso ocorre tanto pelo seu peso financeiro, como também por se configurar um grande território de geração e exportação de best practices. As entrevistas com funcionários dos bancos e com servidores públicos do Governo do Estado conformaram o método fundamental desta tese. Outros caminhos consistiram na análise de dados primários fornecidos pelas Unidades de Gerenciamento de Projeto e adquiridos nos sites dos bancos. / The focus of this thesis is on the process of planning and of implementation of a project with multilateral financing, analyzing social and political relations between Brazilian governments and the Multilateral Development Banks (MDBs). The main objective is to understand the institutional arrangement of the MDBs and the Brazilian State and its implications in the spatial planning process, from the case of the State of Ceara. Firstly the theoretical research approaches the evolution of the concept of development, highlighting the interpretations given by global institutions of power, sheding light on the fundamental role of the MDBs in the construction and the dissemination of a global understanding of development. The interweaving of the MDBs with Brazil\'s development policies is also discussed, from the mid-twentieth century to the first decade of twenty-first century. For the empirical research, three spatial development projects, still under implementation by Government of Ceara, were selected, which are individually financed by the World Bank, the Inter-American Development Bank (IDB) and the Andean Development Corporation (CAF). The analysis of these projects reinforced the argument that the 1990s were a decade of alignment between the Brazilian governments and the MDBs. In the particular case of the State of Ceara, it has harmoniously occurred, from the \"Government of Changes\" (1987-2006), with the start of the systematization of the spatial planning. The MDBs, as well as financiers, were responsible for much of the planning methodology applied today in the State of Ceara. The understanding of the role that Brazil represents for the multilateral financial institutions was fundamental for the reflection on the change of relationship between the Brazilian State and the Multilateral Banks in the early 21st century, enlightening that not only the MDBs are important for Brazil, but also because Brazil has become an important player in the architecture of multilateral financing. This is due both to its financial influence and to consist in a great territory for the generation and export of best practices. Interviews with bank employees and public servants of Ceara are the fundamental method of this thesis. Other paths are the analysis of primary data provided by the project management units and on banks\' websites.

A foco desta tese acontece sobre o processo de concepção e de implementação de um projeto com financiamento multilateral, sendo realizada uma análise das relações sociais e políticas entre os Governos Brasileiros e os Bancos Multilaterais de Desenvolvimento (BMDs). O objetivo principal é compreender o arranjo institucional dos BMDs e do Estado Brasileiro e suas implicações no processo de planejamento territorial, a partir do caso do Estado do Ceará. A pesquisa teórica passa primeiramente pela análise da evolução do conceito de desenvolvimento, destacando as interpretações dadas pelas instituições globais de poder, iluminando o fundamental papel dos BMDs na construção e na disseminação de uma compreensão global de desenvolvimento. É discutido também o entrelaçamento dos BMDs com as políticas de desenvolvimento do Brasil desde meados do século XX até a primeira década do século XXI. Para a pesquisa empírica foram escolhidos três projetos de desenvolvimento territorial ainda em fase de implementação pelo Governo do Ceará, financiados individualmente pelos Banco Mundial, Banco Interamericano (BID), Corporação Andina de Fomento (CAF). A análise desses projetos reforçou o argumento de que a década de 1990 foi uma década de alinhamento entre os governos brasileiros e os BMDs, o que, no caso particular do Estado do Ceará, deu-se harmoniosamente, a partir do \"Governo das Mudanças\" (1987-2006), com o início da sistematização do planejamento territorial no Ceará. Os BMDs, além de financiadores, foram responsáveis por grande parte da metodologia de planejamento aplicada hoje no Estado do Ceará. A compreensão do papel que o Brasil representa para as instituições financeiras multilaterais foi fundamental para a reflexão sobre a mudança de relacionamento entre o Estado Brasileiro e os Bancos Multilaterais no início do século XXI, iluminando que não somente os BMDs são importantes para o Brasil, como também o Brasil transformou-se em um importante \"player\" na arquitetura do financiamento multilateral. Isso ocorre tanto pelo seu peso financeiro, como também por se configurar um grande território de geração e exportação de best practices. As entrevistas com funcionários dos bancos e com servidores públicos do Governo do Estado conformaram o método fundamental desta tese. Outros caminhos consistiram na análise de dados primários fornecidos pelas Unidades de Gerenciamento de Projeto e adquiridos nos sites dos bancos. / The focus of this thesis is on the process of planning and of implementation of a project with multilateral financing, analyzing social and political relations between Brazilian governments and the Multilateral Development Banks (MDBs). The main objective is to understand the institutional arrangement of the MDBs and the Brazilian State and its implications in the spatial planning process, from the case of the State of Ceara. Firstly the theoretical research approaches the evolution of the concept of development, highlighting the interpretations given by global institutions of power, sheding light on the fundamental role of the MDBs in the construction and the dissemination of a global understanding of development. The interweaving of the MDBs with Brazil\'s development policies is also discussed, from the mid-twentieth century to the first decade of twenty-first century. For the empirical research, three spatial development projects, still under implementation by Government of Ceara, were selected, which are individually financed by the World Bank, the Inter-American Development Bank (IDB) and the Andean Development Corporation (CAF). The analysis of these projects reinforced the argument that the 1990s were a decade of alignment between the Brazilian governments and the MDBs. In the particular case of the State of Ceara, it has harmoniously occurred, from the \"Government of Changes\" (1987-2006), with the start of the systematization of the spatial planning. The MDBs, as well as financiers, were responsible for much of the planning methodology applied today in the State of Ceara. The understanding of the role that Brazil represents for the multilateral financial institutions was fundamental for the reflection on the change of relationship between the Brazilian State and the Multilateral Banks in the early 21st century, enlightening that not only the MDBs are important for Brazil, but also because Brazil has become an important player in the architecture of multilateral financing. This is due both to its financial influence and to consist in a great territory for the generation and export of best practices. Interviews with bank employees and public servants of Ceara are the fundamental method of this thesis. Other paths are the analysis of primary data provided by the project management units and on banks\' websites.

Development Finance Institutions (DFIs) have played a crucial role in moving socially responsibility considerations up on the private equity industry’s agenda. DFIs add a development impact criterion to traditional financial performance goals in the investment industry and play a catalytic role by mobilizing other investors. The gap in research regarding DFIs implications and significance in the investment community from a SRI perspective is evident. The development impact objective introduced by the DFIs is examined to understand its effects on fund managers’ decision-making and if it exists a trade-off between this objective and financial performance. An understanding of how DFIs control fund managers to act in accordance to their objective as well as how they determine compensation schemes to incentivize them to pursue high return on investments, is discussed in relation to the agency theory. Furthermore, stakeholder/shareholder consideration is examined in relation to the subject. The aim of this study is to examine how the behavior of fund managers is affected by the involvement of a DFI investor and try to add to the understanding of their significance as institutional investors in developing markets. Previous studies have been more focused on determining the financial performance of socially responsible investments by using very similar quantitative data collection methods. This thesis undertakes an in-depth approach with the purpose to understand the fund manager’s drives as well as how a DFI involvement affects the behavior and decision-making process.   This thesis undertook a qualitative research strategy and semi-structured interviews were used as the tool to understand the fund managers’ personals beliefs and perceptions of how the relationship with DFIs affect them. The selection criteria for the fund managers was that they needed to work in a fund in which a DFIs has invested. We also included DFI investors in order to understand their point of view. The interview was recorded, transcribed and later divided into themes in accordance with the thematic approach, following six steps. Our findings show that Development Finance Institutions plays an important role in emerging markets and affect fund manager behavior to a certain extent. They did not perceive a trade-off between financial performance goals and development impact objectives. We conclude that DFIs increase fund manager focus on ESG/SEE elements in the investment process. DFIs requirements and reporting obligations is used as a tool to ensure that the fund manager act in accordance to DFI objective. The fund managers were neither willing to sacrifice commercial return in favor of development impact. Lastly, the interest among the DFIs and commercial investors is fairly similar, hence reducing the conflict of interest between investors.