The external financing environment facing developing countries has brightened. In 2003, as global growth gained momentum, private capital flows to developing countries increased to $200 billion--their highest level in five years. Harnessing these gains to promote long-term investment and growth is the key theme of Global Development Finance 2004. With analysis spanning the range of flows from short-term trade to long-term infrastructure finance, Global Development Finance is unique in its breadth of coverage of the issues related to international development finance. Vol I: Analysis and Summary Tables reviews recent trends in financial flows to developing countries. Vol II: Summary and Country Tables includes comprehensive data for 138 countries, as well as summary data for regions and income groups. Also available on CD-ROM, with more than 200 historical time series from 1970 to 2002, and country group estimates for 2003. By providing a comprehensive review of recent trends in and prospects for all development-related flows, Global Development Finance 2004 enables government officials, economists, investors, financial consultants, academics, and policymakers in the development community to better understand, manage, and promote the key challenge of financing development in today's globalized environment.