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FIRST initiative (financial sector reform and strengthening initiative) - annual report 2005 (English)

During 2005, Financial Sector Reform and Strengthening Initiative (FIRST) performance strengthened considerably, and the program continued to gather momentum. By June 2005, FIRST's commitments had risen to $29 million. That amount funded 165 technical assistance projects involving 55 developing and transition countries and covering almost all parts of the financial sector. FIRST has not only assisted individual countries, but also has funded many regional initiatives in Africa, Europe and Central Asia, Latin America and the Caribbean, the Middle East and North Africa, and South Asia. The year also saw FIRST become more active in supporting access to financial services for the poor and for small business and in the development of housing finance. FIRST has become especially active in supporting the diversification of financial sectors by facilitating the development of new products and, in several cases, in pioneering new solutions which, if successful, should have wide application in other parts of the world. Examples include livestock insurance in Mongolia, small and medium enterprise (SME) securitization in Peru, and housing microfinance in Colombia, all done in cooperation with the World Bank. Together with the International Monetary Fund (IMF), FIRST has also supported the rollout of projects in Africa for the regulation of non-bank financial institutions and book entry systems for central bank management of government securities issuance and trading. FIRST has now been running long enough to show some tangible results and to gather meaningful feedback from clients and partner institutions.


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    FIRST initiative (financial sector reform and strengthening initiative) - annual report 2005

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FIRST initiative (financial sector reform and strengthening initiative) - annual report 2005 (English). Washington, D.C. : World Bank Group.