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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.

Details

  • Document Date

    2005/06/30

  • Document Type

    Annual Report

  • Report Number

    45240

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2010/07/01

  • Disclosure Status

    Disclosed

  • Doc Name

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

  • Keywords

    State Secretariat for Economic Affairs;small and medium enterprise;access to financial service;financial sector development;Securities and Exchange Commission;project design and implementation;Savings and Credit Cooperative;access to capital market;basel core principles;access to finance;nonbank financial institution;technical assistance grant;book entry system;exchange of information;fiscal;corporate governance reform;primarily due;chart of account;deposit insurance legislation;mobilization of resource;private pension fund;stock exchange listing;domestic money market;financial sector regulation;duplication of efforts;multilateral development bank;financial service industry;disbursement of fund;domestic financial sector;capital market development;motor vehicle insurance;regulation and supervision;Learning and Innovation Credit;donor agencies;housing finance;investment product;grant funding;sectoral breakdown;Investment Products;insolvency regime;transition countries;transition country;institutional investor;foreign affair;financial system;geographic breakdown;cumulative total;online portal;regional initiative;Market Risk;connected lending;assessment methodology;security market;financial regulator;financial market;regulatory standard;banking industry;regulatory capacity;security violation;low-income group;supervisory capacity;resource centre;market operation;asset financing;audit quality;business process;debt market;prudential standard;finance institution;draft bill;african trade;risk assessment;effective application;uniform tariff;regulatory change;recipient institution;SME financing;funding support;investment opportunities;small lender;guarantee agency;microfinance organization;large enterprise;loan portfolio;aid institution;application process;donor coordination;Funding agencies;insurance sector;international norm;procurement process;strategic objective;procurement cycle;operational process;road map;crop insurance;regional harmonization;risk exposure;housing microfinance;government security;regional body;partner institution;marketing effort;banking system;sectoral distribution;mortgage finance;working relationship;audit standard;mission statement;agency staff;innovative initiative;multilateral donor;project ideas;multilateral agency;livestock insurance;public subsidy;innovative sme;Management Systems;investment fund;financial activities;enforcement capacity;insurance scheme;regulatory option;provident fund;

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Citation

FIRST initiative (financial sector reform and strengthening initiative) - annual report 2005 (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/633901468323973871/FIRST-initiative-financial-sector-reform-and-strengthening-initiative-annual-report-2005