The International Finance Corporation (IFC), a member of the World Bank Group, and Deutsche Gesellschaft fur Technische Zusammenarbeit (GTZ – German Technical Cooperation Center), a German government-owned international development organization, are providing technical assistance to the Philippines’ central bank in order to strengthen its supervisory and regulatory capacity for lending to small and medium-sized enterprises. A study last year by Asia Business Monitor showed that approximately 83 percent of small and medium-sized enterprises in the Philippines have experienced difficulties in accessing credit from banks. According to Will Beloe, IFC head of advisory services in the Philippines, greater support from central bank supervisors for commercial banks specializing in lending to small and medium enterprises is expected to increase credit flow to the sector.
By Conner Brannen
About International Finance Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees with the intent of alleviating poverty. It invests in financial institutions and other companies in emerging markets as well as providing technical assistance. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, its new investments totaled USD 14.5 billion.
About Deutsche Gesellschaft fur Technische Zusammenarbeit (GTZ):
Established in 1975, Deutsche Gesellschaft fur Technische Zusammenarbeit (GTZ – German Technical Cooperation Center) is a German government-owned international cooperation enterprise for sustainable development. GTZ supports microfinance operations in forty countries by attempting to help microfinance institutions become financially and legally viable as well as supporting reforms in the financial sector that are favorable to microfinance. Including efforts not relating to microfinance, GTZ reported EUR 1.56 billion (USD 2 billion) in new contracts during 2008.
Sources and Additional Resources:
International Finance Corporation: “IFC, GTZ Help Philippines’ Central Bank Spur Lending to Small Businesses,” July 23, 2010: http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/17DD50F9E1C16625852577690045A5C2?OpenDocument
MicroCapital Universe Profile: International Finance Corporation (IFC): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital Universe Profile: Deutsche Gesellschaft fur Technische Zusammenarbeit (GTZ): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Gesellschaft+f?r+Technische+Zusammenarbeit++%28GTZ%29
MICROCAPITAL BRIEF: The International Finance Corporation (IFC) Pledges Support for Microfinance Sector and Better Access to Credit for Small and Medium-Sized Businesses in Lesotho, July 16, 2010: https://www.microcapital.org/microcapital-brief-the-international-finance-corporation-ifc-pledges-support-for-microfinance-sector-and-better-access-to-credit-for-small-and-medium-sized-businesses-in-lesotho/
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Invests $30.5m in Green for Growth Fund, SMEs To Benefit, July 1, 2010: https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-invests-30-5m-in-green-for-growth-fund-smes-to-benefit/
Browse the MicroCapital Universe and add your entry to the wiki https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Hamkorbank of Uzbekistan Borrows $50m from FMO to Fund SMEs Owned by Women, Youth; Microenterprise; Climate Projects
- MICROCAPITAL BRIEF: DEG Loans Husk Power $750k for Solar Microgrids in Nigeria, India
- MICROCAPITAL BRIEF: Akbank Selling $300m in Bonds to DFC, AIIB, IFC – Half to Support Women-owned Businesses in Turkiye
- MICROCAPITAL BRIEF: Bank of Maldives Borrowing $40m from ADB, JICA, OeEB, for Blue Economy, SMEs, Tourism
- MICROCAPITAL BRIEF: Zanaco Borrows $50m from BII to Support MSMEs, Climate-change Mitigation in Zambia
