The International Finance Corporation (IFC), a member of the World Bank Group that supports private-sector development, and Data Bureau Limited, a Fijian-owned credit information company, recently set up a credit bureau in Tonga. IFC helped train staff from Australia and New Zealand Banking Group, Westpac Bank of Australia, Tonga Development Bank and MBf Bank of Tonga in accessing the credit bureau database.
The one Tongan microfinance institution (MFI) that reported 2011 data to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, had a gross loan portfolio of USD 1.6 million disbursed to approximately 4,000 borrowers.
By Charlotte Newman, Research Associate
About International Finance Corporation (IFC)
A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and USD 12.2 billion mobilized to 518 projects.
Sources and Additional Resources:
IFC Press Release: “IFC Helps Tonga Launch Credit Information Bureau to Increase Access to Finance,” http://www.ifc.org/ifcext%5Cpressroom%5CIFCPressRoom.nsf%5C0%5CF9B1C68CABBF107585257A550058081B
MicroCapital.org story, August 16, 2012, “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Makes $7m Loan to Enda Inter-Arabe Microfinance Institution of Tunisia,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-makes-7m-loan-to-enda-inter-arabe-microfinance-institution-of-tunisia/
MicroCapital.org story, July 22, 2012, “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $37m to International Bank for Trade and Industry for SMEs in Cote d’Ivoire,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-loans-37m-to-international-bank-for-trade-and-industry-for-smes-in-cote-divoire/
MicroCapital Universe Profile: International Finance Corporation
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
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