MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Help Maldives Monetary Authority Establish Credit Information Bureau

The International Finance Corporation (IFC), the investment arm of the World Bank Group, a partnership of multilateral development organizations based in Washington, DC, recently announced that it has been helping the Maldives Monetary Authority set up the country’s first credit information bureau. The objective of the bureau is to create a more formal credit culture that will enable banks to share credit information and make better-informed decisions. It will also improve access to financial services for small and medium-sized enterprises (SMEs).

IFC has been working with the Maldives Monetary Authority and the Ministry of Finance since 2007 to evaluate the ability of the country’s main banks to support the credit bureau. IFC has also helped to develop a five-year business plan to create the bureau. The organization’s current investment portfolio in the Maldives is USD 100 million, which has been used in efforts to develop the country’s tourism sector, telecommunications and financial markets.

By Julie Moksim, Research Associate

About the International Finance Corporation (IFC): A member of the World Bank Group, the International Finance Corporation (IFC) offers loan and debt securities, equity investments, advisory services and technical assistance intended to alleviate poverty and promote open and competitive markets in developing countries. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, IFC’s new investments totaled USD 14.5 billion.

About the Maldives Monetary Authority: The Maldives Monetary Authority (MMA) was established in 1981 and acts as the country’s central bank. MMA issues and regulates the supply of currency as well as regulating, supervising and licensing financial institutions. MMA also controls monetary policy and acts as an advisor to the government on issues related to the economy and the country’s financial system.

Sources and Additional Resources:

International Finance Corporation (IFC) Press Release: “IFC Helps Maldives Launch Credit Information Bureau to Strengthen Financial Infrastructure”, February 8, 2011, http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=AE43197778B8252885257831007C183E

MicroCapital.org Brief, May 3, 2010: International Finance Corporation (IFC), National Bank of Tajikistan and Swiss Government Launch Credit Information Bureau in Tajikistan, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-national-bank-of-tajikistan-and-swiss-government-launch-credit-information-bureau-in-tajikistan/

MicroCapital’s Microfinance Universe Profile: International Finance Corporation (IFC)

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29

MicroCapital’s Microfinance Universe Profile: Maldives Monetary Authority (MMA)

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Maldives+Monetary+Authority+%28MMA%29

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