Access to Finance Review Report 2011 takes stock of the progress for IFC's Access to Finance Advisory in FY11, underscores our continued efforts to provide world-class advisory services that target both financial institutions and the broader financial infrastructure. FY 2011 has has yielded one of the strongest set of development results for IFC's Access to Finance advisory services. We are committed to making a meaningful difference to development through improved access to financial services and continue to stimulate financial activity to help clients effectively during these economic times.
We left a strong advisory footprint with an emphasis on the poorest countries, supporting 189 financial institutions in 55 countries (including 36 IDA countries). These projects address some of the most essential challenges to sustainable development–supporting micro, small, and medium enterprises (MSMEs) to hire more workers, access equipment, and be more productive; allowing poor and disadvantaged people to keep more money for uses like paying for education; and building institutions and legal environments where people and businesses can access financial services affordably and transparently.
As an implementing partner of the G-20 Global Partnership for Financial Inclusion (GPFI), IFC continued to support the G-20 financial inclusion agenda by providing technical analysis and guidance on SME finance, improving the global financial access data landscape, and supporting policymaker implementation of guidance tools at the country-level.
FY11 was the first year of implementation for the IFC Development Goals (IDGs), building on initial targets and methodologies developed in FY10. Challenges and opportunities emerged over the first year of implementing the IDGs. Given IFC's strategic priority within the G-20 agenda to scale up financial inclusion globally, IDGs for finance were expanded in scope to include non-credit services such as savings, payments, housing, and insurance services. The contributions from these products will be accounted for in the IDG targets for FY12 and going forward.
As IFC enters its second year of testing the IDGs in FY12, a major thrust for access to finance will be to further strengthen advisory and investment engagements to deliver client-centric products and services, which is critical to achieving full implementation of IDGs in FY13.
The report also highlights knowledge sharing initiatives. Through knowledge and products, Access to Finance Advisory provides diagnostics, training, best practice and capacity building. Facilitating the increase and quality of knowledge that is shared with IFC’s clients is at the core of developing and supporting our work in access to finance globally.