MICROCAPITAL BRIEF: International Finance Corporation, Microfinance Center of Poland Hire Cultural Consultant in Financial Literacy in Azerbaijan

microfinance center poland

The International Finance Corporation (IFC), the private-investment arm of the US-based World Bank Group, recently announced a partnership with the Microfinance Center (MFC) for Central and Eastern Europe and the New Independent States, a 110-member network based in Poland, to attempt to improve financial literacy in Azerbaijan. Teymur Heybatov, a representative of IFC’s Azerbaijan-Central Asia Financial Markets Infrastructure Project, reportedly stated that the partnership will develop “appropriate methodology and methods of training… to bring the right information to consumers”[1]. As part of the initiative, MFC plans to employ the services of a culturologist in an effort to customize the services to the cultural context of Azerbaijan.

Meanwhile, a proposed bill would address collateral-based lending and other forms of financial inclusion in the country through the “development of the legislative framework on secured transactions, working with financial institutions lending to small and medium-sized businesses and financial literacy improvement”[1].

The MFC network is comprised of approximately 110 microfinance institutions in 27 countries of Central Europe and Asia. IFC has 182 member countries and reported total assets of USD 77.5 billion as of 2013.

By

Juan Blanco, Research Associate

About Microfinance Center (MFC)

Based in Poland, the Microfinance Center (MFC) for Central and Eastern Europe and the New Independent States is an international network of approximately 110 microfinance institutions (MFIs) in 27 countries of Central Europe and Asia. that aims to promote a socially oriented and sustainable microfinance sector. Its services include knowledge management, policy advocacy, research and development and assistance with technical services for the microfinance community.

About International Finance Corporation (IFC)

The International Finance Corporation (IFC), a US-based multilateral development bank and member of the World Bank Group, 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. The IFC has 184 member countries and reported total assets of USD 77.5 billion as of fiscal year-end 2013.

Sources and Additional Resources

[1] abc, “IFC draws Poland’s Microfinance Centre to improve financial literacy in Azerbaijan,” May 2014, http://abc.az/eng/news_01_05_2014_81114.html

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Category: Payday loans

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