Building inclusive financial sectors for development

The development of the financial sector was a central task in many developing countries indeed, an improved financial infrastructure was essential for private sector development, particularly for small and medium sized enterprises.

According to a number of ministers, a decisive effort should also be made to develop the domestic financial sector.

The effective mobilization of financial resources to support investment requires the development of domestic financial sectors and institutions.

(b) Investment in building an environment conducive to the development of an inclusive financial sector.

Encouraging progress has also been made in the finance sector.

UNCDF has identified the integration of microfinance into the formal financial sector as an effective means of contributing on a sustainable basis to poverty reduction and the achievement of the MDGs.

UNCDF niche in building inclusive financial sectors

Private sector financial institution

The global programme will work with the United Nations Capital Development Fund (UNCDF) to expand inclusive financial sectors that serve the poor.

Tourism development and economic diversification are considered top priorities, and efforts to develop the offshore financial sector are under way.

China s Crippled Financial Sector

Business and financial sector management

In order to further develop and strengthen the financial sector of the economy, the Government of Anguilla, with assistance from the private sector, prepared several legislative acts.

30. The private sector is now playing an increasingly visible role in trade finance in developing countries.

The Fund is an intergovernmental financial institution exclusively concerned with commodity development issues and commodity development projects.

In many developing countries where formal financial sectors are not fully developed, the cash based economy is the most common and credible financial system and to regulate it by any means is not an easy task.

UNCDF also expects to collaborate and cooperate with UNDP in resource mobilization and in the areas of South South initiatives, public private sector partnerships in the LDCs, and the involvement of the private sector in local economic development and the building of inclusive financial sectors.

Stressing the importance of commitment to sound domestic financial sectors, which make a vital contribution to national development efforts, as an important component of an international financial architecture that is supportive of development,

37. We also underscore our commitment to sound domestic financial sectors, which make a vital contribution to national development efforts, as an important component of an international financial architecture that is supportive of development.

(c) National policy, strategy and programme design Sector assessments identify constraints and untapped opportunities to be addressed in order to develop inclusive financial sectors.

(b) Focusing its investments and activities on supporting the development of microfinance sectors at the start up or emerging phase.

7. The Forum recognized the crucial importance of accessibility to capital and the need for improved dialogue between the private sector and financial institutions to better understand financial sector operations and how this can facilitate economic development.

The Finance and Economic Development Ministry estimates the sector s contribution to GDP at CI 142 million (US 118 million) or 15.5 per cent.

Noting with appreciation the establishment of the United Nations Advisers Group on Inclusive Financial Sectors to promote the building of inclusive financial sectors to meet the needs and demands of poor people everywhere, building on the creation of the Blue Book Building Inclusive Financial Sectors for Development (United Nations publication, Sales No. E.06.II.A.3). as a tool for policymakers seeking to build more inclusive financial sectors,

During the period under review, there has been a continued drive to expand financial markets, particularly the issuance of international debt and equity instruments by both the public and the private sector.

When reviewing the application for the establishment of an insurance company, the financial supervision and regulation department shall take into consideration the development of the insurance industry and the need for fair competition.

The Financial Sector Development Project is one of the most significant plans, with an estimated duration of two years, from 2004 to 2006.

(f) Reduce the domestic budget deficit to 1.55 per cent of GDP and

Bermuda's financial sector is well regulated.

Thus, finance from the formal financial sector becomes a necessity.

The Financing for Development Office directly coordinated consultations in the areas of building inclusive financial sectors for development and sovereign debt for sustained development.

New Model Development Finance

Innovation in Development Finance

The first is that financial services for the poor should be an integral part of overall financial sector development, with a continuum of services made available to micro, small and medium sized enterprises as well as poor and low income households.

The global banking and financial services sector is the most sophisticated of all the trade efficiency sectors.

(d) Knowledge generation and sharing UNCDF and the Financing for Development Office of the United Nations Department of Economic and Social Affairs (DESA) are leading a process with global outreach to identify constraints and opportunities for the promotion of inclusive financial sectors.

An example of an effective Financial Intelligence Unit is given at annex III.

It is also worth noting that, together with GEF, the International Finance Corporation (IFC), which is part of the World Bank Group, lends directly to the private sector, including for environment related projects in developing countries.

In the end, it is the crippled financial system that is driving the wedge between China s large surplus of capital and formal financing for the country s SMEs. Indeed, in some parts of southern China, the informal financial sector is growing to match the size of the formal financial sector.

Moreover, measures taken during the crisis may have helped to mitigate financial contagion, but some do not support robust long term development of the sector. Many developing economies weathered the crisis at the cost of massive direct state intervention, while their financial sectors lack breadth and access.

Third, UNCDF is in the initial stages of assisting various LDCs in the building of inclusive financial sectors.

It also revealed the outstanding challenges to ensure that development sectors within the United Nations system, international financial institutions, national and local public administrations and the private sector adopt risk assessments and disaster resilient development practices.

Case study on outward foreign direct investment by Singaporean firms

Enterprise competitiveness and development