finance for economic development (fed) program launch event july 17, 2013
TRANSCRIPT
THE FED PROGRAM
Implemented by Cardno Emerging Markets Group USA
Ltd.
A four year, $ 3.7 million program, funded by USAID
THE FED PROGRAM
Goal of the program:
Broaden and deepen financial intermediation and improved financial services for micro, small and medium enterprises , to promote economic development and growth.
Support the sound development of the financial sector through enhanced legal and regulatory practices and opportunities for financial sector innovation and infrastructure development.
Support pension reform through broadening capital markets
THE FED PROGRAM
3 expected results:
Increased availability of relevant, affordable and effective financial services for MSMEs throughout Armenia
Improved regulatory and institutional framework for a more effective and stable financial sector
Strengthened financial sector foundations for pension reform
COORDINATION WITH COUNTERPARTS
Government Counterparts
CBA, MoF, MoE, MLSA
Financial SectorUBA, UCORA, AAAA, ASA, etc.
DonorsWorld Bank, IFC, EBRD, etc.
USAID ProjectsEDMC, PRIP, TRP, Counterpart, PRP
Component 1: Financial Intermediation
Support increased availability of financial services to MSMEs throughout Armenia
Strengthen the financial sector (bank and non-bank)
Cooperation and joint action plans with UBA and UCORA
Component 1: Financial Intermediation
Promote new financing sources for MSMEs:
Equity, investment funds, IT-based products
Support start-up of ECA (export credit insurance agency)
Use of USAID DCA guarantees to support MSME financing
Component 1: Financial Intermediation
Promote communication between lenders and local communities, associations and
groups of MSMEs and rural enterprises
Promote financial literacy of micro and rural enterprises, and their awareness of
available financial services
Component 2: Institutional Framework
Capacity-building in the area of:
Financial markets regulation, in accordance with international standards and best practices
Accounting, auditing and actuarial professions, with support and technical assistance to professional bodies
Component 2: Institutional Framework
Support for:
Expanded usage of IT to develop financial services for MSMEs
Strengthened framework for secured transactions and collateral registry
Increased pool of financial sector professionals in the workforce
Component 3: Pension Reform
Support CBA in:
Regulating, supervising and setting governance standards for pension fund operators
Formulating investment policies for pension contributions