FSVC volunteer experts Vivek Annamalai (second from left) and David Snyder (second from right) review Golomt Bank’s SME scorecard with bank representatives; Ulaanbaatar, March 29, 2018.
In late March, FSVC implemented its first activity to improve access to finance for small and medium-sized enterprises (SMEs) in Mongolia. FSVC is working with Golomt Bank in Ulaanbaatar to strengthen its credit evaluation and risk management practices, which will help the bank increase its lending to SMEs.
Following a recent economic crisis, Mongolian banks are seeking to implement best practices in risk management to strengthen credit quality, and avoid borrowers with higher propensity for default. To help accurately assess the risks associated with SME customers, FSVC volunteer experts reviewed the bank’s judgmental and behavioral scoring methodology for SME and retail clients, and provided recommendations that will improve overall risk management capacity within the bank. These efforts will assist the bank in expanding its SME lending portfolio, and in creating new SME-specific products and services. SME access to finance is especially important in Mongolia, where SMEs account for more than 50% of all employment.
FSVC volunteer expert Tony Laidig (front, standing) discusses OGD procedures with Ministry of Transport; Tunis, April 3, 2018.
As part of its ongoing program to strengthen the use of Open Government Data (OGD) procedures in Tunisia, FSVC is working with national government institutions and state-owned enterprises (SOEs) to transition existing datasets into OGD formatting. This program is helping to encourage greater transparency and accountability across public institutions, by making information publicly available regarding national and local expenditures.
During the month of April, FSVC volunteer experts met with representatives from government ministries and SOEs from the transportation, trade, health, finance and agriculture sections to evaluate their existing datasets. The volunteer experts then helped established a system to extract and store data so that it can be safely transferred into OGD-compatible datasets. These efforts will help ensure that Tunisian public institutions are adhering to internationally-recognized standards regarding data storage and presentation, and that Tunisian citizens are able to easily use, re-use and distribute this data.
Jordanian Minister of Social Development H.E. Hala Bsaisu Lattouf (center left) and FSVC Country Director Danyelle Gerges (center right) sign MOU; Amman, April 24, 2018.
On April 24, FSVC signed a memorandum of understanding (MOU) with the Jordanian Ministry of Social Development to formalize its partnership to strengthen anti-money laundering and combating the financing of terrorism (AML/CFT) efforts in Jordan. FSVC has been providing technical assistance in this area to the Ministry of Social Development since 2016, under a program funded by the Bureau of Counterterrorism at the U.S. Department of State.
Specifically, FSVC and the Ministry have provided training to supervisors of the non-profit sector in Jordan on how to adopt a risk-based approach to AML/CFT supervision, in line with national requirements and international standards. The Minister of Social Development H.E. Hala Bsaisu Lattouf commended FSVC on the valuable AML/CFT technical assistance efforts to date, and requested a formal continuation of the partnership for the benefit of the non-profit sector in Jordan.
Former Deputy Governor of the Bank of England and FSVC Board Member Sir Paul Tucker is releasing a new book entitled Unelected Power: The Quest for Legitimacy in Central Banking and the Regulatory State on May 22, 2018.
The book examines the powerful role of central bankers in determining the economic well-being of nations, despite not being elected officials. It also presents guiding principles for central bankers, technocrats, regulators and other non-elected officials on how to remain stewards of the common good and not abuse their positions of power.
The FSVC family is deeply saddened by the loss of our beloved friend and colleague, Nevine Dakroury, who passed away in Cairo on April 21, 2018. Nevine had been FSVC’s Country Director in Egypt since 2012, and oversaw our programs to promote entrepreneurship and increase access to finance for entrepreneurs and SMEs in Egypt. Nevine was an integral part of the Egyptian banking community, having worked as the Director of Strategic Development and Quality Assurance at the Egyptian Banking Institute (EBI), and in the Egyptian commercial banking sector for over 20 years.
Nevine was a tremendous asset to FSVC, bringing her wealth of experience and passion for development to our programs. Her professionalism was matched only by her profound kindness and generosity, and she touched the lives of many individuals, including numerous FSVC volunteer experts. She will be missed beyond measure.