000			05880nam a2200169Ia 4500
999			_c11622 _d11622
020			_a9780821374177
082			_a338.91 _bW.B.
100			_aWorld Bank, Washington D.C. _967244
245			_aFinancing micro, small, and medium enterprises : an independent evaluation of IFC's experience with financial intermediaries in frontier countries _hBook
260			_aWashington, D.C. _bInternational Finance Co. & World Bank _c2008
300			_axlv,85p.
440			_aIndependent evaluation group _967245
505			_aCONTENTS vii Abbreviations ix Definitions of Evaluation Terms xi Acknowledgments xiii Foreword xv Avant-propos xvii Prologo xix Executive Summary xxv Resume analytique i xxxiii Resumen xxxix IFC Management Response to IEG-IFC xliii Chairperson's Summary: Committee on Development Effectiveness (CODE) 1 1 Study Objective, Report Organization, and Methodology 3 Key Evaluative Questions 3 Evaluation Scope, Methodology, and Study Limitations 7 2 IFC Support of MSMEs in Frontier Countries, FY94-FY06 9 Supporting MSMEs Is Pivotal for Private Sector Development 9 Paradigm Shift Helped IFC's Entry and Current Major Role in Global Microfinance 11 IFC Strategic Priorities: MSME Supportand a Focus on Frontier Countries 12 MSME-FI Operations in Frontier Countries Are Consistent with Strategic Priorities 13 Project Design Parameters for Commercially Oriented MFIs 14 Different Types of Financial Entities Used to Support Microenterprises 15 Introduction of MFI Holding Company Structure 16 IFC's Recent (Not Operationally Mature) MFI Projects 18 IFC Support Involves a Combination of Financing and Advisory Services 21 3 Evaluation of the MFI Projects 23 MFIs Maintain High-Quality Loan Portfolios and Many Clients 26 MFIs Achieved Early Profitability 28 Foreign Currency Loans Are Crucial for MFIs but Have Consequences 29 Successful Development Outcome Ratings for High Percentage of Projects 29 Savings Services for Poor Households and Small Businesses 30 The Need to Transition Out of Donor Dependency 30 IFC Equity Investment Returns in MFIs 32 Regions with Better Development and IFC Equity Outcomes 33 Seven Major Factors Contributed to High Development-Outcome Success Rates 33 IFC's Role and Contribution 37 4 Evaluation of the SME-FI Projects 39 SME-FI Borrower Base and Returns on Equity 39 SME-FI Development Outcome Success Rate 42 Savings Services for Households and Businesses, and Credit for SMEs 43 IFC's Investment Outcome Success Rate in the SME-FIs 43 Performance of IFC Equity Investments in the SME-FIs 44 Regional SME-FI Success Rates 44 Advisory Services Contributed to Success 45 Six Major Factors Drive the Development Outcome Success Rate 45 IFC Work Quality and Contribution Played Major Roles 47 5 EHS Performance of Projects in the Evaluated Populations 49 EHS Requirements for MSME-FIs and Their Subprojects 50 EHS Compliance Requirements and Rates 50 MSME-FI Subprojects Achieved Higher EHS Compliance Rates 51 EHS Appraisal Work and Supervision 52 Subprojects with Medium Risk in IFC's EHS Framework 52 Developing the Use of Local EHS Consultant Capacity 53 EHS Success Factors for MSMEs 53 New EHS Inititatives to Improve Supervision 55 6 Main Findings and Recommendations 57 Evaluation Findings and Conclusions 59 Findings and Conclusions Specific to MFIs 60 Findings and Conclusions Specific to SME-FIs 60 Recommendations 63 Appendixes 65 A: List of Frontier Countries 69 B: Evaluation Ratings of MSME-FI Projects 71 C: lEG's Evaluation Methodology and Guidelines for Project Performance Ratings 75 D: Indicators Used for Evaluating the Development Outcomes of MSME-FI Projects 77 E: Brief Descriptions of MFl and SME-FI Lending Techniques 79 Endnotes 85 References Boxes 25 3.1 Microenterprises Use Loans to Expand Business 34 3.2 Success Drivers Also Apply to Public Sector MFIs 42 4.1 SMEs in Frontier Countries Use Loans to Expand Business 46 4.2 IEG Findings on World Bank Lines-of-Credit Operations Figures 12 2.1 IFC's Annual Net Commitments to Microfinance Intermediaries, FY94-FY06 13 2.2 IFC's Annual Net Commitments to SME-FIs, FY94-FY06 13 2.3 Regional Distribution of IFC Net Commitments to MSME-FIs and Other Commercial Banks, FY94-FY06 17 2.4 Ownership and Funding Sources for Profit-Oriented MFIs: Holding Company Structure 18 2.5 Ownership and Funding Sources for Profit-Oriented MFIs; Financial Institution or NGO Sponsor Structure 26 3.1 Advisory Services Funding to MFIs in the Evaluated Population 41 4.1 Development and Investment Outcomes of SME-FIs, by Project Type 43 4.2 Investment-Outcome Success Rate Results for SME-FIs, by Asset Size Tables 5 1.1 WBG Definitions of Micro, Small, and Medium Enterprises 5 1.2 Regional Distribution of SME-FIs in the Evaluated Population and Subgroup 24 3.1 Financial Performance Data for MFIs in the Evaluated Population 27 3.2 Returns on Invested Capital for MFIs 31 3.3 Outcome Success Rates for Proj'ects in the MFI Evaluated Population 32 3.4 Outcome Success Rates for Aggregate Regional SME-FI Projects 40 4.1 Financial Performance Data for a Subgroup of 36 SME-FIs in the Evaluated Population 41 4.2 Outcome Success Rates for Regional SME-FI Projects 44 4.3 Advisory Services to SME-FIs in the Evaluated Population Improved Development Outcome Success Rates 45 4.4 High IFC Appraisal Work Quality Is Another Development Outcome Success Driver 51 5.1 EHS Satisfactory Ratings
600			_967246
890			_aIndia
942			_2ddc