The National Bank of Georgia, the Georgian Central Bank; KfW Entwicklungsbank, German development bank; and microfinance investment vehicle the European Fund for Southeast Europe (EFSE) held a conference recently on the importance of responsible business practices in the financial sector.
Participants in the conference stressed the need to adapt responsible business practices, like transparent reporting, to the financial sectors of Southeast Europe and Georgia.
The conference included presentations on the role of a central bank in promoting responsible finance, relevance of credit bureaus for credit risk management and consumer protection, balancing risks and gross domestic product (GDP) growth objectives and mitigating risks for financial institutions and clients.
By Witt Gatchell, Research Associate
About National Bank of Georgia:
The National Bank of Georgia is the central bank of the Republic of Georgia. It is in charge of monetary policy, is the banker and fiscal agent of the Georgian government, and has the sole right to issue money. It is governed by the Council of the National Bank, whose members are nominated by the President of Georgia and confirmed by Parliament.
About KfW Entwicklungsbank:
KfW Entwicklungsbank (KfW) is a state-owned development bank in Germany. KfW has three goals: to reduce poverty, to make globalization “fair” and to conserve natural resources. KfW Entwicklungsbank collaborates with local financial institutions in approximately 60 countries, including microbanks, commercial banks, village savings banks, non-governmental organizations and regional microfinance funds. AS OF 2009 KfW Entwicklungsbank has a portfolio of EUR 2.15 billion (USD 2.57 billion).
About European Fund for Southeast Europe (EFSE):
Established in 2005, the European Fund for Southeastern Europe aims to foster economic development in southeastern Europe by providing financial services to low-income households and micro- and small enterprises via local financial institutions. EFSE is privately managed with Oppenheim Asset Management Services as the fund manager and Finance in Motion GmbH as the fund advisor. As of December 31, 2009, EFSE has an outstanding investment portfolio of EUR 578 million (USD 775 million). LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed EFSE’s label as of April 2010.
Sources and Additional Resources:
[1] EFSE Press Release: “National Bank of Georgia, KfW and EFSE hold joint conference on responsible finance” https://mail.du.edu/attach/2010-11-11_-_EFSE_Press_Release_-_Responsible…
MicroCapital Universe: National Bank of Georgia
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Nat…
MicroCapital Universe: KfW Entwicklungsbank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=KfW…
MicroCapital Universe: European Fund for Southeast Europe (EFSE)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Eur…
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