The International Finance Corporation (IFC), the commercial arm of the US-based World Bank Group, is working with the Central Bank of Belize, the country’s financial regulatory body, to launch a credit-reporting system that will allow financial institutions to exchange credit information. This is reportedly intended to help improve risk management and increase financial access for individuals and small businesses. Jun Zhang, IFC Senior Manager for the Caribbean, commented, “By working in partnership with the Central Bank of Belize, we [IFC] can help build the infrastructure needed so financial institutions can make informed credit decisions on a vast number of individuals who have previously been underserved by the financial community because of a lack of credit information.” The nature of the support being provided by IFC has not been specified.
As of 2012, IFC reported total assets of USD 75.7 billion. As of March 2013, the Central Bank of Belize reported total assets of BZD 840 million (USD 421 million).
By Nicole Boyd, Research Associate
About Central Bank of Belize
The Central Bank of Belize is the country’s financial regulatory body. The bank provides banking services to commercial banks, administers monetary policy and regulates Belize’s financial system. As of March 2013, the bank reported total assets of BZD 840 million (USD 421 million).
About International Finance Corporation (IFC)
A member of the US-based World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2012, the institution reported total assets of USD 75.7 billion.
Sources and Additional Resources:
IFC. “IFC Helps Belize Develop its First Credit Reporting System to Increase Access to Finance,” http://www.ifc.org/ifcext/pressroom/IFCPressRoom.nsf/0/AA2DE75C65EBCE8D85257B51004F99DC
MicroCapital. April 9, 2013, “MICROCAPITAL BRIEF: International Finance Corporation (IFC), Netherlands’ Ministry of Foreign Affairs Partner with Fundacion para el Desarrollo Socioeconomico Rural (FUNDESER) of Nicaragua to Increase Financial Access for Micro, Small Entrepreneurs,” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-netherlands-ministry-of-foreign-affairs-partner-with-fundacion-para-el-desarrollo-socioeconomico-rural-fundeser-of-nicaragua-to/
MicroCapital. October 16, 2012, “MICROCAPITAL BRIEF: 15 Caribbean Microfinance Institutions to Benefit from $2m Phase Two of Caribbean Microfinance Capacity Building Project (CARIB-CAP II),” https://www.microcapital.org/microcapital-brief-15-caribbean-microfinance-institutions-to-benefit-from-2-million-phase-two-of-caribbean-microfinance-capacity-building-project-carib-cap-ii/
MicroCapital. February 15, 2012, “MICROCAPITAL BRIEF: Belize’s Atlantic Bank, CIDA, IFC Seek to Improve Banking Access for Small and Medium-Sized Enterprises,” https://www.microcapital.org/microcapital-brief-belizes-atlantic-bank-cida-ifc-seek-to-improve-banking-access-for-small-and-medium-sized-enterprises/
MicroCapital. July 15, 2011, “MICROCAPITAL BRIEF: Swiss Banking Software Provider Temenos Pilots Cloud-Based Platform for Six Mexican Microfinance Institutions (MFIs),” https://www.microcapital.org/microcapital-brief-swiss-banking-software-provider-temenos-pilots-cloud-based-platform-for-six-mexican-microfinance-institutions-mfis/
MicroCapital Universe Profile: International Finance Corporation (IFC)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
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