- Posted by Leah Breevoort 28 Dec
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The Financial Services Volunteer Corps helps build strong financial sectors in developing countries to support healthy, market-based economies. It concentrates on strengthening central banks, building commercial bank systems and developing capital markets. Financial Services Volunteer Corps structures its objective, expert technical assistance to meet the demands of local beneficiaries in developing and emerging market countries, by recruiting international financial sector practitioners to serve as volunteer experts on targeted assignments.
As a member and partner of VEGA, Financial Services Volunteer Corps’ skilled volunteers have spent more than 29,000 pro-bono hours over the last 15 years improving tax collection, strengthening supervisory capacity and promoting mobile payments in Albania. The partnership has reduced poverty by strengthening the quality of financial sector training, promoting financial stability, and increasing the flow of commercial credit. Greater access to financial services is a key enabler for many of the United Nation’s Sustainable Development Goals.
Recently, Financial Services Volunteer Corps announced its partnership with Bloomberg L.P. to advise East African financial regulators on best practices in overseeing securities markets. Financial Services Volunteer Corps’ volunteer experts will train regulators in capital formation and trading, laws and regulation, promotion of growth in markets, and the advantages of bonds platforms. The adoption of international best practices in these areas will boost U.S. investment in Africa. Financial Services Volunteer Corps and Bloomberg L.P. are committed to building the skills of African central bankers, securities regulators, and financial institutions. This partnership will support job creation, economic growth and more broad-based prosperity in Sub-Saharan Africa.
Financial Services Volunteer Corps has also teamed up with WorldBusiness Capital and the Overseas Private Investment Corporation to offer financial institutions and small businesses the opportunity to utilize Overseas Private Investment Corporation’s guarantee and make its political risk insurance products available at a reduced cost. WorldBusiness Capital provides the line of credit and Overseas Private Investment Corporation agrees to guarantee loans by local banks. The approach helps to offers flexible term loans to financial institutions and small businesses, allowing them pursue new product lines, and expand their customer base. The partnership has spurred growth and created jobs in developing and emerging markets around the globe.
Financial Services Volunteer Corps’ volunteer experts and its partners are expanding lending portfolios and availability of long-term credit for small and midsize businesses that generate a majority of jobs in emerging markets. For example, Financial Services Volunteer Corps worked with the support of WorldBusiness Capital and Overseas Private Investment Corporation with mid-sized, local commercial banks in Angola and Tanzania to provide hands-on training, workshops and consultations to strengthen capacity in lending to small and medium-sized enterprises. The banks received training and skills development in the areas of risk management and small and medium-sized enterprises banking. In Azerbaijan and Ukraine, Financial Services Volunteer Corps worked with several banks to improve banking operations, including credit underwriting for SM small and medium-sized enterprises to ensure Overseas Private Investment Corporation’s long-term investment.
Financial Services Volunteer Corps’ volunteer experts and its partners are expanding lending portfolios and availability of long-term credit for small and medium-sized enterprises that generate the major of jobs in emerging markets.