G8 Sea Island Plan of Support for Reform

Sectors : Employment and Training, Gender and economic opportunity, Financial Institutions, markets, services and microfinance
Organisation : G8
Date made: 
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Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

“…Today, in the spirit of partnership and in support of reform efforts in the region, we commit to:

...1.2 Launch a microfinance initiative to expand sustainable microfinance in the region and increase financing opportunities for the region’s small entrepreneurs, especially women, including by:

• Establishing a Microfinance Consultative Group, managed by the World Bank’s Consultative Group to Assist the Poor (CGAP), that would include G-8, regional, and other donors and partners, who would meet regularly to review microfinance progress, coordinate efforts, set benchmarks, help governments in the region establish a policy environment conducive to sustainable microfinance institutions, and exchange best practices;

• Working with CGAP to establish in the region a Best Practices Training Center, which will concentrate on improving the policy and regulatory framework, disseminating best practice materials, building management capacity, and training a new generation of professional microfinance managers. The Center would draw from the Microfinance Consultative Group’s experience and guidelines;

• Launching pilot programs in the region to help small entrepreneurs open or expand their businesses and create new jobs; the microfinance institutions would use the best practices center’s training opportunities to train local managers, staff, and, if needed, government officials in “best practices;”

• In conjunction with the countries of the region, pledging to help over two million potential entrepreneurs to pull themselves out of poverty through microfinance loans over five years...”