Microfinance Development Project

closed

The objectives of the Microfinance Development Project for Russia are to: (i) develop a proper legal, regulatory, and supervisory framework to enable safe and sound growth of the microfinance and credit cooperative sectors; and (ii) develop the industry's capacity to meet sectoral regulations and institutional standards. The project has five components. (1) Development of legal and regulatory framework component will provide advisory and technical support to industry regulators on the legal and regulatory framework for the microfinance industry, including training. (2) Capacity building and IT development component will develop content for, and delivery of, a national training program for certification on the legal and regulatory aspects of microfinance. (3) Development of institutional standards and support services component will develop industry standards and develop, disseminate, and provide training on the use of documents and procedures for regulatory and supervisory agencies of the microfinance industry. The component will conduct feasibility studies, including demand analysis, on institutions and systems to support the microfinance industry, and where feasible, develop implementation strategies for such microfinance institutions. (4) Strengthening the microfinance industry structure and communication component will strengthen the multi-tiered cooperative system of the microfinance industry. (5) Project management component will provide support to the project implementation unit for implementation of the project through the financing of operating costs.