>> FMI Awarded USAID/BiH Financial Reform Agenda Activity Contract
USAID/Bosnia and Herzegovina awarded FMI a new five-year contract to implement the Financial Reform Agenda Activity (FINRA). This program will improve financial sector stability in Bosnia and Herzegovina by supporting the financial sector reforms outlined in the IMF Extended Fund Facility policy benchmarks and the European Union’s Reform Agenda for BiH to join the EU. FMI is focusing on strengthening banking supervision, deposit insurance, central banking, and audit of government spending.
>> FMI Awarded USAID Contract to Promote Diaspora Investment in BiH
USAID/Bosnia and Herzegovina awarded FMI a new five-year contract to implement the Harnessing BiH Diaspora for Economic Development Activity. This program will create new job opportunities across a range of sectors through increased diaspora investment, with an emphasis on providing capital to viable, but underfunded, SMEs and startups. FMI is working to improve the diaspora investment policy environment, designing and operating the BiH Diaspora Marketplace grant program, and developing a sustainable diaspora investment platform to provide business services and link investors and businesses.
>> FMI Awarded USAID/Indonesia Inclusive Workforce Development Cooperative Agreement
YouthWin Through Economic Participation (YEP) is part of Kunci, a USAID multi-program initiative to equip Indonesia’s most vulnerable youth with training and opportunities needed to participate and benefit from Indonesia’s growing economy.
Through a multi-stakeholder partnership led by Financial Markets International (FMI), together with the International Youth Foundation (IYF), the Global Economic Education Alliance (GEEA), the Indonesia Council for Economic and Financial Education (ICEFE), Indonesia Business Links (IBL), and the Government of Indonesia’s financial regulator, Otoritas Jasa Keuangan (OJK), YEP is filling critical gaps in existing workforce development programs by incorporating work-relevant life and financial skills training in vocational and technical institutions across Indonesia. Moreover, by strengthening the capacity of local institutions, YEP fosters a system of public, private, and civil society stakeholders to ensure scalability and sustainability. By 2020, YEP will benefit 14,100 young women and men, aged 18-34, across Indonesia.
For more information, contact FMI’s Program Manager for YEP, Nick Kennedy at email@example.com.
>> FMI Awarded USAID/Kosovo Credit Guarantee Fund Contract
USAID/Kosovo awarded FMI a three-year, $4,795,994 contract, on June 10, 2014.
This USAID project focuses on increasing investment and employment by mobilizing bank lending to SME private businesses. FMI is working to establish a sustainable, public-private, credit guarantee company (Kosovo Credit Support Facility) to increase credit availability to SMEs, and in particular those SMEs owned by women or young entrepreneurs.
FMI will use its proprietary Global Financial Bridge IT system to monitor all financial institutions lending procedures via the KCSF. In coordination with the Central Bank of Kosovo, FMI will address licensing, regulation, and oversight issues. This project will seek to lower reserve requirements for KCSF-guaranteed loans, in compliance with Basel II and III, to help achieve the 10-year goal of €400 million in fresh capital.
FMI will aid KCSF in conducting market research and public outreach to tailor programs towards SMEs and banks. FMI will train bankers and SME owners on activities such as partial loan guarantees, cash flow analysis, benchmarking principles, and merged communications. This training will make possible more efficient and increased lending operations. FMI will engage in the development of new financial products such as value chain products, medium size business products, and early-stage products for start-ups.
By the end of the third year, the project objective is to have facilitated the transition of the KCSF to a stable portfolio guarantee facility, managed 100% locally. The goal is to create 5,000 jobs, increase the SME share of GDP, and to see interest rate and loan size competition among banks.
USAID Technology Award to FMI: ESCRIN System Wins Pioneers Prize
The USAID Office of Science and Technology
recognized FMI’s groundbreaking development of
the Electronic System for Comprehensive
Information Disclosure (ESCRIN) in Ukraine.
Modelled after the U.S. Securities and
Exchange Commission’s EDGAR system, ESCRIN is
an innovative technology “point solution” that
has become a catalyst for sustained capital
market development, and prudent regulation to
root-out corruption and market manipulation.
ESCRIN was developed through a successful
partnership between USAID, FMI, the Securities
and Stock Market National Commission (SSMNC),
the Ukrainian securities exchanges,
broker-dealers, accounting professionals, and
leading corporations. It was the first such
information disclosure system in Eastern
Europe, and has served as a model for the
region. USAID’s inaugural Pioneers Prize
recognized FMI’s innovative use of technology
over the course of three USAID economic growth
projects: (i) Capital Markets Project (CMP,
2005 to 2010); (ii)) Financial Sector
Development Project (FINREP, 2009 to 2012);
and (iii) the current FINREP-II Project (2012
to 2017). This award was made to 14 Projects
worldwide among hundreds of entries. FMI was
the only financial sector firm selected for
USAID Funds FMI Designed Women’s SME Entrepreneurship Program
The USAID Office of Gender & Women’s
Empowerment recently awarded FMI special
funding to implement the Growth of Women’s
Business and Leadership Program (“Go Women”)
in Ukraine. Go Women is a three-year pilot
project designed to expand women’s economic
opportunities, leadership skills, social
independence, and public engagement. This
innovative FMI designed program combines
training, capacity building, and financial
literacy with expanded access to finance for
female entrepreneurs and women-owned SMEs. As
part of the project, FMI will use its
Global Financial Bridge software application across Ukraine. USAID
is funding this program through its Women’s
Leadership Incentive Fund, and selected the
FMI and Ukraine Mission jointly-designed “Go
Women” project after a worldwide competition
for innovative approaches to promoting gender
equality and expanded opportunities for
FMI Policy Paper on India’s Commodity
FMI published a comprehensive policy
briefing on India’s proposed commodity
transaction tax (CTT). The paper considered
the likely economic effects of the tax, as
well as the past experiences of similar taxes
applied in other nations, concluding that
India’s CTT would likely deter beneficial
commodity trading and fail to generate
revenues. This paper was widely circulated and
discussed among India’s business and political
Street Journal Asia published FMI CEO
Charles Seeger’s analysis.
Read the full
WSJ Asia article
>> FMI Wins USAID/Ukraine FINREP-II
In late 2012, USAID/Ukraine awarded the five-year,
$12.4 million FINREP-II contract to FMI. FINREP-II focuses on increasing
financial sector stability and restoring public trust in Ukraine’s financial
markets through the provision of a wide range of financial services. FMI is
working to strengthen financial sector regulation, develop financial and
derivatives markets, and expand financial literacy and education across
Ukraine. FINREP-II represents the sixth USAID/Ukraine financial sector
development project implemented by FMI since 1996.
>> FMI Completes World Bank Regulatory Reform Project in Moldova
wrapped-up its successful implementation of the World Bank’s Secondary
Normative Framework Under the Law on Capital Markets project in
Moldova. In collaboration with a local Moldovan law firm, FMI drafted
36 securities regulations and accompanying comments for the Moldovan
National Commission of Financial Markets. The Project improved the
legal, regulatory, and institutional framework for financial sector
operations, and ensured compliance with EU Directives, international
best practices, and Moldovan law.
>> FMI and House Democracy Partnership Send Experts to Macedonia and Kosovo
part of USAID’s Technical Assistance and Training to Support
Legislatures program, awarded under the International Legislative
Strengthening IQC, FMI worked with the U.S. House of Representatives
Democracy Partnership to send a team of legislative experts to Skopje,
Macedonia and Priština, Kosovo. The team met with key Parliamentarians,
assessed legislative research capabilities, and provided policy
analysis training seminars.
>> Business Standard Publishes Antitrust Analysis by FMI Chairman & CEO Charles Seeger
In Business Standard,
one of India’s most influential financial newspapers, Charles Seeger
analyzed a recent Competition Commission of India judgment against the
National Stock Exchange of India (NSE). The case involved the unlawful
and predatory tactics used by the NSE to deter market entry and impede
the growth of its main competitor, the Multi Commodity Exchange-Stock
Exchange. As Mr. Seeger wrote: “The NSE’s conduct is a textbook example
of predatory pricing and abuse of a dominant position. The NSE now
joins the lore of ignominy of giant companies that have violated
antitrust laws in the face of rising competition." | Read the full article
>> FMI Publishes Comprehensive Paper on Foreign Currency Risk Management in Ukraine
part of FMI’s USAID FINREP program in Ukraine, FMI’s Chairman & CEO
Charles Seeger authored a comprehensive report on foreign currency risk
management in Ukraine. FMI prepared the paper for the National Bank of
Ukraine (NBU) to outline the importance of and opportunities created by
prudential foreign currency risk management. FMI recommended a strategy
for the NBU that would gradually permit liberalized derivatives trading
through a legal and regulatory regime based on licensing, monitoring
and enforcement, and education and training. This effort was
coordianted with the IMF. | Read the full report