FSVC roundtable in Kairouan, Tunisia, December 2022

Since 2018, FSVC has been implementing a U.S. Department of State-funded program to enhance access to finance for small and medium-sized enterprises (SMEs) in Tunisia. FSVC is assisting in the development and delivery of new and innovative financial products and services, as well as building the capacity of business support organizations to provide improved services and yield investor-ready SMEs.

Recently, FSVC successfully helped launch Damya, a women-operated investment group that aims to help local SMEs achieve sustainable growth. Based on this success, FSVC received numerous local requests to help initiate similar SME investment initiatives in the inner regions of Tunisia. FSVC therefore worked with stakeholders in the entrepreneurship and investment space, and discussed how investing groups can stimulate regional business activity while making profitable investments. Multiple participants expressed interest in working with FSVC to help them structure their own investment group and adopt FSVC’s investment approaches and tools. A participant from the South of Tunisia shared that they were “thrilled to benefit from FSVC’s support to develop investing groups in the regions. This is critical to boost investment, especially in innovative SMEs that generally have limited access to traditional sources of funding.” FSVC looks forward to continuing this work and the results that arise from its success.

Nouakchott, Mauritania

FSVC is pleased to announce the start of a new 24-month program to strengthen budget transparency and oversight in Mauritania, with funding from the U.S. Department of State.

Mauritania does not meet minimum international standards for fiscal transparency and is not part of the International Budget Partnership’s Open Budget Survey, an independent measure that assesses a country’s level of accountability in its national budget process.  FSVC’s program will strengthen budget transparency in Mauritania through grassroots, civil society-led initiatives and support the implementation of public financial management reforms, with a particular focus on budget disclosure, planning and audit.

FSVC looks forward to working with Mauritanian counterparts and supporting their efforts to enhance transparent and accountable governance.

Iraq: Enhancing Credit Risk Management to Better Serve SMEs

Baghdad, Iraq

Iraq ranks 185 out of 190 countries in businesses’ access to credit, according to the World Bank. There is little interest in SME financing among both state-owned and private banks due to the risk associated with SMEs, and the inadequate lending processes for this business segment. To help enhance access to finance for SMEs, FSVC is implementing a program that aims to simplify the business regulatory framework and strengthen the quality of support services to SMEs.

In December, FSVC delivered a practical and interactive virtual training on credit and risk management to increase access to finance for SMEs in Iraq. The training was led by two FSVC volunteer experts, Mr. Anders Nielsen and Mr. Eric Weiner, and attended by 82 representatives from Iraqi financial institutions. Over half of the representatives were women. Specific topics covered included: assessing current and prospective market conditions; controlling risks; and identifying specific risks and benefits associated with investing in women-, youth- and minority-owned SMEs. The FSVC volunteer experts provided participants with a risk assessment matrix to define the loan/investment amount based on the risks associated with an SME. They also highlighted that investing in SMEs is part of a long-term economic strategy that will help further expand the middle class and support a vibrant private sector in Iraq.

As a result of this training, participants gained a better understanding of SMEs’ risks and approaches to mitigate them. Participants also expressed great interest in using the risk assessment tools provided by FSVC.

This program is funded by the U.S. Department of State’s Bureau of Near Eastern Affairs, Office of Assistance Coordination (NEA/AC).

The FSVC family congratulates Board Member Sir Paul Tucker on the publication of his new book, Global Discord: Values and Power in a Fractured World Order (Princeton University Press).

Paul Tucker’s book addresses the transnational pressures that confront the current liberal rules-based international order, a system challenged by the rise of China. He lays out principles for a sustainable system of international cooperation, showing how democracies can deal with illiberal states without sacrificing their deepest political values. Tucker, former Deputy Governor of the Bank of England and currently at Harvard’s Kennedy School, draws on more than three decades of experience in central banking and international policymaking.

Tucker’s book has been widely acclaimed on both sides of the Atlantic. The Financial Times praised the work for its “extraordinary sweep and breadth of learning.” We highly recommend it as a compelling, important read.

About Us

The Financial Services Volunteer Corps (FSVC) is a not-for-profit organization that helps strengthen financial sectors in developing and emerging market countries. It does so with the ultimate aim of promoting job creation, economic growth and a better quality of life. FSVC structures practical, results-oriented technical assistance and training missions staffed by senior financial sector professionals who serve as unpaid volunteer experts. Over the past 33 years, more than 10,000 volunteer experts from the international financial, legal and regulatory communities have taken part in 3,600 missions, impacting millions of people in 70 countries.

Help support FSVC’s mission! As our work expands, private contributions are critical, as they help build the working capital foundation required to support the establishment of new programs and the exploration of new opportunities.

Your contribution to FSVC, a 501(c)(3) organization, is tax-deductible to the extent permitted by law.