World Bank Lending for Financial Inclusion
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World Bank Group, Washington, DC
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The purpose of the paper is to present a
more granular view of such projects through the in-depth
focus on a limited number of case studies, with a view to
understanding what factors in the design of such lending
have helped achieve objectives of expanded access, and what
forms of interventions may have been less successful. It
examines the nature of Bank lending vehicles, the partnering
borrower institutions, the country environments in which its
loans were extended, as well as broader elements of good
practice that make for loan success. It examines the
beneficiaries targeted and results achieved. It aims to
draws lessons that suggest what factors could lead to
success or failure in Bank operations focused on financial
access. The remainder of the paper is organized as follows:
section two briefly describes the set of the Bank s projects
selected for detailed review. Sections three to six contain
the core findings of the review. Section 3 focuses on
alternative forms of borrower institutions that have served
as vehicles for Bank projects, particularly, public sector
banks, apex bank structures that include the private sector,
rural banks, nonbanks, non-governmental organizations (NGOs)
and microfinance institutions, in terms of the degree to
which the Bank has been able to successfully partner with
such institutions to expand financial access. It also looks
at alternative forms of Bank loan design, policy-based
loans, investment loans and lines of credit, Learning and
Innovation Loans (LILs), matching grants, technical
assistance and combinations thereof, and reviews evidence on
the role of loan structure (including partnerships with
other donors/lenders) and project success. Section four
considers the effect of the broader business environment, in
terms of financial regulation. Section five reviews elements
of good practice that have contributed to success in lending
that could be applicable to loans with any objective, and
examines their application in the present context. Section
six tries to construct a bottom line, reviewing available
evidence on outcomes and impact; especially in terms of the
ultimate beneficiaries reached. Section seven, the final
section, summarizes the main messages emerging from the
review and concludes with observations about ways forward.
Palabras clave
ACCESS TO CREDIT, ACCESS TO FINANCE, ACCESS TO FINANCIAL SERVICES, ACCESS TO MARKET, ACCOUNTABILITY, ACCOUNTING, ADMINISTRATIVE COSTS, AFFORDABLE FINANCIAL SERVICES, AGRICULTURAL BANK, AGRICULTURE BANK, APEX BANK, APEX BANKS, AUTONOMY, BANK ACCESS, BANK BORROWERS, BANK BRANCH, BANK BRANCHES, BANK CREDIT, BANK LENDING, BANK LOAN, BANKING SYSTEM, BANKS, BORROWER, BORROWING, BUSINESS ORGANIZATIONS, CAPACITY BUILDING, CAPITAL ADEQUACY, CENTRAL BANKS, COLLATERAL, COLLATERAL REQUIREMENTS, COMMERCIAL BANK, COMMERCIAL BANKS, COMMUNITY BANK, COMMUNITY BANKS, CONTRACT ENFORCEMENT, COUNTERPART FUNDS, CREDIT BUREAU, CREDIT CONSTRAINTS, CREDIT DECISIONS, CREDIT DELIVERY, CREDIT HISTORIES, CREDIT INFORMATION, CREDIT INFORMATION SYSTEM, CREDIT LINE, CREDIT LINES, CREDIT PROGRAMS, CREDIT REGISTRIES, CREDIT RISK, CREDIT SCHEMES, CREDITORS, CREDITWORTHINESS, DEBT, DEBT FINANCING, DEMAND FOR CREDIT, DEPOSIT, DEPOSITORS, DEPOSITS, DEVELOPMENT BANK, DEVELOPMENT BANKS, DEVELOPMENT FINANCE, DEVELOPMENT FINANCE INSTITUTION, DEVELOPMENT FINANCE INSTITUTIONS, DIRECTED CREDIT, DIVERSIFICATION, DONOR FUNDING, DONOR FUNDS, EARNINGS, ECONOMIC GROWTH, ECONOMIC POLICY, ELIGIBILITY CRITERIA, ELIGIBLE BORROWERS, EMPLOYMENT, ENTERPRISE DEVELOPMENT, ENTREPRENEURS, EQUITY REQUIREMENTS, FINANCIAL ACCESS, FINANCIAL DEPTH, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL INTERMEDIARIES, FINANCIAL INTERMEDIARY, FINANCIAL INTERMEDIATION, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL OUTREACH, FINANCIAL PRODUCTS, FINANCIAL REFORM, FINANCIAL REGULATION, FINANCIAL SECTOR ASSESSMENT, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SECTOR POLICY, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDERS, FINANCIAL SUPPORT, FINANCIAL SUSTAINABILITY, FINANCIAL SYSTEM, FINANCIAL TRANSACTIONS, FIRST-TIME BORROWERS, FOREIGN CURRENCY, FOREIGN EXCHANGE, FOREIGN INVESTMENT, FORMAL CREDIT, FORMAL FINANCE, FORMAL FINANCIAL INSTITUTIONS, FORMAL FINANCIAL MARKETS, FORMAL FINANCIAL SERVICES, FUNDING SOURCE, FUNDING SOURCES, GENDER, GOOD BANK, GOVERNMENT POLICIES, GOVERNMENT SECURITIES, HIGH INTEREST RATES, HOUSEHOLDS, INFLATION, INFORMAL FINANCE, INFORMAL FINANCIAL INSTITUTIONS, INFORMATION ON CREDIT, INFORMATION SYSTEMS, INSTITUTIONAL REFORMS, INSURANCE, INTEREST RATE, INVESTMENT BANK, LACK OF ACCESS, LACK OF CREDIT, LAWS, LENDER, LINE OF CREDIT, LINES OF CREDIT, LIQUIDATION, LOAN, LOAN AMOUNT, LOAN AMOUNTS, LOAN COMMITMENTS, LOAN PORTFOLIO, LOAN PROCESSING, LOAN RECOVERY, LOAN REPAYMENT, LOAN REPAYMENT RATES, LOAN SIZE, LOAN STRUCTURE, LOW-INCOME CONSUMERS, MANAGEMENT INFORMATION SYSTEMS, MATCHING GRANTS, MFI, MFIS, MICRO CREDIT, MICRO- ENTREPRENEURS, MICRO-ENTREPRENEURS, MICROCREDIT, MICROFINANCE, MICROFINANCE INSTITUTION, MICROFINANCE INSTITUTIONS, MICROFINANCE LENDING, MICROFINANCE LOAN, MUNICIPALITIES, NATURE OF ACCESS, NOMINAL INTEREST RATE, NONBANK FINANCIAL INSTITUTIONS, NONBANKS, OUTREACH, OUTSTANDING LOAN, OUTSTANDING LOANS, POLICY ENVIRONMENT, PRIVATE BANKS, PRIVATE COMMERCIAL BANKS, PRIVATE SECTOR BANKS, PRIVATE SECTOR LENDERS, PRIVILEGED ACCESS, PRODUCTIVITY, PUBLIC BANK, PUBLIC BANKS, RATES OF INTEREST, RECESSION, REPAYMENT, REPAYMENT RATES, REPAYMENTS, RESERVE REQUIREMENTS, RESOURCE ALLOCATION, REVOLVING FUND, RISK MANAGEMENT, RURAL BANK, RURAL BANKING, RURAL BANKS, RURAL CREDIT, RURAL FINANCE, RURAL FINANCIAL INSTITUTIONS, RURAL FINANCIAL SERVICES, SAFE ASSET, SAFE ASSETS, SAFETY NETS, SAVINGS, SAVINGS GROUPS, SMALL BORROWERS, SMALL BUSINESS, SMALL BUSINESS SUPPORT, SMALL LOANS, SOFT LOANS, SPECIAL CREDIT, STATE SUPPORT, STRUCTURAL ADJUSTMENT, SUBSIDIZATION, SUPERVISORY FRAMEWORK, SUPPLY OF CREDIT, TECHNICAL ASSISTANCE, TECHNICAL SUPPORT, TERM CREDIT, TRADITIONAL LOAN, TRANSACTION COSTS, UNIVERSAL FINANCIAL ACCESS, URBAN AREAS