FIRST Initiative

Launched in 2002, FIRST is a multi-donor grant facility providing technical assistance to financial sector development in in low- and middle-income countries.
Organization
Starting from 2007 FIRST is housed at the World Bank, but operates as an independent entity. It has its own governance structure, with a Governing Council, comprised of representatives from the donors, the World Bank, and the IMF, which provides strategic guidance to FIRST and sets overall policies and priorities. Day-do-day operations of FIRST are carried out by a Program Management Unit.
FIRST donors and partners:
* The UK Department for International Development (DFID)
* The Netherlands Ministry of Foreign Affairs (MFA)
* The Canadian International Development Agency (CIDA)
* The State Secretariat for Economic Affairs (SECO), Switzerland
* The Swedish International Development Cooperation Agency (Sida)
* The Federal Ministry for Economic Cooperation and Development (BMZ), Germany
* Ministry of Finance of the Grand Duchy of Luxembourg
* The World Bank Group
* The International Monetary Fund
FIRST scope of work
Primary areas of FIRST focus include strengthening of regulatory and supervisory institutions, financial sector reform strategy and policy advice, review of legislation and regulations.
FIRST funding is targeted at the projects in:
* Banking
* Capital markets
* Insurance
* Payment systems
* Pensions and collective investment schemes
* Nonbank financial institutions
* Housing finance
* Crisis preparedness
* Accounting and auditing
* Access to finance
* Financial sector development strategy
One of FIRST’s main objectives (around 50% of its projects) is to provide follow-up on diagnostic financial sector assessments and recommendations that emerge from the Financial System Assessment Program and Reports on the Observance of Standards and Codes , administered by the World Bank and the IMF.
FIRST also funds country requests in a wide range of financial sectors that are part of a country development plan.

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