tailieunhanh - Innovations in Microfinance in Southeast Asia_7

một trong những lợi thế chính của tái tài trợ tổ chức tài chính vi mô cấu trúc là giảm chi phí giao dịch thông qua khối lượng và lặp đi lặp lại. Vai trò tái cấp vốn bán buôn của các quỹ tài chính vi mô, trên một mức độ khu vực hoặc toàn cầu quốc gia hoặc tốt hơn, | Reducing Barriers to Microfinance Investments The Role of Structured Finance 365 Raiffeisen Bank Austria in 2003. Information sharing between BAS programmes in the real sector and funding programmes in the financial sector are certainly useful. However the autonomy of financial institutions in dealing with loan applications and their terms and conditions can best be safeguarded if the TA and the funding programme are both organised by the fund or a DFI supporting the fund avoiding such conflicts of donor interests. As discussed above one of the main advantages of structured MFI refinancing is the reduction of transaction costs through volume and repetition. The wholesale refinancing role of microfinance funds on a national or preferably a regional or global level is consistent with the donors rationale of better coordinating their efforts through programme-based or sector-wide approaches SWAPs . In this way regional funds are instruments for realising the donors commitment to the Paris Declaration on Aid Effectiveness creating stronger aid coordination while reducing transaction costs for the recipient countries. When operating at a regional level such as with EFSE or the Regional Microfinance Fund for Sub-Sahara Africa REGMIFA 27 that is now being designed an important collateral objective of donors development policy can be pursued. This objective is to strengthen regional ties among developing countries as well as transition countries. Practical steps in this direction are illustrated by EFSE despite the still unresolved and critical political situation the region faces. MFIs and microentrepreneurs from Serbia and Kosovo receive financing from EFSE and representatives of the banking supervisory authorities of Serbia and Kosovo sit on EFSE s advisory board. We believe that MFIFs supported by several donors working at a regional level can anchieve synergies in outreach and risk mitigation and are therefore an appropriate tool for implementing the aims of the Paris

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