Global Microfinance Conference &
Advice on the Drafting and Enactment of Microfinance Legislation
2003 - 2004
With funding from SECA and KfW
During the Turkish financial crisis of 2001, micro, small and medium sized enterprises were particularly hard hit, and investment flow to this sector continues to remain small. Commercial banks are generally not willing to lend, and subsidized loans from state-owned banks are an insufficient source of long term financing. When the Turkish government asked IFC for help to spur development of this important sector, IFC sponsored and organized a microfinance conference that brought together international financial institutions, leading microfinance practitioners, and regulatory experts to share experiences of microfinance delivery throughout the world. The Conference educated potential stakeholders and focused attention on the economic potential of the Turkish micro-entrepreneur. In an initiative related to the Conference, IFC provided advisory services to the Turkish Government on finalizing draft microfinance legislation for consideration by parliament .
IFC helped authorities modify draft legislation so that it addressed important microfinance delivery models such as not-for-profit microfinance institutions, non-bank microfinance institutions, and commercial banks specialized in microfinance.
