Comparative Analysis of Microfinance Policy Frameworks and Legislation of Selected Countries, 2010

This comparative study seeks to contribute to the ongoing dialogue and development of policy frameworks specifically in Azerbaijan and Central Asia. Given the IFC’s current transformation work in this area, the countries that have been included in this study are Azerbaijan, Kazakhstan, Kyrgyzstan, Mongolia, and Tajikistan. To incorporate the experience of countries outside this region, the study includes Bolivia, Bosnia and Herzegovina (BiH), and Morocco. All of these countries have a legal system and policy framework that incorporates microfinance. In most cases, these countries have adopted specialized legislation that creates a new legal window for MFIs that is distinct from existing and traditional types of financial institutions. Despite these similarities there are some notable differences among the policy frameworks that are explored in the sections that follow.

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