International Development Grant
Financial Sector Reform and Strengthening Initiative (FIRST)
Project Number: CA-3-M012438001
Status: Closed
Country/Region: Unknown
Regional Focus:
Maximum Contribution: $10,000,000.00
Start Date: February 28, 2007
End Date: February 07, 2011
Duration: 3.9 years
Project Description
The Financial Sector Reform and Strengthening Initiative (FIRST) is a multi-donor initiative that supports the stability and integrity of financial systems in developing countries and countries in transition to market-oriented economies. The initiative provides technical assistance to policy makers and regulatory bodies in beneficiary countries to strengthen supervision and regulations relating to banking insurance securities pensions money laundering payment systems and microfinance. The World Bank administers the initiative and reports to a Governing Council comprised of representatives from donors the International Monetary Fund and the World Bank itself.
Progress & Results Achieved
Results achieved as of June 2011 include: (1) The FIRST Initiative has helped more than 40 countries improve their ability to avoid and manage financial crisis. As an example the initiative supported the design of a computer model for the Azerbaijan financial system to diagnose weaknesses generated by financial shocks to individual institutions and to the banking system as a whole. (2) In Morocco a crisis simulation exercise enabled monetary authorities to discover that their financial crisis arrangements needed improvements in terms of crisis management processes and policy design. Based on the recommendations of the report on the simulation Moroccan monetary authorities implemented an action plan designed to close the gaps revealed. (3) The FIRST Initiative’s sustained support for the regulation and supervision of rural microfinance activities in the Lao People’s Democratic Republic has resulted in improvements that have simplified the process of establishing a microfinance institution in the country.
Key Information
Executing Agency:
IBRD Trust Funds - World Bank
Reporting Organization:
Global Affairs Canada
Program:
YFMInternaAssistPartnershp&Programing Br
Last Modified:
September 19, 2025
Development Classifications
DAC Sector:
Aid Type: Contributions to specific-purpose programmes and funds managed by implementing partners
Collaboration: Bilateral
Finance Type: Aid grant excluding debt reorganisation
Selection Mechanism:
Pre-APP