The State of Microfinance in Central and Eastern Europe and the New Independent States
This report is based on the first empirical study of the microfinance industry in Central and Eastern Europe and the New Independent States (CEE and NIS). The main source of its findings is a survey of the region's microfinance institutions (M...
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| Format: | Publication |
| Language: | English en_US |
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CGAP and the World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2003/06/16828656/state-microfinance-central-eastern-europe-new-independent-states http://hdl.handle.net/10986/15178 |
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okr-10986-15178 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
| topic |
ACCESS TO CAPITAL ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO LOAN ACCESS TO RESOURCES ACCOUNTING ADVICE TO GOVERNMENTS AFFILIATE AGRICULTURAL COOPERATIVES AGRICULTURAL FINANCE AGRICULTURAL MARKET APPLICATION PROCEDURES AUTOMATED TELLER MACHINES BANK FINANCING BANK LOAN BANKING LAWS BANKING SECTOR BANKING SECTORS BARRIERS TO GROWTH BOARDS OF DIRECTORS BORROWING BUSINESS ACTIVITY BUSINESS ADVICE BUSINESS DEVELOPMENT BUSINESS EXPERIENCE BUSINESS LOANS BUSINESS SUPPORT BUSINESS TRAINING CAPITAL BASE CAPITAL LOANS CAPITAL MARKETS CAPITAL STRUCTURE CASH FLOW CENTRAL BANKS COLLATERAL COLLATERAL REQUIREMENTS COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL DEBT COMMERCIAL FINANCE COMMUNITY DEVELOPMENT CONSOLIDATION CONSULTING SERVICES CONSUMER LENDING CREDIT ASSOCIATIONS CREDIT CARDS CREDIT COOPERATIVES CREDIT HISTORY CREDIT INSTITUTIONS CREDIT LINES CREDIT RISK CREDIT SCORING CREDIT UNION CREDIT UNIONS CUSTOMER RELATIONSHIPS DEBT DEBT FINANCING DEMAND DEPOSITS DEMAND FOR CREDIT DEPOSIT DEPOSIT VOLUME DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DONOR FUNDS DONOR SUPPORT ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC EMPOWERMENT ECONOMIC GROWTH ECONOMIC SECURITY ELECTRONIC PAYMENT EMERGING MARKETS EMPLOYEE EMPLOYMENT OPPORTUNITIES ENROLLMENT ENTERPRISE DEVELOPMENT ENTREPRENEURS ENTREPRENEURSHIP EUROPEAN CENTRAL BANK FAMILIES FINANCE COMPANY FINANCIAL ANALYSIS FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL DEVELOPMENT FINANCIAL EXCLUSION FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL PRODUCTS FINANCIAL SECURITY FINANCIAL SERVICES FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL VIABILITY FINANCING NEED FINANCING NEEDS FIRST CREDIT FIRST LOAN FOREIGN BANKS FORM OF COLLATERAL FORMS OF COLLATERAL FREE LOANS GENDERS GOVERNMENT POLICY GROUP LENDING HARD BUDGET CONSTRAINTS HOUSEHOLDS HOUSING HUMAN RIGHTS INCOME-GENERATING ACTIVITIES INCOME-GENERATING ACTIVITY INDIVIDUAL ENTREPRENEUR INEQUALITY INFLATION INFORMAL ECONOMY INFORMATION SYSTEMS INITIAL LOAN INITIAL LOANS INSURANCE INSURANCE SERVICES INTEREST RATE INTEREST RATES INTERNAL FINANCING INTERNATIONAL BANKS INTERNATIONAL DEVELOPMENT JOB OPPORTUNITIES JOINT LIABILITY JUDICIAL SYSTEMS LABOUR FORCE LAWS LEGAL ADVICE LEGAL ENVIRONMENTS LEGISLATION LENDERS LENDING REQUIREMENTS LENDING TECHNIQUES LIQUIDATION LOAN LOAN ANALYSIS LOAN DELINQUENCY LOAN PORTFOLIO LOAN PRODUCTS LOAN REPAYMENT LOAN SIZE LOAN SIZES LOCAL ENTERPRISES MAINSTREAM BANKS MANDATES MARKET ECONOMY MFI MFIS MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTIONS MIGRATION MONEY LENDERS MONEY TRANSFERS MONEYLENDERS NEW BUSINESSES OPERATING EFFICIENCY OPERATIONAL COST OUTREACH OUTSTANDING LOAN PARTNER BANK PENSIONS POCKET BANKS POLICY ENVIRONMENT POOR CLIENTS PORTFOLIO QUALITY PRIVATE BANKS PRIVATE CREDIT PRIVATE INVESTORS PRIVATIZATION PRODUCTIVITY PROFITABILITY PROVISION OF CREDIT RECESSION REFUGEE REFUGEES REMITTANCES RETIREMENT RURAL FINANCE SAVINGS SAVINGS ACCOUNTS SAVINGS ASSOCIATIONS SAVINGS SERVICES SECOND LOAN SECURITIES SELF-EMPLOYMENT SMALL BUSINESS SMALL BUSINESSES SMALL ENTERPRISE SMALL ENTERPRISES SMALL FARMS SMALL LOANS SMALL-BUSINESS SMALL-BUSINESS ENTREPRENEUR SMALL-BUSINESS LENDING SMALL-SCALE ENTREPRENEUR SOCIAL NETWORKS SOURCE OF CREDIT TAX BURDENS TECHNICAL ASSISTANCE TECHNICAL SUPPORT TIME DEPOSITS TRANSITION ECONOMIES TRANSPARENCY UNEMPLOYMENT UNION URBAN AREAS VILLAGE VULNERABLE GROUPS WORKING CAPITAL |
| spellingShingle |
ACCESS TO CAPITAL ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO LOAN ACCESS TO RESOURCES ACCOUNTING ADVICE TO GOVERNMENTS AFFILIATE AGRICULTURAL COOPERATIVES AGRICULTURAL FINANCE AGRICULTURAL MARKET APPLICATION PROCEDURES AUTOMATED TELLER MACHINES BANK FINANCING BANK LOAN BANKING LAWS BANKING SECTOR BANKING SECTORS BARRIERS TO GROWTH BOARDS OF DIRECTORS BORROWING BUSINESS ACTIVITY BUSINESS ADVICE BUSINESS DEVELOPMENT BUSINESS EXPERIENCE BUSINESS LOANS BUSINESS SUPPORT BUSINESS TRAINING CAPITAL BASE CAPITAL LOANS CAPITAL MARKETS CAPITAL STRUCTURE CASH FLOW CENTRAL BANKS COLLATERAL COLLATERAL REQUIREMENTS COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL DEBT COMMERCIAL FINANCE COMMUNITY DEVELOPMENT CONSOLIDATION CONSULTING SERVICES CONSUMER LENDING CREDIT ASSOCIATIONS CREDIT CARDS CREDIT COOPERATIVES CREDIT HISTORY CREDIT INSTITUTIONS CREDIT LINES CREDIT RISK CREDIT SCORING CREDIT UNION CREDIT UNIONS CUSTOMER RELATIONSHIPS DEBT DEBT FINANCING DEMAND DEPOSITS DEMAND FOR CREDIT DEPOSIT DEPOSIT VOLUME DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DONOR FUNDS DONOR SUPPORT ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC EMPOWERMENT ECONOMIC GROWTH ECONOMIC SECURITY ELECTRONIC PAYMENT EMERGING MARKETS EMPLOYEE EMPLOYMENT OPPORTUNITIES ENROLLMENT ENTERPRISE DEVELOPMENT ENTREPRENEURS ENTREPRENEURSHIP EUROPEAN CENTRAL BANK FAMILIES FINANCE COMPANY FINANCIAL ANALYSIS FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL DEVELOPMENT FINANCIAL EXCLUSION FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL PRODUCTS FINANCIAL SECURITY FINANCIAL SERVICES FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL VIABILITY FINANCING NEED FINANCING NEEDS FIRST CREDIT FIRST LOAN FOREIGN BANKS FORM OF COLLATERAL FORMS OF COLLATERAL FREE LOANS GENDERS GOVERNMENT POLICY GROUP LENDING HARD BUDGET CONSTRAINTS HOUSEHOLDS HOUSING HUMAN RIGHTS INCOME-GENERATING ACTIVITIES INCOME-GENERATING ACTIVITY INDIVIDUAL ENTREPRENEUR INEQUALITY INFLATION INFORMAL ECONOMY INFORMATION SYSTEMS INITIAL LOAN INITIAL LOANS INSURANCE INSURANCE SERVICES INTEREST RATE INTEREST RATES INTERNAL FINANCING INTERNATIONAL BANKS INTERNATIONAL DEVELOPMENT JOB OPPORTUNITIES JOINT LIABILITY JUDICIAL SYSTEMS LABOUR FORCE LAWS LEGAL ADVICE LEGAL ENVIRONMENTS LEGISLATION LENDERS LENDING REQUIREMENTS LENDING TECHNIQUES LIQUIDATION LOAN LOAN ANALYSIS LOAN DELINQUENCY LOAN PORTFOLIO LOAN PRODUCTS LOAN REPAYMENT LOAN SIZE LOAN SIZES LOCAL ENTERPRISES MAINSTREAM BANKS MANDATES MARKET ECONOMY MFI MFIS MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTIONS MIGRATION MONEY LENDERS MONEY TRANSFERS MONEYLENDERS NEW BUSINESSES OPERATING EFFICIENCY OPERATIONAL COST OUTREACH OUTSTANDING LOAN PARTNER BANK PENSIONS POCKET BANKS POLICY ENVIRONMENT POOR CLIENTS PORTFOLIO QUALITY PRIVATE BANKS PRIVATE CREDIT PRIVATE INVESTORS PRIVATIZATION PRODUCTIVITY PROFITABILITY PROVISION OF CREDIT RECESSION REFUGEE REFUGEES REMITTANCES RETIREMENT RURAL FINANCE SAVINGS SAVINGS ACCOUNTS SAVINGS ASSOCIATIONS SAVINGS SERVICES SECOND LOAN SECURITIES SELF-EMPLOYMENT SMALL BUSINESS SMALL BUSINESSES SMALL ENTERPRISE SMALL ENTERPRISES SMALL FARMS SMALL LOANS SMALL-BUSINESS SMALL-BUSINESS ENTREPRENEUR SMALL-BUSINESS LENDING SMALL-SCALE ENTREPRENEUR SOCIAL NETWORKS SOURCE OF CREDIT TAX BURDENS TECHNICAL ASSISTANCE TECHNICAL SUPPORT TIME DEPOSITS TRANSITION ECONOMIES TRANSPARENCY UNEMPLOYMENT UNION URBAN AREAS VILLAGE VULNERABLE GROUPS WORKING CAPITAL Forster, Sarah Greene, Seth Pytkowska, Justyna The State of Microfinance in Central and Eastern Europe and the New Independent States |
| geographic_facet |
Europe and Central Asia Europe Eastern Europe |
| description |
This report is based on the first
empirical study of the microfinance industry in Central and
Eastern Europe and the New Independent States (CEE and NIS).
The main source of its findings is a survey of the
region's microfinance institutions (MFIs) and funders
conducted in 2001 by the Microfinance Centre for Central and
Eastern Europe and the New Independent States, headquartered
in Warsaw, Poland. The study achieved its four main goals:
1) the creation of an empirically based, comprehensive
picture of the current state of the microfinance industry in
the region; 2) a comparison of the performance of the
region's main organizational models for microfinance
delivery credit unions, nongovernmental organizations
(NGOs), 'downscaling' commercial banks, and
'Greenfield' microfinance banks; 3) an analysis of
the main barriers to growth and development confronting
microfinance in the region specifically, access to finance
and legal and regulatory constraints; and 4) a framework for
action for the region's various microfinance actors,
the goal being to increase the scale, outreach to the poor,
financial viability, and impact of microfinance in the
region. This study subscribes to the latter perspective. The
data covers the broader range of clients and providers in
the region. The alignment with those who see a broader
target market for microfinance is primarily founded on a
practical observation: the debate within microfinance
appears to be moving in favor of this broader perspective.
Second and third chapters provide background on the
development of microfinance in the region. Second chapter
describes the economic context in which microfinance is
developing, focusing on the driving forces behind it. Third
chapter explains the key features of the different MFI
organizational models credit unions, nongovernmental MFIs,
downscaling commercial banks, and Greenfield microfinance
banks. The origin of each model, its key organizational
features, and its target client markets are described.
Fourth, fifth and sixth chapters present the study's
findings. Fourth chapter looks at the industry's
performance and current trends overall by MFI type and by
sub region. Fifth chapter offers a more thorough analysis of
the extent of poverty outreach by the region's MFIs.
Sixth chapter assesses the MFIs' financial performance
and the relationship between poverty outreach and financial
sustainability. Seventh chapter examines the MFIs'
access to funding, and eighth chapter discusses the
region's legal and regulatory environment. These are
the two factors identified by the MFIs themselves as the
major barriers to microfinance development and growth in the
region. Ninth chapter presents an outlook for microfinance
over the next decade, followed by a series of
recommendations aiming to improve this outlook. Not only
does this chapter broadly suggest what needs to be done, but
it also suggests how by proposing concrete actions that
MFIs, policy makers, funders, and microfinance support
organizations could consider as a means of implementing each recommendation. |
| format |
Publications & Research :: Publication |
| author |
Forster, Sarah Greene, Seth Pytkowska, Justyna |
| author_facet |
Forster, Sarah Greene, Seth Pytkowska, Justyna |
| author_sort |
Forster, Sarah |
| title |
The State of Microfinance in Central and Eastern Europe and the New Independent States |
| title_short |
The State of Microfinance in Central and Eastern Europe and the New Independent States |
| title_full |
The State of Microfinance in Central and Eastern Europe and the New Independent States |
| title_fullStr |
The State of Microfinance in Central and Eastern Europe and the New Independent States |
| title_full_unstemmed |
The State of Microfinance in Central and Eastern Europe and the New Independent States |
| title_sort |
state of microfinance in central and eastern europe and the new independent states |
| publisher |
CGAP and the World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/06/16828656/state-microfinance-central-eastern-europe-new-independent-states http://hdl.handle.net/10986/15178 |
| _version_ |
1764425418665885696 |
| spelling |
okr-10986-151782021-04-23T14:03:11Z The State of Microfinance in Central and Eastern Europe and the New Independent States Forster, Sarah Greene, Seth Pytkowska, Justyna ACCESS TO CAPITAL ACCESS TO CREDIT ACCESS TO FINANCE ACCESS TO LOAN ACCESS TO RESOURCES ACCOUNTING ADVICE TO GOVERNMENTS AFFILIATE AGRICULTURAL COOPERATIVES AGRICULTURAL FINANCE AGRICULTURAL MARKET APPLICATION PROCEDURES AUTOMATED TELLER MACHINES BANK FINANCING BANK LOAN BANKING LAWS BANKING SECTOR BANKING SECTORS BARRIERS TO GROWTH BOARDS OF DIRECTORS BORROWING BUSINESS ACTIVITY BUSINESS ADVICE BUSINESS DEVELOPMENT BUSINESS EXPERIENCE BUSINESS LOANS BUSINESS SUPPORT BUSINESS TRAINING CAPITAL BASE CAPITAL LOANS CAPITAL MARKETS CAPITAL STRUCTURE CASH FLOW CENTRAL BANKS COLLATERAL COLLATERAL REQUIREMENTS COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL DEBT COMMERCIAL FINANCE COMMUNITY DEVELOPMENT CONSOLIDATION CONSULTING SERVICES CONSUMER LENDING CREDIT ASSOCIATIONS CREDIT CARDS CREDIT COOPERATIVES CREDIT HISTORY CREDIT INSTITUTIONS CREDIT LINES CREDIT RISK CREDIT SCORING CREDIT UNION CREDIT UNIONS CUSTOMER RELATIONSHIPS DEBT DEBT FINANCING DEMAND DEPOSITS DEMAND FOR CREDIT DEPOSIT DEPOSIT VOLUME DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT BANK DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DONOR FUNDS DONOR SUPPORT ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC EMPOWERMENT ECONOMIC GROWTH ECONOMIC SECURITY ELECTRONIC PAYMENT EMERGING MARKETS EMPLOYEE EMPLOYMENT OPPORTUNITIES ENROLLMENT ENTERPRISE DEVELOPMENT ENTREPRENEURS ENTREPRENEURSHIP EUROPEAN CENTRAL BANK FAMILIES FINANCE COMPANY FINANCIAL ANALYSIS FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL DEVELOPMENT FINANCIAL EXCLUSION FINANCIAL FLOWS FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL PRODUCTS FINANCIAL SECURITY FINANCIAL SERVICES FINANCIAL SUPPORT FINANCIAL SUSTAINABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL VIABILITY FINANCING NEED FINANCING NEEDS FIRST CREDIT FIRST LOAN FOREIGN BANKS FORM OF COLLATERAL FORMS OF COLLATERAL FREE LOANS GENDERS GOVERNMENT POLICY GROUP LENDING HARD BUDGET CONSTRAINTS HOUSEHOLDS HOUSING HUMAN RIGHTS INCOME-GENERATING ACTIVITIES INCOME-GENERATING ACTIVITY INDIVIDUAL ENTREPRENEUR INEQUALITY INFLATION INFORMAL ECONOMY INFORMATION SYSTEMS INITIAL LOAN INITIAL LOANS INSURANCE INSURANCE SERVICES INTEREST RATE INTEREST RATES INTERNAL FINANCING INTERNATIONAL BANKS INTERNATIONAL DEVELOPMENT JOB OPPORTUNITIES JOINT LIABILITY JUDICIAL SYSTEMS LABOUR FORCE LAWS LEGAL ADVICE LEGAL ENVIRONMENTS LEGISLATION LENDERS LENDING REQUIREMENTS LENDING TECHNIQUES LIQUIDATION LOAN LOAN ANALYSIS LOAN DELINQUENCY LOAN PORTFOLIO LOAN PRODUCTS LOAN REPAYMENT LOAN SIZE LOAN SIZES LOCAL ENTERPRISES MAINSTREAM BANKS MANDATES MARKET ECONOMY MFI MFIS MICROCREDIT MICROFINANCE MICROFINANCE INSTITUTIONS MIGRATION MONEY LENDERS MONEY TRANSFERS MONEYLENDERS NEW BUSINESSES OPERATING EFFICIENCY OPERATIONAL COST OUTREACH OUTSTANDING LOAN PARTNER BANK PENSIONS POCKET BANKS POLICY ENVIRONMENT POOR CLIENTS PORTFOLIO QUALITY PRIVATE BANKS PRIVATE CREDIT PRIVATE INVESTORS PRIVATIZATION PRODUCTIVITY PROFITABILITY PROVISION OF CREDIT RECESSION REFUGEE REFUGEES REMITTANCES RETIREMENT RURAL FINANCE SAVINGS SAVINGS ACCOUNTS SAVINGS ASSOCIATIONS SAVINGS SERVICES SECOND LOAN SECURITIES SELF-EMPLOYMENT SMALL BUSINESS SMALL BUSINESSES SMALL ENTERPRISE SMALL ENTERPRISES SMALL FARMS SMALL LOANS SMALL-BUSINESS SMALL-BUSINESS ENTREPRENEUR SMALL-BUSINESS LENDING SMALL-SCALE ENTREPRENEUR SOCIAL NETWORKS SOURCE OF CREDIT TAX BURDENS TECHNICAL ASSISTANCE TECHNICAL SUPPORT TIME DEPOSITS TRANSITION ECONOMIES TRANSPARENCY UNEMPLOYMENT UNION URBAN AREAS VILLAGE VULNERABLE GROUPS WORKING CAPITAL This report is based on the first empirical study of the microfinance industry in Central and Eastern Europe and the New Independent States (CEE and NIS). The main source of its findings is a survey of the region's microfinance institutions (MFIs) and funders conducted in 2001 by the Microfinance Centre for Central and Eastern Europe and the New Independent States, headquartered in Warsaw, Poland. The study achieved its four main goals: 1) the creation of an empirically based, comprehensive picture of the current state of the microfinance industry in the region; 2) a comparison of the performance of the region's main organizational models for microfinance delivery credit unions, nongovernmental organizations (NGOs), 'downscaling' commercial banks, and 'Greenfield' microfinance banks; 3) an analysis of the main barriers to growth and development confronting microfinance in the region specifically, access to finance and legal and regulatory constraints; and 4) a framework for action for the region's various microfinance actors, the goal being to increase the scale, outreach to the poor, financial viability, and impact of microfinance in the region. This study subscribes to the latter perspective. The data covers the broader range of clients and providers in the region. The alignment with those who see a broader target market for microfinance is primarily founded on a practical observation: the debate within microfinance appears to be moving in favor of this broader perspective. Second and third chapters provide background on the development of microfinance in the region. Second chapter describes the economic context in which microfinance is developing, focusing on the driving forces behind it. Third chapter explains the key features of the different MFI organizational models credit unions, nongovernmental MFIs, downscaling commercial banks, and Greenfield microfinance banks. The origin of each model, its key organizational features, and its target client markets are described. Fourth, fifth and sixth chapters present the study's findings. Fourth chapter looks at the industry's performance and current trends overall by MFI type and by sub region. Fifth chapter offers a more thorough analysis of the extent of poverty outreach by the region's MFIs. Sixth chapter assesses the MFIs' financial performance and the relationship between poverty outreach and financial sustainability. Seventh chapter examines the MFIs' access to funding, and eighth chapter discusses the region's legal and regulatory environment. These are the two factors identified by the MFIs themselves as the major barriers to microfinance development and growth in the region. Ninth chapter presents an outlook for microfinance over the next decade, followed by a series of recommendations aiming to improve this outlook. Not only does this chapter broadly suggest what needs to be done, but it also suggests how by proposing concrete actions that MFIs, policy makers, funders, and microfinance support organizations could consider as a means of implementing each recommendation. 2013-08-19T19:59:59Z 2013-08-19T19:59:59Z 2003-06 http://documents.worldbank.org/curated/en/2003/06/16828656/state-microfinance-central-eastern-europe-new-independent-states http://hdl.handle.net/10986/15178 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank CGAP and the World Bank, Washington, DC Publications & Research :: Publication Publications & Research :: Publication Europe and Central Asia Europe Eastern Europe |