Partnering with FIRST

The magnitude of technical assistance required to respond to and support developing and transition countries' financial sector reform efforts goes beyond the resources and the expertise that any single institution can provide. FIRST has been designed to put in place a framework and process that will allow the international community to help countries set priorities, mobilize expertise and financial resources, help donors co-ordinate more effectively and provide effective technical assistance in a cost efficient way.

FIRST represents a new approach to leveraging donor resources, responding to assistance needs in the financial sector that are not addressed by existing arrangements and procuring the best private or public sector advisors required to help countries achieve results.

FIRST offers donor countries a number of ways to participate in strengthening financial systems in developing countries:

• Resource contributions to FIRST
  • Donor funds support technical assistance and capacity building projects.
  • Resources may be allocated to target low or middle-income countries.
  • A contribution of funds in excess of US$ 2 million per year earns the donor a seat on the Governing Council.
• Delivery of technical assistance and capacity building funded by FIRST
  • Official institutions - central banks, national supervisory agencies - are funded to provide advice for sensitive or confidential projects.
• Co-ordination of assistance with FIRST
  • Establish network of contacts with donor agencies to facilitate the exchange of information regarding financial sector assistance.
  • Refer projects to FIRST.
  • Receive requests for assistance from countries referred via FIRST.
• Contribute to, and access, the FIRST Information Exchange
  • A web-based database compiling information about financial sector technical assistance delivered throughout the world.