How We Are Different

FIRST supports eligible developing and transition countries in strengthening their financial systems and implementing internationally recognized standards and codes. Facilitating the systematic follow-up of recommendations from the World Bank and International Monetary Fund's (IMF's) Financial Sector Assessment Program (FSAPs) and Reports on the Observance of Standards and Codes (ROSCs) is a key objective, as is assisting countries in advance of participation in FSAP and ROSC programs.

FIRST's global reach and cross-sector focus allows it to address interdependent problems within financial sectors and draw on solutions adopted in one country for use or adaptation in others, thus conserving resources and providing developing countries with a well co-ordinated approach to financial sector assistance.

FIRST is designed to act as a catalyst for longer-term support from traditional bilateral and multilateral donors. The results of projects funded by FIRST are be disseminated broadly in order to expand the initiative's overall impact.

FIRST provides a number of important advantages in the scope and effectiveness of financial sector technical assistance, including:

Rapid Response: FIRST aims to respond rapidly to applications by having a short project approval cycle - in most cases no more than six to eight weeks.

Drawing on global experience: FIRST's global coverage allows it to execute regional programs and mobilize worldwide expertise.

Being flexible and responsive to smaller projects: Partnering with the World Bank, the IMF and other bilateral and multilateral agencies allows FIRST to leverage resources, enhance co-ordination and build on the experiences of a wide range of institutions. FIRST's unique structure and desire to fund projects that are additional to other donor's programs allows us to respond to smaller projects that can often be overlooked.

Accepting direct requests: FIRST is unique in its ability to accept direct requests for support from recipients in low-income and middle-income countries committed to the reform and strengthening of their financial sectors. FIRST has the resources and expertise to work with clients to refine proposals when necessary.

Additionality: FIRST projects must not displace or substitute funds available from other sources, such as loans and grants from other private or public programs.

Information Sharing: To facilitate donor coordination and to serve as a ‘one-stop-shop’ for information on the financial sector assistance and capacity building information, FIRST manintains an Information Exchange, a global database of donor projects. The Information Exchange promotes better coordination and communication in the delivery of assistance, reducing redundancy.