Recommendations of the
Member States should be encouraged to enhance the synergies
among all the stakeholders to combat poverty in the region and to
consider the need for an appropriate National Policy on financial
Member States are requested to provide relevant information/data
on the following recommendations.
Discussion Session 1: The Inherent Synergy between
Microfinance and Development in Member States
(a) Member countries were encouraged to
enhance Government interventions to promote microfinance and
financial inclusion programmes.
(b) IORA Member States were encouraged to
survey research carried out on impact of microfinance on
development in the last five years.
(c) The IORA Secretariat would assist in
compiling the best practices in microfinance as a reference for
(d) Bangladesh, India, Indonesia and
Australia were encouraged to develop Capacity Building Programmes
for the IORA Member States.
(e) The IORA Secretariat to compile a
directory of regulatory frameworks for Microfinance Service
Providers in IORA Member States.
(f) Member States were encouraged to
develop an appropriate public policy environment for the
development of microfinance.(g) Member
States were encouraged to regularly exchange information on
successful Microfinance Models in the form of video documentaries,
journals, publications, etc.
(h) Member States were encouraged to
increase the exchange of Microfinance experts and practitioners,
through exposure of visits, and through consultancies in an effort
to develop microfinance in the IORA region.
Discussion Session 2: From Disbursement Based Financing
to Integrated Development Financing
(a) Member States were recommended
to promote ICT through workshop/ seminars for better
management, monitoring and delivery of services.
(b) Member States were encouraged to
examine whether remittances to their country are being
affected by the closure of bank accounts operated by non-bank
money transfer operators and if so would they wish to
participate in the survey being conducted by G20.
(c) IORA Secretariat would assist
Member States to develop a skilled workforce through
vocational training programmes to support microfinance
(d) IORA Secretariat, with assistance
from Member States, recommended the establishment of a
database on Microfinance in the region.
Discussion Session 3: Microfinance for Inclusive Growth
and Poverty Alleviation
(a) MFIs in Member States were encouraged
to provide both financial and non-financial services for the poor
including women.(b) Member States were
recommended to exchange appropriate methodology for microfinance
(c) Member States, with the assistance of
the IORA Secretariat, were encouraged to facilitate an assessment
and gap analysis on the status of access to finance in their
(d) Member States were encouraged to build
capacities for women`s empowerment in microfinance.
(e) The IORA Secretariat was requested to
assist Member States in organising special training programmes that
would elaborate on policies and strategies with the aim to reduce
poverty among women through microfinance.
Discussion Session 4: Financing for Enterprise
Development: policy frameworks, institutional structures, and
(a) Member States were encouraged to
explore possibilities to develop microfinance through
socio-cultural peer groups.
(b) Dialogue Partners of IORA were
encouraged to support IORA programmes related to poverty
(c) Conventional Banks in Member States
were encouraged to explore ways to play a greater role in the
development of microfinance programmes
(d) Member States should be encouraged to
combine Microenterprise lending with non-financial services through
the adoption of value chain interventions.