The Austrian Federal Ministry of Finance (BMF) has joined the Finance for Development (F4D) Umbrella program to support the fourth phase of the Financial Sector Advisory Center (FinSAC).
Celebrating its 11 years of operations, FinSAC has built up a strong track record, delivering close to 100 technical assistance projects in fifteen Europe and Central Asia countries and emerged as a key player in the delivery of the World Bank’s impact-oriented financial sector technical assistance in the Europe and Central Asia region.
As part of the F4D Umbrella, FinSAC will continue to provide technical assistance in emerging Europe and Central Asia countries on issues related to financial stability, micro-prudential supervision, and banking resolution. Current events like the pandemic, the war in Ukraine, and banking crises in the United States and Europe have led to increased concern for financial stability. FinSAC will continue its work in those areas while additionally focusing on the regulatory aspects of climate-related risks.
“The Austrian Federal Government is a long-standing partner in funding financial sector resilience. In a time when the world is faced with unprecedented global crises, we reaffirm our support for client countries in the ECA region to move towards stronger, more resilient and greener financial systems by undertaking sustainable financial sector reforms”, said Harald Waiglein, Director General for Economic Policy and Financial Markets, Austrian Ministry of Finance.
“We are thankful to Austria for its support to FinSAC which has established itself as a leading regional center of excellence, catalyzing critical reforms and influencing policy in Europe and Central Asia”, said Asad Alam, Regional Director for Europe and Central Asia at the World Bank’s Equitable Growth, Finance and Institutions Practice Group.
The F4D Umbrella will provide a global platform for FinSAC to align and coordinate its activities with other global, regional and country financial sector programs, while facilitating effective learning and knowledge exchange with the development partners and other stakeholders working to develop deep, inclusive, efficient and resilient financial systems.
We thank Austria for being a steadfast partner to the World Bank throughout the years. With the ever-increasing complexity of the global financial outlook, the timeliness and importance of the BMF’s support to the financial sector resilience agenda has never been more relevant. We are delighted to welcome Austria to the F4D Umbrella and join forces to maximize impact”, said Jean Pesme, Global Director for Finance at the World Bank’s Financial Competitiveness and Innovation Global Practice.
About Finance for Development (F4D)
The Finance for Development (F4D) Umbrella Program is the World Bank’s platform for donor financing of global and regional activities aimed at building deep, inclusive, resilient and efficient financial systems.