Rio de Janeiro, Brazil, March 15, 2011—The
World Bank and IFC gathered more than 300 senior financial infrastructure
representatives from over 90 countries to promote the security and stability
of financial systems that can mitigate future financial crises and increase
access to financial services for households and businesses.
Financial Infrastructure Week 2011, held in Rio de Janeiro, Brazil,
began the week-long program to address three essential areas of financial
infrastructure—payment systems and remittances, credit reporting, and
secured transactions—and what national authorities, the private sector,
and other stakeholders need to do to develop this financial-market infrastructure.
Global financial infrastructure is the backbone of every economy’s financial
system. The quality of a country’s financial infrastructure determines
the efficiency of intermediation, the ability of lenders to evaluate risk
and of borrowers to obtain credit, insurance, and other financial products
at competitive terms. Safe and efficient financial infrastructure
provides stability for the global financial system.
“Everyone here this week, both public and private sector players, have
a critical role in implementing holistic financial infrastructure reform,”
said Janamitra Devan, World Bank-IFC Vice President for Financial and Private
Sector Development. “Emphasis must not only be put on creating fair
competitive market conditions but also on developing a collaborative ecosystem
where growth is achieved while promoting the safety and efficiency of our
During Financial Infrastructure Week 2011, new international standards
will be unveiled for global stakeholder consultations—the Committee on
Payment and Settlement Systems-International Organization of Securities
Commissions’ Principles for Financial Market Infrastructures and the World
Bank’s new standards for credit reporting.
Throughout the week, participants will discuss topics at the heart of the
international debate, deliberate on the new standards, and seek new approaches
to better address current weaknesses in the financial infrastructure community.
The World Bank and IFC have been active in more than 100 countries supporting
comprehensive reform programs in its commitment to promote and disseminate
policy on financial infrastructure. For more information about Financial
Infrastructure Week 2011, visit: http://www.worldbank.org/paymentsystems/rio.
About the World Bank Group
The World Bank Group is one of the world’s largest sources of funding
and knowledge for developing countries. It comprises five closely associated
institutions: the International Bank for Reconstruction and Development
(IBRD) and the International Development Association (IDA), which together
form the World Bank; the International Finance Corporation (IFC); the Multilateral
Investment Guarantee Agency (MIGA); and the International Centre for Settlement
of Investment Disputes (ICSID). Each institution plays a distinct role
in the mission to fight poverty and improve living standards for people
in the developing world. For more information, please visit www.worldbank.org,