GA approves audited financial report, achievements

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The ADFIAP General Assembly, meeting on April 20, 2011 in Kyrenia, North for its 19th Ordinary Meeting, approved the Association’s audited financial statements as of December 31, 2010 as well as its work and achievements for the past year. While the revenue and expense statement showed a deficit of US$ 51,704, the total assets however carried a marked improvement to US$1,017,608 for 2010. The external auditor of ADFIAP is the SyCip Gorres Velayo & Co., an affiliate of Ernst & Young.

On the achievement side, ADFIAP Secretariat reported to the GA its meeting the following targets: new members: 11 (target: 10); membership dues: US$ 347,959 ($ 325,000); training fees: US$ 169,009 ($ 150,000); grants: US$ 15,585 ($70,000); consulting fees, etc.: US$ 17,971 ($ 7,700); office lease: US$ 21,629 ($ 7,000); and administrative savings: US$ 7,000 ($ 6,600).

ADFIAP conducted the following events: the 4th MSME Finance Study Tour Program (Manila); the 5th MSME Finance Study Tour Program (Manila); the 33rd Annual Meetings, 71st Board of Directors’ Meeting and ADFIAP Awards 2010 (Vancouver); the 6th MSME Finance Study Tour Program (Kuala Lumpur); the 4th Performance Indicators for Financial Institutions (Siem Reap); the CEO Forum VII & 72nd Board of Directors Meeting (Siem Reap); the 5th Core Development Banking Program (CoreDev) in Manila and the4th Development Bank Management Program (DevMan), also in Manila.

In terms of grant projects, the following were under/starting implementation: the SMART Cebu project, a grant from the EU Switch Programme; the “SME Regional Knowledge & Finance Center Project”, a grant from the International Trade Centre (ITC) (project study completed); the program on “Institutionalizing a Responsible Corporate Citizenship Programme in Development Banks in Asia-Pacific”, a grant from the Center for International Private Enterprise (CIPE) of US$ 73,800; the “Accelerating Financial Inclusion in Asia and the Pacific” from the APEC Grant Facility and “Financial Regulations supporting MSME Lending to Promote Financial Inclusion” under the Asia Public Sector Linkages Program of the AusAid.

Other services offered were the Institute of Development Finance’s training and credentialing programs; advisory and consultancy from the ADFIAP Consulting Group; the Country Host Program; DFI-to-DFI Exchange Program; the ADFIAP Awards Program; and Information Resources such as newsletters, journal, books, manuals, reports, info briefs & surveys, e-Library (new). The ADFIAP website plus five microsites have also been enhanced to provide more information and reference materials for members.

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