Mid-term evaluation of the Financial Services Volunteer Corps, Inc.

Through its assistance to the commercial banking and capital markets sectors, FSVC has contributed positively to the formulation and adoption of key policy and procedural changes which are enhancing the development of modern financial systems in the countries reviewed. Most beneficiaries interviewed indicated that their participation in FSVC-sponsored projects has significantly increased their professional knowledge and abilities. In addition, FSVC-sponsored assistance has, in many cases, helped to produce benefits extending beyond the initial recipient. This has been demonstrated, for example, in the replication of FSVC-sponsored training efforts within the commercial banks, central banks, and educational institutions where training participants work. Also, the various laws and policies that have been adopted with the assistance of FSVC volunteers are benefitting the financial sector as a whole. Thirdly, many beneficiaries have established and are maintaining valuable professional relationships with colleagues in the U.S. and Hong Kong which began during their participation in FSVC-sponsored training. Interviewees consistently remarked that FSVC's major strength is the highly qualified cadre of volunteers who are able to provide assistance on a wide range of topics and working situations. In addition, FSVC has often shown its ability to respond within short time periods to host country questions. Also, the voluntary nature of FSVC's assistance has added credibility in the eyes of beneficiaries. FSVC has met or exceeded its planned outputs for the first and third grant periods (first quarter 1991 and second quarter 1992, respectively). For the second grant period (fourth quarter 1991), FSVC fell short of its expected outputs; however this was due mainly to the setting of goals that the team feels were overly ambitious, and to the need for more time to establish an in-country presence abroad than FSVC originally anticipated. This was addressed in 1992 with the introduction of Country Directors. The organization is taking steps to enhance its institutional sustainability for the future. For example, it is undertaking new project development activities in Central and Eastern Europe and Asia, while pursuing non-A.I.D. sources of funding. FSVC's new public relations activities include tapping the institutions of its volunteer "alumni" for contributions, and a newsletter targeted to potential funding sources such as foundations. With an experienced staff and new consolidated office space, FSVC is well-positioned for future institutional growth. Despite these achievements, the evaluation team noted the need for FSVC to implement several improvements. For example, there is a need for more consistent, regular follow-up and monitoring of assistance projects in all countries visited. More follow-up is needed on a periodic basis at established intervals such as every 6 or 9 months. FSVC also needs to consider developing long-term, country-specific strategies in order to better meet local needs and more efficiently target its resources in the future. In summary, FSVC has demonstrated the consistent provision of highly qualified technical assistance to the transitional economies of Central and Eastern Europe and Mongolia in a timely, and efficient manner. This has been achieved even amid FSVC's considerable growth and expansion of activities from 1990 to the present. (Author abstract)