The importance of the private sector in fostering economic development has been widely accepted. However, little has been written on the effectiveness of aid's support for private sector development. This paper presents case studies of how the International Finance Corporation, a member of the World Bank Group, supports two private institutions in Papua New Guinea and China to increase the access to finance to underserved groups. It will also highlight the benefits of IFC's combined approach of investing in the companies (investment services) and providing technical assistance (advisory services) to build organizational capacity.

Asian Development Bank (ADB) (2008) ABD Strategy 2020 [website], ADB, Manila, The Philippines, <www.adb.org/strategy2020/≯ [accessed 12 July 2011]. www.adb.org/strategy2020/

ADB (2010a) Economic and Financial Analysis [website], ADB, Manila, The Philippines, <www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-efa.pdf≯ [accessed 12 July 2011]. www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-efa.pdf

ADB (2010b) Sector Assessment (Summary): Finance [website], ADB, Manila, The Philippines, <www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-ssa.pdf≯ [accessed 12 July 2011]. www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-ssa.pdf

ADB (2011) Private Sector Development [website], ADB, Manila, The Philippines, <www.adb.org/Private-Sector-Development/≯ [accessed 12 July 2011]. www.adb.org/Private-Sector-Development/

Aportela, F. (1999) Effects of Financial Access on Savings by Low-Income People, Banco de Mexico Research Department, Mexico City.

Ashraf, N., Karlan, D. and Yin, W. (2010) ‘Female empowerment: Further evidence from a commitment savings product in the Philippines’, World Development 38(3): 333-44, <http://dx.doi.org/10.1016/j.worlddev.2009.05.010≯.

AusAID (2000) Reducing Poverty, The Central Integrating Factor of Australia's Aid Program [website], Canberra, Australia, <www.ausaid.gov.au/publications/pdf/povertystrategy.pdf≯ [accessed 12 July 2011]. www.ausaid.gov.au/publications/pdf/povertystrategy.pdf

Banerjee, A., Cole, S., Duflo, E. and Linden, L. (2007) ‘Remedying education: Evidence from two randomized experiments in India’, The Quarterly Journal of Economics, 122(3): 1235-64 <http://dx.doi.org/10.1162/qjec.122.3.1235≯.

Chen, X. and Cao, L. (2006) ‘SME clusters in China, one way to build up innovative capabilities’, Tech Monitor, July-Aug 2006: 38-43.

Conroy, J. (2006) ‘Successful microfinance in the Pacific: Achieving financial inclusion’, presented at the Forum Economic Ministers’ Meeting in 2006, Honiara, Solomon Islands.

Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: A Zambian case study’, Journal of Development Studies 37: 81-100 <http://dx.doi.org/10.1080/00220380412331322051≯.

Cornford, R. (2001) Microcredit, Microfinance or Simply Access to Financial Services: What do Pacific People Need? Foundation for Development Cooperation, Brisbane, Australia.

Dunn, E. and Arbuckle Jr, J.G. (2001) ‘The impacts of microcredit: A case study from Peru’, Assessing the Impact of Microenterprise Series (AIMS), USAID, Washington, D.C.

Farmer, B., Hollway, S., Howes, S. and Reid, M. (2011) Independent Review of Aid Effectiveness [website], Canberra, Australia <www.aidreview.gov.au/index.html≯ [accessed 12 July 2011]. www.aidreview.gov.au/index.html

Independent Evaluation Group (IEG) (2010) IEG Annual Report 2010, Results and Performance of the World Bank Group [website], IEG, Washington, D.C. <www.worldbank.org/ieg/rap2010/index.html≯ [accessed 12 July 2011]. www.worldbank.org/ieg/rap2010/index.html

IEG (2011) Assessing IFC's Poverty Focus and Results [website], IEG, Washington, D.C. <http://ieg.worldbankgroup.org/content/dam/ieg/IFC/ifc_poverty_full_eval.pdf≯ [accessed 12 July 2011]. http://ieg.worldbankgroup.org/content/dam/ieg/IFC/ifc_poverty_full_eval.pdf

IFC (2006) ‘IFC loan to Nanjing City Commercial Bank supports growth of small businesses’, Washington D.C. <www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/00436EE7B503978785257222004E7BF3?OpenDocument≯ [accessed 17 July 2012]. www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/00436EE7B503978785257222004E7BF3?OpenDocument

IFC (2010) Making a Difference: How Private Enterprise is Creating Opportunity and Improving Lives in Developing Countries [website], IFC, Washington, D.C. <www.ifc.org/ifcext/publications.nsf/AttachmentsByTitle/MakingADifference10_06/$FILE/MakingADifference1006.pdf≯ [accessed 12 July 2011]. www.ifc.org/ifcext/publications.nsf/AttachmentsByTitle/MakingADifference10_06/$FILE/MakingADifference1006.pdf

Karlan, D. and Zinman, J. (2009) ‘Expanding credit access: Using randomized supply decisions to estimate the impacts’, Review of Financial Studies 23: 433-64 <http://dx.doi.org/10.1093/rfs/hhp092≯.

Khandker, S.R. (2001) ‘Does micro-credit really benefit the poor? Evidence from Bangladesh’, Paper presented at Asia and Pacific Forum on Poverty: Reforming Policies and Institutions for Poverty Reduction, ADB, Manila, Philippines.

Kopunye, H., Purumo, A., Kisim, P. and Newsom, J. (1999) Microfinance and Financial Intermediation in Rural Papua New Guinea: An Integrated Scheme [website] <http://devnet.anu.edu.au/DB50PDF/3kopunye50.pdf≯ http://devnet.anu.edu.au/DB50PDF/3kopunye50.pdf

Liew, J. (1997) ‘Observations on microcredit schemes in the Pacific: making microcredit more people-centred’, UNDP ESHDP Working Paper, Suva, Fiji.

Neumark, D., Wall, B. and Zhang, J. (2008) ‘Do small businesses create more jobs? New evidence from the National Establishment Time Series’, NBER Working Paper 13818, National Bureau of Economic Research, Cambridge, MA.

OECD (2003) High Growth SMEs and Employment [website], OECD, Paris <www.oecd.org/dataoecd/18/28/2493092.pdf≯ [accessed 10 July 2012]. www.oecd.org/dataoecd/18/28/2493092.pdf

Pitt, M. and Khandker, S. (1998) ‘The impact of group-based credit programs on poor households in Bangladesh: Does the gender of participants matter?’ Journal of Political Economy 106: 958-98 <http://dx.doi.org/10.1086/250037≯.

Sleuwaegen, M. and Goedhuys, L. (2002) ‘Growth of firms in developing countries: Evidence from Cote D’Ivoire’, Journal of Development Economics 68: 117-35 <http://dx.doi.org/10.1016/S0304-3878(02)00008-1≯.

Vonderlack, R. and Schreiner, M. (2002) ‘Women, microfinance and savings: Lessons and proposals’, Development in Practice 12: 602-12 <http://dx.doi.org/10.1080/0961452022000017614≯.

Yu, J., Liu, M. and Wang, J. (2007) SME Development and Poverty Reduction, Case Study of Xiji County, China, Centre for Human and Economic Development Studies, Peking University, China.

Asian Development Bank (ADB) (2008) ABD Strategy 2020 [website], ADB, Manila, The Philippines, <www.adb.org/strategy2020/≯ [accessed 12 July 2011]. www.adb.org/strategy2020/

ADB (2010a) Economic and Financial Analysis [website], ADB, Manila, The Philippines, <www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-efa.pdf≯ [accessed 12 July 2011]. www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-efa.pdf

ADB (2010b) Sector Assessment (Summary): Finance [website], ADB, Manila, The Philippines, <www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-ssa.pdf≯ [accessed 12 July 2011]. www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-ssa.pdf

ADB (2011) Private Sector Development [website], ADB, Manila, The Philippines, <www.adb.org/Private-Sector-Development/≯ [accessed 12 July 2011]. www.adb.org/Private-Sector-Development/

Aportela, F. (1999) Effects of Financial Access on Savings by Low-Income People, Banco de Mexico Research Department, Mexico City.

Ashraf, N., Karlan, D. and Yin, W. (2010) ‘Female empowerment: Further evidence from a commitment savings product in the Philippines’, World Development 38(3): 333-44, <http://dx.doi.org/10.1016/j.worlddev.2009.05.010≯.

AusAID (2000) Reducing Poverty, The Central Integrating Factor of Australia's Aid Program [website], Canberra, Australia, <www.ausaid.gov.au/publications/pdf/povertystrategy.pdf≯ [accessed 12 July 2011]. www.ausaid.gov.au/publications/pdf/povertystrategy.pdf

Banerjee, A., Cole, S., Duflo, E. and Linden, L. (2007) ‘Remedying education: Evidence from two randomized experiments in India’, The Quarterly Journal of Economics, 122(3): 1235-64 <http://dx.doi.org/10.1162/qjec.122.3.1235≯.

Chen, X. and Cao, L. (2006) ‘SME clusters in China, one way to build up innovative capabilities’, Tech Monitor, July-Aug 2006: 38-43.

Conroy, J. (2006) ‘Successful microfinance in the Pacific: Achieving financial inclusion’, presented at the Forum Economic Ministers’ Meeting in 2006, Honiara, Solomon Islands.

Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: A Zambian case study’, Journal of Development Studies 37: 81-100 <http://dx.doi.org/10.1080/00220380412331322051≯.

Cornford, R. (2001) Microcredit, Microfinance or Simply Access to Financial Services: What do Pacific People Need? Foundation for Development Cooperation, Brisbane, Australia.

Dunn, E. and Arbuckle Jr, J.G. (2001) ‘The impacts of microcredit: A case study from Peru’, Assessing the Impact of Microenterprise Series (AIMS), USAID, Washington, D.C.

Farmer, B., Hollway, S., Howes, S. and Reid, M. (2011) Independent Review of Aid Effectiveness [website], Canberra, Australia <www.aidreview.gov.au/index.html≯ [accessed 12 July 2011]. www.aidreview.gov.au/index.html

Independent Evaluation Group (IEG) (2010) IEG Annual Report 2010, Results and Performance of the World Bank Group [website], IEG, Washington, D.C. <www.worldbank.org/ieg/rap2010/index.html≯ [accessed 12 July 2011]. www.worldbank.org/ieg/rap2010/index.html

IEG (2011) Assessing IFC's Poverty Focus and Results [website], IEG, Washington, D.C. <http://ieg.worldbankgroup.org/content/dam/ieg/IFC/ifc_poverty_full_eval.pdf≯ [accessed 12 July 2011]. http://ieg.worldbankgroup.org/content/dam/ieg/IFC/ifc_poverty_full_eval.pdf

IFC (2006) ‘IFC loan to Nanjing City Commercial Bank supports growth of small businesses’, Washington D.C. <www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/00436EE7B503978785257222004E7BF3?OpenDocument≯ [accessed 17 July 2012]. www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/00436EE7B503978785257222004E7BF3?OpenDocument

IFC (2010) Making a Difference: How Private Enterprise is Creating Opportunity and Improving Lives in Developing Countries [website], IFC, Washington, D.C. <www.ifc.org/ifcext/publications.nsf/AttachmentsByTitle/MakingADifference10_06/$FILE/MakingADifference1006.pdf≯ [accessed 12 July 2011]. www.ifc.org/ifcext/publications.nsf/AttachmentsByTitle/MakingADifference10_06/$FILE/MakingADifference1006.pdf

Karlan, D. and Zinman, J. (2009) ‘Expanding credit access: Using randomized supply decisions to estimate the impacts’, Review of Financial Studies 23: 433-64 <http://dx.doi.org/10.1093/rfs/hhp092≯.

Khandker, S.R. (2001) ‘Does micro-credit really benefit the poor? Evidence from Bangladesh’, Paper presented at Asia and Pacific Forum on Poverty: Reforming Policies and Institutions for Poverty Reduction, ADB, Manila, Philippines.

Kopunye, H., Purumo, A., Kisim, P. and Newsom, J. (1999) Microfinance and Financial Intermediation in Rural Papua New Guinea: An Integrated Scheme [website] <http://devnet.anu.edu.au/DB50PDF/3kopunye50.pdf≯ http://devnet.anu.edu.au/DB50PDF/3kopunye50.pdf

Liew, J. (1997) ‘Observations on microcredit schemes in the Pacific: making microcredit more people-centred’, UNDP ESHDP Working Paper, Suva, Fiji.

Neumark, D., Wall, B. and Zhang, J. (2008) ‘Do small businesses create more jobs? New evidence from the National Establishment Time Series’, NBER Working Paper 13818, National Bureau of Economic Research, Cambridge, MA.

OECD (2003) High Growth SMEs and Employment [website], OECD, Paris <www.oecd.org/dataoecd/18/28/2493092.pdf≯ [accessed 10 July 2012]. www.oecd.org/dataoecd/18/28/2493092.pdf

Pitt, M. and Khandker, S. (1998) ‘The impact of group-based credit programs on poor households in Bangladesh: Does the gender of participants matter?’ Journal of Political Economy 106: 958-98 <http://dx.doi.org/10.1086/250037≯.

Sleuwaegen, M. and Goedhuys, L. (2002) ‘Growth of firms in developing countries: Evidence from Cote D’Ivoire’, Journal of Development Economics 68: 117-35 <http://dx.doi.org/10.1016/S0304-3878(02)00008-1≯.

Vonderlack, R. and Schreiner, M. (2002) ‘Women, microfinance and savings: Lessons and proposals’, Development in Practice 12: 602-12 <http://dx.doi.org/10.1080/0961452022000017614≯.

Yu, J., Liu, M. and Wang, J. (2007) SME Development and Poverty Reduction, Case Study of Xiji County, China, Centre for Human and Economic Development Studies, Peking University, China.

Asian Development Bank (ADB) (2008) ABD Strategy 2020 [website], ADB, Manila, The Philippines, <www.adb.org/strategy2020/≯ [accessed 12 July 2011]. www.adb.org/strategy2020/

ADB (2010a) Economic and Financial Analysis [website], ADB, Manila, The Philippines, <www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-efa.pdf≯ [accessed 12 July 2011]. www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-efa.pdf

ADB (2010b) Sector Assessment (Summary): Finance [website], ADB, Manila, The Philippines, <www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-ssa.pdf≯ [accessed 12 July 2011]. www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-ssa.pdf

ADB (2011) Private Sector Development [website], ADB, Manila, The Philippines, <www.adb.org/Private-Sector-Development/≯ [accessed 12 July 2011]. www.adb.org/Private-Sector-Development/

Aportela, F. (1999) Effects of Financial Access on Savings by Low-Income People, Banco de Mexico Research Department, Mexico City.

Ashraf, N., Karlan, D. and Yin, W. (2010) ‘Female empowerment: Further evidence from a commitment savings product in the Philippines’, World Development 38(3): 333-44, <http://dx.doi.org/10.1016/j.worlddev.2009.05.010≯.

AusAID (2000) Reducing Poverty, The Central Integrating Factor of Australia's Aid Program [website], Canberra, Australia, <www.ausaid.gov.au/publications/pdf/povertystrategy.pdf≯ [accessed 12 July 2011]. www.ausaid.gov.au/publications/pdf/povertystrategy.pdf

Banerjee, A., Cole, S., Duflo, E. and Linden, L. (2007) ‘Remedying education: Evidence from two randomized experiments in India’, The Quarterly Journal of Economics, 122(3): 1235-64 <http://dx.doi.org/10.1162/qjec.122.3.1235≯.

Chen, X. and Cao, L. (2006) ‘SME clusters in China, one way to build up innovative capabilities’, Tech Monitor, July-Aug 2006: 38-43.

Conroy, J. (2006) ‘Successful microfinance in the Pacific: Achieving financial inclusion’, presented at the Forum Economic Ministers’ Meeting in 2006, Honiara, Solomon Islands.

Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: A Zambian case study’, Journal of Development Studies 37: 81-100 <http://dx.doi.org/10.1080/00220380412331322051≯.

Cornford, R. (2001) Microcredit, Microfinance or Simply Access to Financial Services: What do Pacific People Need? Foundation for Development Cooperation, Brisbane, Australia.

Dunn, E. and Arbuckle Jr, J.G. (2001) ‘The impacts of microcredit: A case study from Peru’, Assessing the Impact of Microenterprise Series (AIMS), USAID, Washington, D.C.

Farmer, B., Hollway, S., Howes, S. and Reid, M. (2011) Independent Review of Aid Effectiveness [website], Canberra, Australia <www.aidreview.gov.au/index.html≯ [accessed 12 July 2011]. www.aidreview.gov.au/index.html

Independent Evaluation Group (IEG) (2010) IEG Annual Report 2010, Results and Performance of the World Bank Group [website], IEG, Washington, D.C. <www.worldbank.org/ieg/rap2010/index.html≯ [accessed 12 July 2011]. www.worldbank.org/ieg/rap2010/index.html

IEG (2011) Assessing IFC's Poverty Focus and Results [website], IEG, Washington, D.C. <http://ieg.worldbankgroup.org/content/dam/ieg/IFC/ifc_poverty_full_eval.pdf≯ [accessed 12 July 2011]. http://ieg.worldbankgroup.org/content/dam/ieg/IFC/ifc_poverty_full_eval.pdf

IFC (2006) ‘IFC loan to Nanjing City Commercial Bank supports growth of small businesses’, Washington D.C. <www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/00436EE7B503978785257222004E7BF3?OpenDocument≯ [accessed 17 July 2012]. www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/00436EE7B503978785257222004E7BF3?OpenDocument

IFC (2010) Making a Difference: How Private Enterprise is Creating Opportunity and Improving Lives in Developing Countries [website], IFC, Washington, D.C. <www.ifc.org/ifcext/publications.nsf/AttachmentsByTitle/MakingADifference10_06/$FILE/MakingADifference1006.pdf≯ [accessed 12 July 2011]. www.ifc.org/ifcext/publications.nsf/AttachmentsByTitle/MakingADifference10_06/$FILE/MakingADifference1006.pdf

Karlan, D. and Zinman, J. (2009) ‘Expanding credit access: Using randomized supply decisions to estimate the impacts’, Review of Financial Studies 23: 433-64 <http://dx.doi.org/10.1093/rfs/hhp092≯.

Khandker, S.R. (2001) ‘Does micro-credit really benefit the poor? Evidence from Bangladesh’, Paper presented at Asia and Pacific Forum on Poverty: Reforming Policies and Institutions for Poverty Reduction, ADB, Manila, Philippines.

Kopunye, H., Purumo, A., Kisim, P. and Newsom, J. (1999) Microfinance and Financial Intermediation in Rural Papua New Guinea: An Integrated Scheme [website] <http://devnet.anu.edu.au/DB50PDF/3kopunye50.pdf≯ http://devnet.anu.edu.au/DB50PDF/3kopunye50.pdf

Liew, J. (1997) ‘Observations on microcredit schemes in the Pacific: making microcredit more people-centred’, UNDP ESHDP Working Paper, Suva, Fiji.

Neumark, D., Wall, B. and Zhang, J. (2008) ‘Do small businesses create more jobs? New evidence from the National Establishment Time Series’, NBER Working Paper 13818, National Bureau of Economic Research, Cambridge, MA.

OECD (2003) High Growth SMEs and Employment [website], OECD, Paris <www.oecd.org/dataoecd/18/28/2493092.pdf≯ [accessed 10 July 2012]. www.oecd.org/dataoecd/18/28/2493092.pdf

Pitt, M. and Khandker, S. (1998) ‘The impact of group-based credit programs on poor households in Bangladesh: Does the gender of participants matter?’ Journal of Political Economy 106: 958-98 <http://dx.doi.org/10.1086/250037≯.

Sleuwaegen, M. and Goedhuys, L. (2002) ‘Growth of firms in developing countries: Evidence from Cote D’Ivoire’, Journal of Development Economics 68: 117-35 <http://dx.doi.org/10.1016/S0304-3878(02)00008-1≯.

Vonderlack, R. and Schreiner, M. (2002) ‘Women, microfinance and savings: Lessons and proposals’, Development in Practice 12: 602-12 <http://dx.doi.org/10.1080/0961452022000017614≯.

Yu, J., Liu, M. and Wang, J. (2007) SME Development and Poverty Reduction, Case Study of Xiji County, China, Centre for Human and Economic Development Studies, Peking University, China.

Asian Development Bank (ADB) (2008) ABD Strategy 2020 [website], ADB, Manila, The Philippines, <www.adb.org/strategy2020/≯ [accessed 12 July 2011]. www.adb.org/strategy2020/

ADB (2010a) Economic and Financial Analysis [website], ADB, Manila, The Philippines, <www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-efa.pdf≯ [accessed 12 July 2011]. www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-efa.pdf

ADB (2010b) Sector Assessment (Summary): Finance [website], ADB, Manila, The Philippines, <www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-ssa.pdf≯ [accessed 12 July 2011]. www.adb.org/Documents/RRPs/PNG/44304/44304-01-png-ssa.pdf

ADB (2011) Private Sector Development [website], ADB, Manila, The Philippines, <www.adb.org/Private-Sector-Development/≯ [accessed 12 July 2011]. www.adb.org/Private-Sector-Development/

Aportela, F. (1999) Effects of Financial Access on Savings by Low-Income People, Banco de Mexico Research Department, Mexico City.

Ashraf, N., Karlan, D. and Yin, W. (2010) ‘Female empowerment: Further evidence from a commitment savings product in the Philippines’, World Development 38(3): 333-44, <http://dx.doi.org/10.1016/j.worlddev.2009.05.010≯.

AusAID (2000) Reducing Poverty, The Central Integrating Factor of Australia's Aid Program [website], Canberra, Australia, <www.ausaid.gov.au/publications/pdf/povertystrategy.pdf≯ [accessed 12 July 2011]. www.ausaid.gov.au/publications/pdf/povertystrategy.pdf

Banerjee, A., Cole, S., Duflo, E. and Linden, L. (2007) ‘Remedying education: Evidence from two randomized experiments in India’, The Quarterly Journal of Economics, 122(3): 1235-64 <http://dx.doi.org/10.1162/qjec.122.3.1235≯.

Chen, X. and Cao, L. (2006) ‘SME clusters in China, one way to build up innovative capabilities’, Tech Monitor, July-Aug 2006: 38-43.

Conroy, J. (2006) ‘Successful microfinance in the Pacific: Achieving financial inclusion’, presented at the Forum Economic Ministers’ Meeting in 2006, Honiara, Solomon Islands.

Copestake, J., Bhalotra, S. and Johnson, S. (2001) ‘Assessing the impact of microcredit: A Zambian case study’, Journal of Development Studies 37: 81-100 <http://dx.doi.org/10.1080/00220380412331322051≯.

Cornford, R. (2001) Microcredit, Microfinance or Simply Access to Financial Services: What do Pacific People Need? Foundation for Development Cooperation, Brisbane, Australia.

Dunn, E. and Arbuckle Jr, J.G. (2001) ‘The impacts of microcredit: A case study from Peru’, Assessing the Impact of Microenterprise Series (AIMS), USAID, Washington, D.C.

Farmer, B., Hollway, S., Howes, S. and Reid, M. (2011) Independent Review of Aid Effectiveness [website], Canberra, Australia <www.aidreview.gov.au/index.html≯ [accessed 12 July 2011]. www.aidreview.gov.au/index.html

Independent Evaluation Group (IEG) (2010) IEG Annual Report 2010, Results and Performance of the World Bank Group [website], IEG, Washington, D.C. <www.worldbank.org/ieg/rap2010/index.html≯ [accessed 12 July 2011]. www.worldbank.org/ieg/rap2010/index.html

IEG (2011) Assessing IFC's Poverty Focus and Results [website], IEG, Washington, D.C. <http://ieg.worldbankgroup.org/content/dam/ieg/IFC/ifc_poverty_full_eval.pdf≯ [accessed 12 July 2011]. http://ieg.worldbankgroup.org/content/dam/ieg/IFC/ifc_poverty_full_eval.pdf

IFC (2006) ‘IFC loan to Nanjing City Commercial Bank supports growth of small businesses’, Washington D.C. <www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/00436EE7B503978785257222004E7BF3?OpenDocument≯ [accessed 17 July 2012]. www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/00436EE7B503978785257222004E7BF3?OpenDocument

IFC (2010) Making a Difference: How Private Enterprise is Creating Opportunity and Improving Lives in Developing Countries [website], IFC, Washington, D.C. <www.ifc.org/ifcext/publications.nsf/AttachmentsByTitle/MakingADifference10_06/$FILE/MakingADifference1006.pdf≯ [accessed 12 July 2011]. www.ifc.org/ifcext/publications.nsf/AttachmentsByTitle/MakingADifference10_06/$FILE/MakingADifference1006.pdf

Karlan, D. and Zinman, J. (2009) ‘Expanding credit access: Using randomized supply decisions to estimate the impacts’, Review of Financial Studies 23: 433-64 <http://dx.doi.org/10.1093/rfs/hhp092≯.

Khandker, S.R. (2001) ‘Does micro-credit really benefit the poor? Evidence from Bangladesh’, Paper presented at Asia and Pacific Forum on Poverty: Reforming Policies and Institutions for Poverty Reduction, ADB, Manila, Philippines.

Kopunye, H., Purumo, A., Kisim, P. and Newsom, J. (1999) Microfinance and Financial Intermediation in Rural Papua New Guinea: An Integrated Scheme [website] <http://devnet.anu.edu.au/DB50PDF/3kopunye50.pdf≯ http://devnet.anu.edu.au/DB50PDF/3kopunye50.pdf

Liew, J. (1997) ‘Observations on microcredit schemes in the Pacific: making microcredit more people-centred’, UNDP ESHDP Working Paper, Suva, Fiji.

Neumark, D., Wall, B. and Zhang, J. (2008) ‘Do small businesses create more jobs? New evidence from the National Establishment Time Series’, NBER Working Paper 13818, National Bureau of Economic Research, Cambridge, MA.

OECD (2003) High Growth SMEs and Employment [website], OECD, Paris <www.oecd.org/dataoecd/18/28/2493092.pdf≯ [accessed 10 July 2012]. www.oecd.org/dataoecd/18/28/2493092.pdf

Pitt, M. and Khandker, S. (1998) ‘The impact of group-based credit programs on poor households in Bangladesh: Does the gender of participants matter?’ Journal of Political Economy 106: 958-98 <http://dx.doi.org/10.1086/250037≯.

Sleuwaegen, M. and Goedhuys, L. (2002) ‘Growth of firms in developing countries: Evidence from Cote D’Ivoire’, Journal of Development Economics 68: 117-35 <http://dx.doi.org/10.1016/S0304-3878(02)00008-1≯.

Vonderlack, R. and Schreiner, M. (2002) ‘Women, microfinance and savings: Lessons and proposals’, Development in Practice 12: 602-12 <http://dx.doi.org/10.1080/0961452022000017614≯.

Yu, J., Liu, M. and Wang, J. (2007) SME Development and Poverty Reduction, Case Study of Xiji County, China, Centre for Human and Economic Development Studies, Peking University, China.