The Consultative Group to Assist the Poor (CGAP) has awarded BRAC, for the third year in a row, the Financial Transparency Award for 2006, its top award for achieving highest standards in financial disclosure. The award, in which 231 microfinance institutions from 62 countries entered this year, carries a $10,000 cash prize and is given based on disclosure requirements of International Financial Reporting Standards and microfinance-industry-specific CGAP disclosure guidelines. Previously, BRAC was recognized by the CGAP with its Financial Transparency Award for 2004 and 2005.

CGAP is a consortium of 33 public and private development agencies working together to expand access to financial services for the poor in developing countries. CGAP provides specialized services -- advisory services, training, research and development, consensus building on standards, and information dissemination – to development agencies, financial institutions including microfinance institutions (MFIs), government policymakers and regulators, and other service providers, such as auditors and rating agencies. CGAP is based in Washington D.C. and Paris and its members include the World Bank, the International Finance Corporation (IFC), the Asian Development Bank, the European Commission, the Canadian International Development Agency (CIDA) and the Department for International Development (DFID).

BRAC also received the South Asian Federation of Accountants (SAFA) Best Presented Account Award for the year 2005 in the “Non Government Organisation” category as well as the ICAB National Award 2004 for Best Presented Published Accounts and Reports. Each year BRAC’s Audited Financial Statements are published in their entirety in its Annual Report, which is available on the BRAC website (www.brac.net).

© 2005 BRAC Bangladesh
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Dhaka 1212, Bangladesh