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p. 20 of 95 BACK | NEXT Message from the Chairman of the Board of Directors Members, Capital Stock and Voting Power The Record Abbreviations 2004 in Review: Board of Directors' Report Special Theme: The Changing Face of the Microfinance Industry: Building Financial Systems for the Poor The Challenge The Role of Central Banks in Microfinance Increased Diversity of Service Providers Increased Diversity of Operations Broader Target Markets Commercialization Meeting Future Challenges Part 1: Institutional Effectiveness Part 2: Poverty Reduction Part 3: Financial Statements: Management's Discussion and Analysis

Annual Report 2004

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Special Theme: The Changing Face of the Microfinance Industry: Building Financial Systems for the Poor

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