Our Project Partners

While the primary funding for regular operations of the Federation comes from the member entities, however for extended projects/initiatives/studies, SAFE approaches different multilateral development agencies and donors. In the past, the following agencies/donors have provided funding for the projects as mentioned against each:

Financial Sector Reform and Strengthening Initiative


Financial Sector Reform and Strengthening Initiative (FIRST) provided TA grant/funding for the cross border listing project of the Federation, which culminated in the development of model listing standards for the region. Specific projects funded by the First Initiative are mentioned hereunder:

  • Comparative Study of Rules and Practices of Member Exchanges of SAFE
  • Comparative Study Report on Listing Rules of SAFE Region with Penal Provisions
  • Cross Border Listing Issues Primary Research Data
  • Cross Border Listing Issues Phase 2, Supplementary Report
  • Cross Border Listing Issues Phase 2, Final Report

FIRST is a multi-donor grant facility providing technical assistance (TA) to promote financial sector strengthening. FIRST was launched in 2002 by the Canadian International Development Agency (CIDA), the Department for International Development for the United Kingdom (DFID), the International Monetary Fund (IMF), the Ministry of Foreign Affairs of The Netherlands, the State Secretariat for Economic Affairs of Switzerland (SECO), the Swedish International Development Cooperation Agency (SIDA), and the World Bank. The World Bank manages the FIRST Initiative on behalf of the donors. FIRST has been recently extended to 2012 with funding of $100 million in total, based on its success in the first four years of its operations.

The Friedrich Naumann Foundation


The Friedrich Naumann Foundation (FNF) regularly provides funding for the organization of different events under the ‘Financial Literacy Initiative’ of SAFE. The Federation has launched this project as part of its objective of promoting investors education and awareness in the region. Under this objective, SAFE undertakes various programs to provide facilities for educational/skills development, human resources training and the spread of capital markets knowledge in the region. The purpose of the “Financial Literacy Initiative” is to create and improve awareness about the financial markets, financial services/products and other day to day or common economic issues/matters facing a consumer in our societies.

The Friedrich Naumann Foundation (FNF) is a German foundation for liberal politics, related to the Free Democratic Party. The Foundation’s activities are aimed at promoting liberal values and principles, and it is very active in the field of civic education, the international political dialogue program and the counseling programs. The Foundation organizes regular seminars & conferences, provides a discussion forum for a wide range of liberal issues, hosts leadership programs for the candidates for the political office, liberal political parties & other democratic organizations besides extensively spending its resources on various publications.