Microfinance/microcredit today is facing two challenges. Firstly, it needs be more economically and financially sustainable. Secondly, it needs to increase its outreach in order to have a more significant impact on poorer areas of the world. Access to credit for the poorest people is a trade-off between economic and financial sustainability and the spread of activity. Greater innovation in processes and products is required in order to reduce transactional costs and informational asymmetries, extend the term structure of contracts and provide suitable assessment and risk management in the microfinance sector.

This book offers a comprehensive comparative analysis of the most significant models of microcredit guarantee funds adopted in three South European countries (Italy, France, Spain) and in three North African countries (Morocco, Tunisia, Egypt). It provides a clear picture of microcredit guarantee funds in each country, focusing on three keys areas: analysis of the regulatory framework, mapping of microcredit institutions and analysis of the main features of guarantee funds. The authors highlight the strengths and weaknesses of the microcredit guarantee system and provide regulatory or operative solutions which may improve the economic sustainability of microcredit institutions and, ultimately, contribute to facilitating access to credit for microenterprises and the microborrower. The book will be a valuable resource for supervisors, microcredit institutions, guarantee intermediaries and financial intermediaries.

Paola Leone is Full Professor of Banking and Finance at the 'Sapienza' University of Rome, Italy. She is member of the academic board for the PhD in Management, Banking and Commodity Science, Chairperson of the 'International Finance and Risk Management' postgraduate degree and Director of the Master of 'Banking and Financial Management' at 'Sapienza' University of Rome. Professor Leone is author of several books and has published articles on banking and finance in prestigious journals. Her main research interests are: banking, capital markets, risk management, mutual guarantee institutions and credit risk mitigation. She acts as consultant and trainer for various financial intermediaries, public and private entities and consulting firms.

Pasqualina Porretta is Senior Lecturer in Banking and Finance at the 'Sapienza' University of Rome, Italy, where she teaches Risk Management in Bank and Insurance and Derivatives. She is member of the academic board for the PhD in Management, Banking and Commodity Science at the 'Sapienza' University of Rome. Her main research interests are: risk measurement and management (credit risk, market risk, liquidity risk, counterparty risk), capital regulatory framework, financial derivatives, credit guarantee institutions and microcredit. She acts as consultant and trainer for various financial intermediaries, microfinance institutions, public entities and consulting firms.

1. Introduction; Paola Leone and Pasqualina Porretta
2. Regulatory Framework and Supervisory Authorities in Microcredit Sector; Paola Leone, Fabio Massimo Mango, Ida C. Panetta and Pasqualina Porretta
3. Mapping Microcredit Institutions/Operators; Paola Leone, Sabrina Leo, Ida C. Panetta and Pasqualina Porretta
4. The Microcredit Guarantee Funds and Institutions; Paola Leone, Sabrina Leo, Ida C. Panetta and Pasqualina Porretta
5. Nearly Conclusive Considerations; Paola Leone and Pasqualina Porretta