The Consultative Group to Assist the Poor, CGAP, hosted by the International Bank for Reconstruction and Development (”CGAP,” which may herein refer solely to the International Bank for Reconstruction and Development where such reference is required in order to be legally accurate) maintains this web site (the "Site") as a courtesy to those who may choose to access the Site ("User").

This site may contain advice, opinions, and statements of various information providers and content providers. Neither CGAP nor GPFI represents or endorses the accuracy or reliability of any advice, opinion, statement or other information provided by any information provider or content provider, or any user of this site or other person or entity. Reliance upon any such opinion, advice, statement, or other information shall also be at User’s own risk. Neither CGAP nor GPFI or its affiliates, nor any of their respective agents, employees, information providers or content providers shall be liable to any User or anyone else for any inaccuracy, error, omission, interruption, timeliness, completeness, deletion, defect, failure of performance, computer virus, communication line failure, alteration of, or use of any content herein, regardless of cause, for any damages resulting therefrom.

Intellectual Property Rights

GPFI owns copyright to the materials provided on this site. User may make non-commercial uses thereof, but may not make any commercial use, including without limitation reselling them, charging to access them, charging to redistribute them, or charging for derivative works based on them. The foregoing license is granted only as conditioned upon User providing proper attribution to GPFI and its content providers in the following format:

"Copyright GPFI 2013"

User may not use any trademark, official mark, official emblem, or logo of GPFI, or any of its other means of promotion or publicity, without GPFI's prior written consent, nor in any event to represent or imply an association or affiliation with GPFI.
For any materials submitted or posted by User, User grants GPFI a royalty-free, irrevocable, transferrable, sublicensable, and non-exclusive perpetual license for use in any and all media whether now known or hereafter devised to use and exploit (including without limitation by reproduction, distribution, public display, adaptation, and/or public performance) any and all Materials that User posts.
If User believes that his or her rights, or the rights of a third party, including any intellectual property rights, are being violated in any way by any Materials on the Site, including if User has a good faith belief that his or her copyright is being infringed by any Materials on the Site and wants to provide CGAP with a notification thereof, User should contact us at: www.gpfi.org/contact-usWe will work to prevent unlawful activity from taking place on or through the Site.

Links to third-party web sites

This Site contains links to third-party web sites. The linked sites are not under the control of CGAP or GPFI and neither CGAP nor GPFI is responsible for the contents of any linked site or any link contained in a linked site. The GPFI provides these links only as a convenience, and the inclusion of a link does not imply endorsement of the linked site by the GPFI.

Conditions of Use

If this Site contains bulletin boards, chat rooms, access to mailing lists or other message or communication facilities (collectively, "Forums"), User agrees to use the Forums only to send and receive messages and material that are proper and related to the particular Forum. By way of example, and not as a limitation, User agrees that when using a Forum, User shall not do any of the following:
- Defame, abuse, harass, stalk, threaten or otherwise violate the legal rights (such as rights of privacy and publicity) of others.
- Publish, post, distribute or disseminate any defamatory, infringing, obscene, indecent or unlawful material or information.
- Upload or attach files that contain software or other material protected by intellectual property laws (or by rights of privacy of publicity) unless you own or control the rights thereto or have received all necessary consents.
- Upload or attach files that contain viruses, corrupted files, or any other similar software or programs that may damage the operation of another's computer.
- Delete any author attributions, legal notices or proprietary designations or labels in any file that is uploaded.
- Falsify the origin or source of software or other material contained in a file that is uploaded.
- Advertise or offer to sell any goods or services, or conduct or forward surveys, contests, or chain letters. Download any file posted by another user of a Forum that you know, or reasonably should know, cannot be legally distributed in such manner.
User acknowledges that all Forums or Discussion Groups are public and not private communications. Further, User acknowledges that chats, postings, conferences, e-mails and other communications by other users are not endorsed by CGAP or GPFI, and such communications shall not be considered reviewed, screened, or approved by CGAP or GPFI. CGAP and GPFI are not obligated to, but reserve the right for any reason to remove without notice any contents of the Forums received from Users, including without limitation e-mail and bulletin board postings.


GPFI reserves its exclusive right in its sole discretion to alter, limit or discontinue the site or any Materials in any respect. GPFI shall have no obligation to take the needs of any user into consideration in connection therewith. GPFI reserves the right to deny in its sole discretion any user access to this Site or any portion thereof without notice.
MATERIALS PROVIDED ON THIS SITE ARE PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. CGAP and GPFI (including its members) specifically do not make any warranties or representations as to the accuracy or completeness of any such Materials. CGAP and GPFI periodically add, change, improve, or update the Materials on this Site without notice. Under no circumstances shall CGAP or GPFI be liable for any loss, damage, liability or expense incurred or suffered which is claimed to resulted from use of this Site, including without limitation, any fault, error, omission, interruption or delay with respect thereto. Use of this Site is at User's sole risk. Under no circumstances, including, but not limited to, negligence, shall CGAP or GPFI be liable for any direct, indirect, incidental, special or consequential damages, even if CGAP and GPFI have been advised of the possibility of such damages.
User specifically acknowledges and agrees that neither CGAP nor GPFI is liable for any conduct of any User.
As a condition of use of this Site, User agrees to indemnify CGAP and GPFI from and against any and all actions, claims, losses, damages, liabilities and expenses (including reasonable attorneys' fees) arising out User's use of this Site, including without limitation any claims alleging facts that if true would constitute a breach by User of these terms and conditions. If User is dissatisfied with any material on this Site or with any of terms and conditions of use of this Site, User's sole and exclusive remedy is to discontinue using this Site.
No waiver by CGAP or GPFI of any provision of this Agreement shall be binding except as set forth in a writing signed by its duly authorized representative.
Nothing in this Site or any Materials shall be construed, implicitly or explicitly, as containing any investment recommendations. Neither CGAP nor GPFI are registered under the U.S. Investment Advisers Act of 1940. Accordingly, nothing in such Site, or in such Materials, constitutes an offer of or an invitation by or on behalf of CGAP or GPFI to purchase or sell any shares or securities nor should it be considered as investment advice.

Dispute Resolution

This Agreement will be interpreted and enforced in accordance with the laws of the District of Columbia, United States of America. Any dispute or difference involving CGAP arising out of, or in connection with, the Site or the use of the Site which cannot be amicably settled between the parties to such dispute shall be arbitrated in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect by one arbitrator appointed in accordance with those rules. The arbitration shall take place in the District of Columbia. Any resulting arbitration decision shall be final and binding on both parties. Judgment upon any arbitration award in favor of CGAP may be entered in any court having jurisdiction thereof.

Preservation of Immunities

Nothing herein shall constitute or be considered to be a limitation upon or a waiver of the privileges and immunities of CGAP or of the International Bank for Reconstruction and Development, which are specifically reserved.