Since the mid-1990s, the International Finance Corporation (IFC) has developed a number of strategies to help micro, small, and medium-sized enterprises (MSMEs). The IFC's strategy, in place since 2001, focuses on: (i) providing financial support to MSMEs through financial intermediaries; and (ii) providing non-financial, indirect, institution-building support to MSMEs through donor-funded project development facilities. Furthermore, IFC's corporate strategies prioritize private sector development in frontier countries (high risk or low income), which have lower private capital inflows and less developed banking systems than medium (or low) risk middle-income countries. The goal of this study is to evaluate the confluence of these two institutional strategic priorities.