Documente Academic
Documente Profesional
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International
Solidarity
for Development
and Investment
GBéxé rapport SIDI_2004 20/07/05 15:00 Page 2
Table of Contents
Chairman’s message
Solidarity finance
3
Glossary
ACAD: Arab Center for Agricultural Development (Palestine)
ADER: Association for Regional Economic Development (Mali)
ADI-Kivu: Association pour le Développement intégré au Kivu
Chairman’s
and the realities of support
to partners 8
AFD: Development French Agency (France)
ADIE: Association pour le Droit à l’Initiative Economique (France)
ALTERFIN: Financial Co operative (Belgium)
AMSSF: Association Marocaine Solidarité Sans Frontière (Morocco)
Message
AMRET: new name: EMT “Ennatien Moulethan Tchonnebat” (Cambodia)
T
AOPP: Association des Organisations Professionnelles Paysannes (Mali) wo years of the 2003-2005 develop- Here in the North, innovative alternative mechanisms have been
SIDI and its activities 10 ASPRODEB: Senegal Association for Promotion and Development à la Base (Senegal) ment plan have just come to a close. developed in a number of areas, such as solidarity financing,
BANCOSOL: Banco Solidario (Bolivia)
Financing for our partners 10 Have we fulfilled our mission to ethical investing, microfinance support operators, etc. In this
BANCO SOLIDARIO: Banque Solidaire (Ecuador)
Supporting partners 16 BMS: Solidarity Malian Bank (Mali) strengthen support for community setting, SIDI holds a unique position because :
Identifying partners, the search for finance CAC La Florida: Cooperativa Agraria Cafetalera (Peru) financial services? Have we contri-
and mechanisms to cover risks, analysis of social viability 19 CCFD: Catholic Committee against Hunger and for Development (France) buted to the evolution of SIDI’s - it is not a bank in the process of discovering the size of the low-
CCG: Cooperative for guarantee security and management (Haïti) portfolio, responded to our part- income market,
CCRD: Caisse de Crédit Rural pour le Développement (DR of Congo)
ners’ new needs and consolidated - it is not a donor granting official financing,
CCSP: Credit Co - operative to support Small Producers (Laos)
Mobilising the solidarity chain CDC: Caisse des Dépôts et Consignations (France) their financial innovations? Have - nor is it a consultancy firm that draws up and designs projects.
CEP: Capital Aid Fund for Employment of the Poor (Viet Nam) we contributed to the institutional
to exchange, innovate and capitalise 22 CERUDEB: Centenary Rural Development Bank (Uganda) strengthening of SIDI ? SIDI is a chain of solidarity activists. Our commitment to provide
CFS: Community Finance Structure The answer is yes, thanks to the support of many partners, solidarity financing services is founded more on values than on
COD-EMH: Co ordination of Development Operations - Methodist Church (Haïti)
shareholders and alliances who shared our vision of a solidarity tools. It is based on trust, social relationships, social cohesion and
CONFIANZA: Entidad de Desarrollo para la pequeña y micro empresa (Peru)
SIDI’s financial statements 26 CONSOLIDAR: Cooperativa Corfas de Credito Solidario (Colombia) economy. We have boosted and increased solidarity financing the maximisation of solidarity over profit. We defer to local
COODEFI: Coopérative Financière et de Développement Economique (DR of Congo) practices set in motion by local organizations. We have supported conditions and culture, focusing on the needs of the beneficiaries
CORDAID: Catholic Organisation for Relief and Development (The Netherlands) the capacity of local economic players to become active and and on local practices (see chapter 1).
CRG: Rural Credit of Guinea (Guinea) productive in their own environment. We have also redoubled our
EDAPROSPO: Equipo de Aseroramiento a Actividades Productivas de Sectores Populares (Peru) We are convinced that by building alliances, on the basis of our
attention to rural areas. In 25 years, microfinance has provided
ESD: Saving Solidarity Development Association (France)
ESF: Epargne Sans Frontière (France) access to financial services to millions of families who had experience in the field with our partners, we can build a viable
EU: European Union previously been excluded from banking services. In the 1990s, international system.
FAEF: Fonds d’appui à l’Entrepreunariat Féminin (North Kivu) microfinance was heralded as the tool of choice for poverty reduc-
FAPECAFES: Federacion Regional de Asociaciones de Pequenos Cafetaleros Ecologicos tion. The disasters that struck in 2004 amplified and expanded All the solidarity players who have put these innovations to work
del Sur (Ecuador) already communicate well with each other, thanks to the develop-
poverty throughout the world. More than half of humankind does
FENACOOP: Fédération Nationale des Coopératives de Producteurs (Nicaragua)
FC: Fonds Coopératif (Laos) not have access to formal financial systems and the divide between ment of networks and modern means of communication. It is
FENAGIE Pêche: Fédération Nationale des Groupements d’intérêt Economique de Pêche (Senegal) rich and poor is growing daily. Microfinance is not a universal solu- now possible to pool their efforts, learn from others and transfer
FID: Fond d’Incitation au Développement (France) tion to poverty reduction, but rather an approach whose usefulness know-how and skills from North to South, within the South and Christian SCHMITZ
FONHSUD: Haïtian Fund to promote Local Development in the Southern Province (Haïti) and interest have been recognized at world level. In 2005, decla- from South to North. Chairman of the Board
GRET: Groupe de Recherches et d’Echanges Technologiques (France)
red the Year of Microfinance by the United Nations, microfinance of Directors
HIVOS: Humanist Institute for Development Cooperation (The Netherlands)
IMOFOR: Mobil Institute for Training (Haïti)
should serve more and more people throughout the world. Since 2002, SIDI has been getting more deeply involved in the Paris, 8 June 2005.
INDES: Inversiones para el Desarrollo (Chile) Solidarity Chain for Financing and has been strengthening the
INDEPCO: Institut National pour le Développement et la Promotion de la Couture (Haïti) By offering loans and securing savings, microfinance is a source of connection between the mobilization of solidarity savings in the
IRAM: Institut de Recherches et d’Application des Méthodes de développement rural (France) hope to thousands of low-income people that they will be able to North and its use by institutions in the South and East that are
JEMENI: Union des Caisses Mutuelles d’Epargne et de Crédit (Mali) trying to improve the well-being of the populations they serve. In
plan for their future. However, today it is still difficult to gauge and
KNFP: National Council for Grassroot Financial system (Haïti)
assess the impact of microfinance on the fight against poverty. order to achieve that goal, SIDI tracks the Social and
KRK: Kreditimi Rural I Kosoves LLC (Kosovo)
KOKARI: Co - operative of intermediation in rural credit services (Niger) That is why we must continue to come up with new solutions that Development Viability of its partners in order to ascertain
LA-CIF: Latin American Challenge Investment Fund (South America) will boost the social impact of solidarity financing, so that we may the impact of financial services on local institutions and their
LIDE: Ligue pour le Développement (North Kivu) meet the different needs of family farms, make it possible for them customers. The focus is on social, environmental and ethical
MAF: Microfinance Alliance Fund (Asia) to invest in production equipment, promote marketing by farmers’ issues, to ensure that investments make good economic sense.
MAE: Ministry of Foreign Affairs (France)
organizations and provide access to housing and medicine. The Notwithstanding the diversity, complementarity and the abun-
MAIN: Microfinance African Institution Network
I NTERNATIONAL MFI: Microfinance Institution engineering of solidarity financing has a long way to go before it dance of the links in the Solidarity Chain for Financing, and
S OLIDARITY MICROFUND: Institution mutualiste de droit togolais (Togo) exhausts all its possibilities. regardless of the number of participants, the level of skills and
MISEREOR: Aktion Gegen Hunger Und Krankheit In Der Welt (Germany) degree of openness, SIDI and its partners will always be a “bell-
FOR D EVELOPMENT MUFED: “Women and development“ Credit Union (Burkina Faso) In order to cover the diverse need for financial services, a range of wether” in the world of microfinance.
AND I NVESTMENT MUSO: Solidarity Credit Union
innovative initiatives has been created. SIDI is already linked with
OIKOS: Danish Cooperative Bank Investing microcredit schemes (Denmark)
OMIPA: Oruchinga Microfinance Promotion Agency (Uganda) them and is working in partnerships with the CFSs* (Community At the close of the current 2003-2005 strategic plan, the total
PROFUND: Fondo de Inversiones incorporado en Panamá Financial Services) in the South and the East. These are true leaders estimated outstanding amount of investments is expected to be
12, rue Guy-de-la-Brosse PREFED: Programme Régional de Formation et d’Echanges pour le Développement (Rwanda) in their local solidarity economy and include credit and savings on the order of 5.8 million euros (realizable with the current equi-
75005 Paris - France ROPPA: Réseau des Organisations Paysannes de l’Afrique de l’Ouest unions, microfinance institutions, solidarity credit unions, NGOs, ty capital of 5.3 million euro and 0.5 million euros in borrowing).
Tél. : + 33(0) 1 40 46 70 00 SAINDESUR: Inversiones para el desarrollo (Uruguay)
people’s banks, producers’ organizations, associations, etc. They offer But the need for new financing resources is pressing and at the
SAPCA-EGAS (ex UGIE): Société d’Approvisionnement, de Production, de Commercialisation
Fax : + 33(0) 1 46 34 81 18 financial services to people who have been excluded from banking General Assembly of 8 June 2005 the SIDI shareholders
et de Conseil Agricole des Ententes des Groupements Associés du Senegal (Senegal)
Website : www.sidi.fr SIDA: Swedish International Development Agency services. SIDI seeks to offer its partners financial support, institutional will propose an increase in capital to fund the new partnership
SIPEM: Investment Company for Investment Promotion in Madagascar (Madagascar) monitoring, technical support, networking services on many consolidation and development plan for the next 3 years (2006-
TEMBEKA: Social Investment Company Limited (South Africa) continents and an analysis of their social viability. SIDI, because it 2008). Thanks to you and your support we will be able to pursue
TIMPAC: Tous Impliqués dans la mobilisation des ressources locales et la promotion
covers these 5 dimensions with its own financial resources, is in a very our mission into the future.
des actions communautaires (Togo)
Design and production: SIDI TITEM: Union of credit and savings local associations (Madagascar) unique position in the solidarity finance landscape. Thanks to the
Poussières d’Étoiles - Courtabœuf (91) TRIODOS: Social Bank (The Netherlands, England and Belgium) Solidarity Chain for Financing, we are able to set in motion our mis-
+ 33 (0) 1 60 92 42 72
UGPM: Union of Peasant Associations from Meckhe (Senegal) sion to consolidate the MFIs (see chapter 2) with a view to achieving
WAGES: Women’s Association for both Gain Economic and Social (Togo) equitable and sustainable development. * Comonly used MFIs, the denomination used in this report
In a bid to fine-tune its activities to achieve institutio- of which were also granted loans, and twenty in the A significant advance - international financing partners (0.5 million
nal development, between 2001 and 2004 SIDI offe- form of loans only. Furthermore, three partners - in SIDI investments in Africa euros), covering 28% of expenses;
red loans in local currencies, thanks to the creation of OMIPA in Uganda (a SIDI partner since 2002), the - revenue from its portfolio (0.2 million euros),
an exchange rate risk coverage mechanism called the Fédération des Paysans du Fouta Djallon in Guinea Only 6% of all microfinance investment funds are covering 11% of expenses.
FID (Development Incentive Fund). At 31 December and COODEFI in the Congo – benefited from a SIDI devoted to Africa12. On the other hand, since
2004, two-thirds of our portfolio was committed in guarantee in 2004. 2003, Africa has received SIDI’s largest financial The second year of its action plan, 2004, saw strengthe-
local currencies. commitment, in the form of loans and participa- ned commitments in West Africa with new partnerships in
The average outstanding amount of loans tions, amounting to 45% in 2004, compared to Mali, Togo, as well as in Ecuador and Peru, and identifica-
A preference for capital participation granted by SIDI was 80,000 euros and 34% in 2003, followed by Latin America with 27%, tion missions in Benin, Ecuador, Peru, Nicaragua,
the average size of participations 122,000 euros, compared to 31% in 2003, a result of the transfer Moldavia and the Mediterranean Basin. In 2004, Africa
Capital participations enable the MFIs to benefit from which are relatively small sums compared to of our capital from three MFIs in the region (see received 44% of SIDI’s support resources (see table no. 3).
a sustainable source of financing and to raise additio- those granted by other funds. This demonstrates graph no. 1).
nal resources in the form of loans, thanks to a levera- SIDI’s desire to diversify its portfolio and illus- Total in 2004 Total in 2003 Table 1:
ge effect. At the end of 2004, 58% of our capital was trates its philosophy to refrain from being the Africa is also the continent with the highest average in € Ks in € Ks destination of
invested in the form of capital participations and 42% biggest shareholder of a -MFI, other one excep- amount invested per country (224,000 euros), the out- Africa 604 274 SIDI financing:
in the form of loans. tion being TEMBEKA in South Africa, in order to come of large sums invested in participations, in parti- Latin America 181 227 new investments
ensure that this young structure will find other cular in SIPEM in Madagascar, TEMBEKA in South Asia 233 100
SIDI assumes a high level of risk when it acquires a investors. Africa and CERUDEB in Uganda (see table no. 2). Mediterranean basin 0 100
stake in the MFIs, often when they are just starting Caribbean 0 0
financial operations. SIDI participates in the capital of Financial commitments for diversified Creating a leverage effect Eastern Europe 0 25
young institutions that have high potential at the time partners: an example from 2004 with refinancing funds Total 1 019 728
of their creation, which is precisely when they need of which loans 620 489
long term funds. SIDI’s recent investments include the SIDI has chosen to pursue a policy of diversified SIDI has invested in three large regional refinancing of which participations 400 237
Crédit Rural of Guinea, Kokari in Niger, AMRET and approaches and partners who offer a tailored res- funds, Profund and Lacif in Latin America and MAF in
HATTHA KAKSEKAR in Cambodia, Caja Rural San ponse to the socio-economic context of their area of Asia. That has enabled SIDI to intervene in countries
Graph 1:
Martin and Confianza in Peru, MAF in the Philippines, activity. In 2004, SIDI granted thirteen financing where it had not previously been active and to have a K€ SIDI portfolio as
KRK in Kosovo, TEMBEKA in South Africa and the packages worth a total of more than 1 million very significant leverage effect on certain partners, 2 500 of 31/12/2004
Fonds Coopératif in Laos. euros, comprising nine loans and four participa- such as Banco Solidario in Ecuador….
2 020 per continent
tions, six of which were first-time financing by SIDI. 2 000
(loans, equity
The need to redeploy our capital Five of these partners offer access to financing in
investments and
cities11 (SIPEM in Madagascar, CERUDEB in Uganda,
From the standpoint of SIDI is shareholders, capital JEMENI and NIAKO in Mali and MICROFUND in SIDI, a solidarity sponsor 1 500
1 186
related claims)
participation implies specific management in terms of Togo), six operate in rural areas (UGPM in Senegal, 1 000
the risks, returns and above all the allocation of KOKARI in Niger, TIMPAC in Togo, CAJA RURAL SAN A combined development 561
resources (see study on page 15 entitled “The issues of MARTIN in Peru, FAPECAFES in Ecuador and 500 347
and investment mission 210
Disinvestment”). HATTHA KAKSEKAR in Cambodia), and two are 136
refinancing institutions (MAF in Southeast Asia and This is where SIDI’s originality in relation to other social 0
In 2004, three capital disposals took place in TEMBEKA in South Africa). investors is most evident. SIDI’s financing for partners
ba n
sin
an
Am atin
ca
ia
pe
ric
As
eri
ro
ne
be
Af
L
(See table no. 1 showing the geographical breakdown is always accompanied by a development support
Eu
rra
rib
Latin America: two partial disposals in INDES
Ca
ite
of new investments in 2004). mission, made possible thanks to the Solidarity Chain
ed
(Chile) and PROFUND (a Latin American instru-
M
ment) and a third involving the entire partici- for Financing. Some 6,000 solidarity savers share the
pation in Bancosol, in Bolivia. Developing appropriate financial instruments is a goal proceeds of their savings, which helps SIDI raise funds
that SIDI incorporated in its three-year strategic plan for its development mission. Average amount invested Average amount invested Table 2:
A small fund with numerous (2003-2005). per country in K€ per partner in K€ average
financial partners In 2004, SIDI raised 1.8 million euros to pay for Africa 224 16 partners 126 amount of SIDI
In 2004, three guarantees were issued for rural its activities and support our partners. These Mediterranean basin 173 3 partners 116 investments
SIDI, with its 5.3 million euros in capital, is classified partners: OMIPA in Uganda, COODEFI in the funds came from the following sources: Latin America 169 11 partners 108
among small funds, but it is unique in that it invests in Congo (for the solidarity credit unions in the Haiti 210 3 partners 70
a large number of local institutions. At the end of North Kivu region of the Congo) and the - CCFD and shared income from solidarity Asia 140 6 partners 94
2004, forty-one MFIs benefited from SIDI financing: Fédération des Paysans du Fouta Djalon in investment (1.1 million euros), which covered Europe 68 2 partners 68
twenty-one in the form of capital participations, four Guinea. 61% of expenses; Total 164 41 partners 109
Photo SIDI.
nical staff. Using a few representa- AMRET in Cambodia and UGPM in Senegal with particular acuteness because they must fulfil the
tive events from 2004, we will des- following tasks:
cribe our financing and support It has been demonstrated that microfinance is
tasks. We will not be presenting better adapted to the needs of activities that have a - finance economic and technical initiatives that they and fertilizer buying campaign that it conducts on Truck loaded
here all of our partners as the aim short cycle, such as trading, small restaurants, develop for their members; behalf of its members. The Federation brings together with onions,
is to explain, through examples, services and crafts, and that it is cautiously explo- - improve access by farming communities to financial 280 farmers’ groups comprising 13,500 producers, Fouta Djalon,
our activities. ring agriculture financing. Farming has its own services; organized in 18 specialized unions broken down by Guinea.
characteristics and limits, which explain why it is - generate resources to cover their own operating sectors. In order to increase producers’ income, the
difficult to meet demand in this sector. The difficul- expenses. FPFD works to improve yields of three crops: potatoes,
ties in mobilizing savings in the farming and rural onions and tomatoes, mainly by supervising the supply
Consolidating the equity base sectors are an obstacle to the creation of sustai- While UGPM and SAPCA-EGAS in Senegal, AOPP in of inputs and providing assistance on farm techniques
of the MFIs nable financing services. Mali and CAC la Florida in Peru opened the way in and marketing.
New partners in 2004: 2002-2003, SIDI has managed in 2004 to strengthen
MAF - Microfinance Alliance Fund, Microfinance in Mali, as in many other countries, is a its financial commitment to two new farmers’ For each growing season, the Federation has to
and the Caja Rural San Martin (Peru) dynamic and innovative sector but a fragile one that organizations: the Fédération des Paysans du Fouta mobilize funds for financing the collective purchase of
Reinforcing SIPEM (Madagascar), must innovate cautiously. JEMENI, a 35,000 member Djalon (FPFD) in Guinea, and the Fédération des inputs, mainly seeds and fertilizer, that it provides to its
An employee CERUDEB (Uganda) credit union, operates mainly in cities but, in response paysans producteurs de café (FAPECAFES) in Ecuador. members on credit, in exchange for payment in kind.
in an office to heavy demand from organized rural groups, has Furthermore, the debate on agricultural financing has SIDI has guaranteed a loan in local currency granted to
in Niako, Kayes,
Mali. S IDI makes use of shareholder resources from the
North to consolidate its partners’ finances in the
decided to offer its services to the rural areas. Thanks
to a 5-year loan granted by SIDI in 2004, JEMENI in
Bamako and NIAKO in Kayes can now grant loans to
prompted SIDI to improve financing instruments and
guarantees in order to facilitate the opening of credit
lines with local banks.
FPFD by the local bank, BICIGUI (a subsidiary of BNP).
This guarantee was arranged quickly and helped us
take the first step in a financial relationship that may
the disadvantaged1 for building houses in Bamako well develop over the coming years.
and for buying farm machinery. This 5-year loan Collateralising farm loans
granted by SIDI have a significant impact on JEMENI The Fédération des Paysans du Fouta Djalon Getting to know the financial services offered
and NIAKO, demonstrating to the population that the (Guinea) by the AOPP farmers’ organizations in Mali
institution is solid, in good financial health and has a
promising future. Agricultural financing brings with it a high level of risk, The financing of farming activities by producers
both internal risk caused by price instability, weather organizations is a complex operation that requires
For SIDI, a massive policy for medium-term loans is conditions, etc., and external risk, owing to the low a higher level of professionalism and the members’
more difficult to implement because of the amounts level of the organizations’ structure, inadequate familiarity with the credit procedure, all of which is
involved, which are often larger - the construction of management tools, etc. There is often a need to costly in time and energy.
a house in Mali requires a 2,000 euros loan per securitize the risks taken on by the lender.
beneficiary - and the low capital turnover. To remedy AOPP, a national federation of Malian producers, has
the situation, SIDI needs to find complementary The Fédération des paysans du Fouta Djalon (Guinea) opted to set up credit services for its members for the
financing to meet the needs of our partners, such as asked SIDI in 2004 for assistance in funding a seed production and marketing of certified seeds. Making
an alliance with CORDAID to complement our loan use of financing granted in 2003, SIDI and AOPP
Photo SIDI.
granted to JEMENI. 1
For theses families, salary is less than 115 € monthly undertook in 2004 to analyse the situation and the
Focus
The issues of Disinvestment at SIDI:
why and under what conditions?
SIDI invests in microfinance
institutions This last issue is at the heart of SIDI’s conside- operations in 1995 and will terminate at the
rations relating to disinvestment. Of course, end of 20052. Most of the disinvestments were
Ever since the CCFD, along with other institu- SIDI’s aim is not to disinvest come what may, either pre-negotiated with local shareholders
impact of this financing on the members and the Developing ties between the MFIs and local banks: tions and individuals, embarked on the but to ensure that its investment remains in (a reference group at a value relative to the
organization, in order to learn lessons about the CCRD/COODEFI in the Congo, FPFD in Guinea creation of SIDI more than 20 years ago, they line with its mission and vision and that it balance sheet, with payment facilities), or sold
difficulties encountered and make any necessary and CERUDEB/OMIPA in Uganda were been conscious of the need to carry out benefits the MFIs that most need it. to new investors, at times via MBOs3.
adjustments (see Focus, page 15: “Financing a certified actions with an eye on the future. Throughout
seed-production and commercialization programme Intermediation is used to create a climate of trust bet- the ensuing years, this consideration has been In its 20 years of operations has SIDI succeeded 3. An agreement and specific negotiations
with AOPP in Mali”). ween two parties and the end result can take different at the fore of SIDI’s concerns, that is, how to in disinvesting in a satisfactory manner in SIDI tries to make sure that disinvestment
forms, such as a working relationship, the generation find the most appropriate and efficient way to financial and social terms? takes place under the best possible conditions,
Participating in marketing financing of information, a security from a guarantee fund, etc. set up financial assistance and support for not subject to a rigid timetable. The economic
FAPECAFES in Ecuador, CAC La FLORIDA in Peru, SIDI has made headway in the use of such guarantees micro-enterprises in developing countries so SIDI’s disinvestment experience conditions, the partner’s operational and
SAPCA EGAS in Senegal, the Fair Trade mission in 2 new countries: Uganda, where a guarantee was as to facilitate their involvement in the econo- financial autonomy and access to resources,
(South Africa and Madagascar) issued to facilitate a loan from CERUDEB to OMIPA mic fabric while at the same time safeguard The disinvestments already carried out or are SIDI’s main concerns.
(see “A SIDI guarantee in Uganda”, page 17); and in SIDI’s own exixtence. underway have three different aspects :
The financing of the economic activities of the FOs2, the Congo, with a guarantee for CCRD for refinancing At the end of 2004, SIDI withdrew from its
such as for marketing, requires large volumes solidarity credit unions via COODEFI and in Guinea Thus, in the past 10 years, SIDI altered the focus 1. Differences of opinion concerning participation in BANCOSOL in Bolivia. Over
of resources. In Ecuador, FAPECAFES, the regional with FPFD, as described above. of its interventions and decided to concentrate the mission arise over time. the years, SIDI’s stake had dwindled to 0.87%
federation of small organic coffee producers in the on microfinance institutions (MFI), rather than In a small number of partnerships, the oldest of the MFIs shareholder equity. BANCOSOL ‘s
South of the country, defends the interests of small Consolidating refinancing funds on micro-enterprises themselves. The MFIs that ones, the passage of time may lead to changes emblematic in the world of microfinance and
farmers, who are also its founders. The Federation, Profund (Latin America), LA-CIF (Latin America), act as SIDI partners range widely, from mutuals, in the original vision. The environment changes name is well-known4. Via a joint operation
created by 4 regional associations with the organiza- TEMBEKA (South Africa), co-ops, NGOs, banks and financial institutions. so do the people concerned - both in the involving two other shareholders, PROFUND
tional support of VECO, a Belgian NGO, assigned itself New in 2004: MAF (a fund for Southeast Asia) They provide quality community financial partnerships and at SIDI- as also the vision and and ACTIS, SIDI sold its stake in BANCOSOL.
the task of setting up an independent, efficient and services to the populations that have traditio- the management of operations on the ground. It did so with the assurance that the financial
competitive national and international marketing Today, SIDI can draw on its experience, know-how and nally been excluded from formal financial SIDI’s and the partner’s perception of the needs would be taken up and that the
structure for buying coffee from local producers and relations developed in financial management and circles. The MFIs also try to lift the initiatives of mission may no longer be the same. How can institutional mission would continue, thanks
exporting in sufficient volumes to secure a good posi- institutional support of refinancing funds. In April these populations out of the under-develop- cooperation continue in this changing context ? to the quality of the new investors. The
tion when negotiating with wholesalers. In 2004, SIDI 2004, it brought together in Paris the shareholders of ment pattern where, , they have been relegated, This occurred with Rural Capital Partners (RCP) new shareholders are MIBANCO, a Peruvian
granted a loan to finance FAPECAFES’ coffee season, PROFUND3. During that event, SIDI organized an owing to a lack of resources,. in Thailand, the SMED in Laos and SERFINDES microfinance bank, other international
in conjunction with a loan from ALTERFIN, similar to information workshop with the participation of in Columbia. Thanks to the good historical rela- investors, including Acción Internacional,
SIDI’s financial commitment to CAC la Florida in like-minded people in order to share the experience of One of the first organizations to recognize the tionship, SIDI left these partnerships with the Bolivian individuals and members of the
Peru for coffee marketing. Financing from SIDI and PROFUND. need for equity capital, to take the risks SIDI agreement of the others shareholders and has management.
ALTERFIN meant that FAPECAFES was able to disbur- contributed to the hard resources (shareolder since continued to enjoy positive exchanges
se advances to producers’ associations in April and SIDI’s recognized experience in providing institutional equity of MFI’s) the MFIs’ hard resources and relations with them. INDES, in Chile, is among the oldest partners of
May and pay producers at delivery of the harvest, support to refinancing funds led it to take part in the (shareholder equity). MFIs need stable resources SIDI. This institution was set up as an LIC5, with
from June to August, without having to await sales MAF project, a refinancing and technical assistance over the long haul in order to consolidate their 2. Predetermined disinvestment the mission of making capital contributions
receipts (in September). fund operating in Southeast Asia. CORDAID and CRS, operations and attract additional financing for In other cases, such as PROFUND and LACIF in to small and micro-enterprises and to offer
the project’s founders, invited SIDI to take part in their growth. Latin America, disinvestment is planned and them technical support. INDES has enjoyed the
In Senegal, the privatization of the groundnut sector, the project’s institutionalization phase. This phase is scheduled in the founding documents. In support of local shareholders, including the
initiated by the state, has moved ahead. However, fundamental because it is when the future of the Is SIDI disinvesting? the case of LACIF, a credit fund, the end of Fundación para el desarrollo6, Inversiones Norte
SAPCA EGAS in Senegal has not yet succeeded in initiative will be decided, i.e. whether or not a legally operations in their present form will cause Sur (INDES)7, as well as individuals. (Continued
overcoming its difficulties and will require a large independent fund, to which the MAF founders will Participation in the capital of a MFI is a big no difficulties, as loans will be paid back on a on page 14)
rescue plan. transfer their participation will be created. commitment for SIDI and has the following scheduled date.
characteristics : 1
Investment is in full swing: thirteen participations in ten
Marketing, a vital task of the producers’ organizations, SIDI’s participation in MAF meant it would be involved • Risk, whether political, financial (devaluation PROFUND, an investment fund, consolidates countries, with a total close to US $20 million.
requires large amounts of financing and, at times, a in a new initiative, improve its knowledge of risks), operational or regulatory. the shareholder equity of MFIs1 and works 2
July 2005 to June 2006 is the last accounting period.
search for outlets where farmers can sell their products the region, and support the financing of new MFIs in • Income: Unlike a loan that generates a regular under constraints similar to SIDI’s. However, 3
Employee buyouts
at the best price. In 2004, SIDI organized a mission association with other investors. flow of cash from interest paid in accordance unlike SIDI, owing to the (i) size and institutio- 4
Figures at the end of February 2004: shareholder equity – US
to South Africa and Madagascar with CCFD and with a specific timetable, shareholders in nal maturity of the MFIs, (ii) the amounts $17,678.00; gross amount outstanding – US $89,666.00;
SOLIDARMONDE to hold talks between producers’ 2
Farmers’ organizations general receive no dividends, particularly in the invested and (iii) the statutory requirements number of customers – 59,085.
3
PROFUND is an international financing structure created in 1995 to pro-
organizations and SOLIDARMONDE and to find com- mote the development of micro-enterprises by consolidating the sharehol-
first years of an MFI. imposed by the founding multilateral donors, 5
Local investment company
mon ground between SIDI and CCFD. The mission iden- der equity of MFIs that finance these micro-enterprises in Latin America. • Resources: When and how to recoup sums PROFUND has little room for manoeuvre 6
A fund of the Chilean Catholic church
See article in the quarterly review Techniques Financières et
tified some potential but a number of difficulties remain Développement TFD published by Epargne Sans Frontière, no. 78, March
invested in order to redeploy them on new to extend its duration i.e. investments and 7
A private investment fund that controls the Banco del
to be resolved before tangible results can be expected. 2005. partnerships. investors’ participations. PROFUND began Desarrollo (BDD), a Chilean commercial bank
Focus
Focus
The issues of Disinvestment at SIDI: in terms of weaknesses: the commercial bank, regarding a local organisation • The creation of a collabora-
why and under what conditions? such as OMIPA. tive relationship between
• the lengthy negotiations that proved to be necessary CERUDEB and OMIPA that could
Five years after it was set up, INDES had spent and long-term loans and leasing). Vital individuals close to INDES has also between CERUDEB and SIDI in order to set up the … and strengths: take on other forms in the future.
its equity on participations in various economic logistical support was provided by the Banco expressed interest. transaction. • And above all, the mobilisation of local
projects. In Chile’s relatively sophisticated Del Desarrollo (BDD), a member of the INS • SIDI is involved in the analysis and follow-up • The absence of any cost repercussions on capital in favour of a microfinance institution
regulatory environment, INDES would have group. As a result, by the year 2000, INDES For INDES closer ties with INS/BDD a means of the financial situation of the institutions it sup- OMIPA with regard to the guarantee. that would probably not have access to this
had to file for bankruptcy, unless fresh capital had succeeded in (i) negotiating sizeable to broaden its horizons by gaining access to ports, whereas CERUDEB limits its intervention • CERUDEB’s acceptance of the interest rate initially capital without SIDI’s guarantee. Only the
were available, because it had no regular financial support from FOMIN9 for its local resources and expanding its operations to the minimum, with the existence of tangibles agreed upon by SIDI, which is lower than the rate future will tell whether or not this relation-
income to pay its expenses. It was at that time institutional development, (ii) attracting in the field of micro-leasing. For SIDI, this guarantees. it would normally apply. CERUDEB also accepted a ship will continue beyond the guarantee
that the commitment of its Chilean promoters additional financing with the assistance of gradual disinvestment will enable it to • A certain feeling of mistrust on the part of CERUDEB, longer repayment period (three years). provided by SIDI.
demonstrated its value. They took up the SIDI and (iii) turn a profit, a prerequisite for redeploy resources towards new partnerships
challenge to find local financing8 in order to attracting new investors. in the area and consolidate the vision of its
build an institutional dynamism for funding promoters.
the loan of enterprises (LFS – local financing In 2003, SIDI began the partial transfer of its A production and marketing programme for certified seeds with AOPP in Mali
structure). INDES put together financial participation, spread over three years. The new
products to satisfy the needs of small and investors are varied. One is an investment 8
From CORFO – a public social development financial institution A commitment to rural financing seed varieties produced really did respond to the de and approach and also means that it must
micro-enterprises for working capital (short- fund, Inversiones Norte Sur; another is a 9
The Multilateral Investment Fund, managed by the
needs of small farmers and to make sure that the have a wide variety of skills (with regard to guiding
term loans) and for a investment (medium- European social investor; a group of Interamerican Development Bank. For several years, SIDI has been focussing its efforts small farmers are trained in the multiplication of the a project and the development of suitable financial
on the financing of the rural world, particularly in improved seed stock. On the basis of tests carried products, etc.).
Western Africa. out in 2002 amongst several small farmers, AOPP
SIDI has been working in Mali since 2003 with the selected 40 small farmers in order to widen • the financing of agriculture by small farmers’
The SIDI guarantee scheme in Uganda Association of Professional Small Farmers’ its promotion of the improved seed programme, organisations themselves.
Supporting partners
A s well as the provision of financing, SIDI’s core
business is to support and to councel its partners.
Reflecting on concrete strategic proposals over the
long term
Contributing to capacity building
• anticipate risks and propose solutions. mission and to protect the institution’s assets over the discussed at the Board meeting (financial accounts…).
Photo AMRET.
• effectively undertake the Board of course of time (Rock, 1998)”. The governance of MFIs can SIDI’s support for the governance of the MFI itself, along-
Director’s mission of monitoring the MFI. be a decisive factor in the success or failure such institutions. side other institutional partners (such as Alterfin, Cordaid,
Photo SIDI.
cial institutions, WAGES has achieved excellent financial that touch upon different aspects of the management of
results, but in order to do this they had to adjust their port- MFI. Thanks to the financial autonomy that SIDI enjoys, the New partners were sought in 2004 in Egypt (in
folio and exposed themselves to higher risks. SIDI is current- sustainable and flexible nature of our relationships, plays a close collaboration with CCFD), in Nicaragua
ly looking at this situation with WAGES with a view to main- decisive role in our network of partnerships and in the rela- (also with CCFD), in Benin and in Togo (with
taining the initial vision of the institution and ensuring that tionship of mutual trust that SIDI promotes with its partners. Alterfin), in Burkina Faso, in the Great Lakes
the development of portfolio is in conformity with it. region (linked to the Great Lakes strategy that
Providing management support : is being carried out with CCFD), in Haiti (in the
Creating financial products for rural communities accountancy, audit, creation of monitoring mango sector), in Moldavia, in Mali (Banque
UGPM (Senegal), TITEM (Madagascar), tools, human resource management Malienne de Solidarité).
MUSO in the Great Lakes Region,
MUSO training in Mali, IMOFOR (Haiti) Producing tools to monitor the portfolio: The desk officers spend a considerable amount of
Kokari (Niger), MUSO in the Great Lakes Region, their time (approximatively 25%) identifying and
Over the last few years, SIDI has done a significant UGPM (Senegal), FONHSUD (Haiti), appraising new partners to respond to the partner-
amount of work in respect to the creation and promotion FENACOOP (Nicaragua) ship requests received by SIDI or requests to establi-
of financial products that are customised to meet the sh alliances. This work takes place either in the new
needs of isolated areas and that provide access to finan- In 2004, SIDI devised a portfolio monitoring tool called countries SIDI is now working (pursuant to our
cial services and the involvement of the loan beneficiaries MUSO SIG, which is an Excel-based tool designed to guide strategic plan or linked to an alliance), or in the The search for mechanisms to cover risks: Market
in the management and monitoring of the savings and a group of 300 MUSO over a period of approximately countries where SIDI is already working so as to give the financing of partners in crisis areas: scene,
loans operations, so as to reduce the costs: the solidarity- 10 years. It also created a portfolio monitoring tool for concrete expression to our “multi-partnership” ACAD in the West Bank, NAJDEH in the Lebanon, HaÏti.
based mutuals known as MUSO4. KOKARI and FONHSUD and worked on producing software strategy. There is a cost element for SIDI in this the Great Lakes region, Haiti, Colombia.
In addition to providing regular financial support to its to analyse family farms in Senegal, now used by UGPM. identification work, which covers both small and
partners who have developed the MUSOmodel, SIDI also large initiatives, and we should bear in mind that Not only do the conflicts that these countries are faced
completed the MUSO training guide in 2004. SIDI used Performing audit missions and providing it does not always lead to the establishment of a with have disastrous consequences in human terms,
this guide to train AOPP members in Mali and to assist in accountancy support financial or technical partnership. but they also have an impact on the way in which the
setting up solidarity - based mutuals in the landlocked Fonds coopératif in Laos, Kokari in Niger microcredit institutions operations . The context within
rural areas of Mali. The identification work initiated by SIDI in Egypt which work is carried out with the MFIs in conflict
In Laos, SIDI is supporting the introduction of an accoun- was carried out following its participation in the zones (Lebanon, Palestine..) as well as in politically uns-
Furthermore, SIDI is also involved in the creation of tancy function that will make it possible to track loans and second annual meeting of SANABEL, a microfinan- table areas (Great Lakes, Haiti, Colombia), means that
financial products that are tailored to meet the needs of the monitor expenditure, on the basis of reliable data, so as to ce network for Arab countries, that was held in the working methods must be adapted accordingly and
rural communities: with TITEM in Madagascar it has helped consolidate the network of CCSPs. This is an essential Cairo from 6 to 8 December 2004. Once it had this generally requires the creation of local, solidarity
to create a product that takes the form of Village Community activity for several reasons: to support the transparency of completed an information-gathering analysis of - based financial tools (cf. Focus on “SIDI’s work in a
grain banks.The extension of this product to other areas has the accounts, to detect and to understand the causes of the country’s socio-economic situation and of its conflict zone”, page 21).
been helped by support from CCFD and the SAHA program- problems related to defaulted repayments, to train the staff, microfinance sector, SIDI became acquainted with
MUSO training me of Intercoopération Suisse. In Senegal, where rural finan- to allow for innovations to take place. partners from the Egyptian civil society supported The incentive fund (FID), that was created in 2000 following
organised for cing is the main focus of SIDI’s work with UGPM, SIDI has by CCFD, as well as with partners supported by joint reflection and discussions between the CCFD, SIDI and
AOPP in Mali. collaborated in the production of brief studies on village Accompanying the training of human resources other international development bodies (Cordaid, the religious congregations that are SIDI shareholders, is
farms, to better understand the CRG (Guinea), HATTHA KASEKAR (Cambodia), CRS…) and was able to establish initial contacts able to cover the main risks incurred by solidarity investors,
linkages between the resources with the institutions in Egypt. The mission it is due in relation to the economic and political conditions of the
Photo SIDI.
Focus
Focus
SIDI’s participation in the governance of a CFS in Kosovo SIDI’s work in a conflict zone
In the Lebanon and on the West Bank
1
AFD : French Development Agency February 2005 with outstanding loans of must be set up, such as the endorsement by an Popular uprising involving stone throwing.
1
2
SIDA : Swedish International development Agency $US60,000. The project has managed to obtain employee in the formal sector, which is something French Committee for International Solidarity
2
Photo SIDI.
The SIPEM work and provides support for seeking ressources, training SIDI’s support for networks was further reiterated in 2004 partners in Laos, in Africa (for the MAIN network), in Haiti,
team and programmes… Indeed, 2004 was a year of transition for by the organisation of a seminar in Asia7 that took place in in the Great Lakes region, in Madagascar, in Palestine, in
the Managing MAIN: following its 2001-2003 programme, an evaluation Phnom Penh in Cambodia from the 15 to 18 November. Uganda for the organisation of a workshop. AFD, MISE-
Director of of its activities was carried out amongst its members and This seminar brought together 65 participants from MFIs REOR, DGRV and CORDAID also made more than €30,000 Graph 3: geographical breakdown of financial resources
TEMBEKA face financial partners. in the region (Cambodia, Laos, Vietnam, India, Indonesia, available for the organisation of the fifth Asian seminar. mobilized in 2004 via alliances.
to a catering Philippines), who are partners of SIDI, CCFD and others. Mobilized amount : 1 104 757 €
Caribbean France 0%
activity financed In 2004, it also provided two training sessions for the SIDI organised this seminar in collaboration with its A further €564,000 in supplementary resources should be
1%
by TEMBEKA African professional and managerial staff involved in two local partners, AMRET and HATTHA KAKSEKAR and added to these co-financing amounts. These additional
during an microfinance (one session was for English speakers and benefited from the assistance and financial support of: resources are the result of SIDI’s lobbying of its alliances PECO 4% Africa - MAIN
exchange was held in Uganda at the UMU1, whilst the other session AFD Cambodia (through its PASMF8 programme), and the funds are granted directly to the partners. 21%
organized was for French speakers and was held in Abidjan in Mediterranean
by MAIN in partnership with CAMPC2). Other activities included a facilitate the assimilation and adaptation of microfi- basin
Insert n° 1: Extract of the MAIN evalua- 2%
South Africa. preparatory workshop for the seminar on the impact of tion (evaluation report prepared by nance practices within the reality of the African
SOFI (Belgium) and IRED (Zimbabwe) setting. This applies both to MAIN’s practices and to Asia 13%
the training it organises, particularly the sessions
“ The MAIN network is one of the largest networks provided by the UMU. Not only is this programme Africa 24%
of African MFIs. If we count the number of direct designed to continue over a long period of time, it Latin America
26 %
members then we could even say that today; MAIN is has also become a reference point in its own right
the largest network in Africa. Out of its 57 members, across the African continent, through the develop-
51 are African MFIs. ment of a programme that leads to a certification. CCFD 30,67% Table 4:
MAIN is a learning organisation and is not merely a Congregation of the Sœurs Auxiliatrices 18,02% breakdown
The specificity of MAIN in terms of membership vector for the transmission of external knowledge. Congregation of the Sœurs Ursulines de Jésus 10,03% of SIDI’s capital
• The MAIN members are diverse in nature since Its programmes are designed as a response to the Total contributed by the Pact of shareholders 58,72% at December 31,
they include MFIs, credit co-operatives, universities, needs expressed by its members. AFD 3,14% 2004
investors. This is certainly an advantage and promotes Caisse des Dépôts et Consignation 4,29%
complementarity. From a geographical point of view, The thematic specificity of MAIN Crédit Coopératif 1,00%
the members have a wide variety of origins and are It is the sheer variety of these topics and their SICAV Nord Sud Développement 1,14%
both French and English speaking. transversal nature, that is one of the main Société Coopérative Autonomie et Solidarité 0,29%
• The majority of the members are medium-sized features of the MAIN training programmes and Total contributed by the financial institutions 9,86%
organisations . Generally speaking, the MFI members seminars. Association Epargne Solidarité Développement 24,42%
rely heavily on local savings, are sensitive to the need ALTERFIN (Belgium) 1,43%
for viability and are customer- driven. MAIN has developed a substantial training program- CORDAID (Netherlands) 2,13%
me over the last three years. It organises three or four OIKOCREDIT (Netherlands) 0,09%
The specificity of MAIN from the point of view of annual events, mobilising between 100 and 200 MFI OIKOS (Denmark) 0,25%
its actions professionals. There is no doubt that this is one of the Total contributed by the European partners 3,90%
Photo SIDI.
By its very nature and the duration of its training most well - developed programmes on the African Others (associations, foundations…) 3,07%
sessions and its sectoral seminars, MAIN strives to continent”. TOTAL 100%
The main beneficiaries in 2004 were the MAIN network, today the local and international actors who provide typology of clients, at three levels: the family farm, the The Solidarity Chain in action
Microfund and Timpac in Togo (Alterfin granted loans to support to this sector are asking the MFIs to explicit- co-operative (its social role) and the region (the articu-
these two institutions), the Co-operative Fund in Laos, ly state their approach to social viability and to lation between local development services provided by In November 2004, twenty shareholders and subscribers
OMIPA in Uganda (thanks to support given by SCAC explain how they reconcile, at the same time, social the co-operative to the region and their invoicing). gained first hand experience of a series of exceptional
Uganda). objectives and the aim of financial sustainability. meetings in Senegal. Thanks to an excellent preparation
SIDI’s approach to capitalisation and the progress it • In Guinea with the Crédit Rural de Guinée. From its of their visit, the quality of the relations that exist
Finally, more than €195,000 of financing was negotiated has made in this area has not only been welcomed, very beginning, this institution has always applied between CCFD and SIDI and their partners and the
for specific missions carried out by SIDI at the request of but also embraced by partner MFIs and international a firmly expressed social mission: interventions in iso- excellent service provided by “Voyager Autrement”, the
its alliances and of its partners (missions in Benin for a operators. lated rural areas, the provision of products to the most participants were able to meet actors on the ground at
French NGO, in Eritrea and Nicaragua for CCFD, in Mali marginalised rural communities, equalisation mecha- a local, regional (meeting of the USE, of the Fenagie, of
for the Coopération Suisse, in South Africa for A specific position nisms between the various rural banks so that the CRG the SAPCA EGAS, of UGPM) and national level.
Solidar’Monde, in Kosovo for ADIE, in Haiti for the KNFP, can contribute to those that are unprofitable… On the
in the Ivory Coast and in Uganda, as part of the training The concept of social viability focuses attention on the basis of indicators already produced by the CRG, the The visitors were impressed by the welcome they
sessions organised by the MAIN network, etc.). social dimension of our activities with our partners and social viability approach is now being developed to received9 and by the receptiveness of all concerned.
more particularly on sustainability of the impact and identify the relevant indicators that are the most likely Upon their return they were very keen to report on
In total, in 2004 all of these efforts at leveraging supple- the social changes engendered. The work undertaken to provide an understanding of social viability. what they had discovered by organising meetings
mentary funds raised more €1.1 million, 45% of which around the notion of social viability is not based on that serve to reinforce the support for financial
was used in Africa (cf. Chart n° 3). SIDI’s needs and expectations, but rather on those of solidarity introduced by SIDI.
our partners. SIDI believes that it is important that the Savers and shareholders
The links created by SIDI with European institutions actors on the ground have social objectives, that they
that share its vision of solidarity - based financing, be aware of the changes in people’s lives and what
who express their solidarity: 1
UMU: Ugandan Martyrs University
such as Alterfin in Belgium, Cordaid in the they want to change, not as a justification to the exter- the life of the Solidarity 2
African Centre for the Management and Improvement of professional and
Netherlands, Oikos in Denmark, MISEREOR in nal partners, but so as to assess the social Chain in the North managerial staff
Germany, continue to grow stronger. A collaboration relevance of their action and to be able to adjust their 3
The FORO-LAC is a grouping of national networks in nine Latin American
countries
agreement was signed in September 2004 between strategies accordingly. Solidarity investment 4
FINANSOL is the French umbrella organisation of solidarity-based financing
SIDI and CORDAID, so as to provide an institutional
5
International Association of Investors in the Solidarity Economy
framework for the various partnerships which are An experimental approach Since the last increase of capital in October 2001, the
jointly supported in the countries in which both orga- ESD (Savings, Solidarity and Development) association
6
European Federation of Ethical and Alternative Banks A meeting with
in three countries
nisations operate (Mali, Haiti, Madagascar, Senegal, has sold more that 1,500 shares to individual
7
http://www.sidi.fr/asie/index.html a MUSO, UGPM
the MAF regional tool in Asia…). The approach to social viability may take different forms shareholders, thus promoting the enlargement of the
8
Support Programme for the Microfinance Sector. in Senegal.
according to the country, the partner and the context number of actual individual shareholders who support
9
Issue 15 of InfoSIDI will carry a report on the richness of these meetings
Since the SIDI workshop in October 2001, the whether the work on family farms could contribute to The regional correspondents of SIDI/CCFD, who now
Solidarity Chain for Financing has been engaged in a reducing the negative effects of having to make ends total 25 in number, continue to promote the Mutual
reflection in the “social fecundity of its investments” in meet and of indebtedness to money-lenders, a Fund known as “Hunger and Development”,
order to better understand how our investments position which people often find themselves. This together with the Diocesan Committees of CCFD. The
contribute to the well-being of the populations that work consists in the preparation of small studies Fund’s shared product helps to finance services
benefit from financial services. and logbooks regarding the family farms that have and technical support provided by SIDI. A
received a loan. “Correspondent’s Charter” has been drawn up and
This approach has provided us with the working highlights the aims (informing people about solidari-
basis to introduce considerations on “social viability • In Peru with CAC la Florida, an organisation of ty financing and increasing its value), requirements
and development” within our team and in our rela- coffee producers that is heavily involved in local (to be trained, to share the same convictions) and the
tions with our partners. The real challenge lies in lin- development activities. In both its mission and vision, means made available (promotional material,
king this to SIDI’s core business and that of its part- this organisation focuses on the integration of young videos…). At the end of 2004, the outstanding
ners, as well as the latter’s understanding of SIDI’s people, so as to ensure the sustainability of its amount of the “Hunger and Development” Mutual
core business. Whilst in the 1990s the efforts to gua- activities and to ensure appropriations by future Fund, managed by the Crédit Coopératif, stood at
Photo SIDI.
rantee the continuity of the MFIs were focused on generations. Their work on the issue of social viability is €49 million provided by 5,000 subscribers, with
issues regarding financial and institutional viability, being carried out along the lines of a diagnosis and a €520.000 resources shared.
Adress book
AFRICA MADAGASCAR - TITEM RD CONGO - ADI –KIVU TANZANIA - AKIBA Commercial PALESTINIAN TERRITORIES CHILE – INDES PERU – EDAPROSPO CAMBODIA - HATTHA KAKSEKAR
Lot IVM 7 - Ambodivona Actions pour le Développement Bank ACAD Serrano n° 14 Octavio Bernal 598 # 39, Street 432
MAIN B.P. 1291 intégré au Kivu TDFL Building (Phase II) P.O.Box 3816 Al-Bireh Dpto 202 Jesús María Sangkat Boeung Trabek
Abidjan Offices -Ivory Coast Antananarivo 101 B.P. 1554 P.O. Box 669 Via Israël Comuna de Santiago de Chile Apartado Postal : 110325 Khan Chamkar Morn
20 B.P. 1359 - ABIDJAN 20 Phone : 00 261 20 22 658 67 Bukavu Dar es Salaam Phone : 00 970 2 240 96 50 Phone/Fax : 00 562 63 26 00 Lima 11 B.P. 2044
Addis Ababba – Ethiopia Offices Fax : 00 261 20 22 658 67 Phone : 00 255 222 11 83 40 Fax : 00 970 2 240 96 52 E-mail : indes@terra.cl Phone : 00 511 463 4173 / 00 Phnom Penh 3
P.O. Box 278 - Addis Abbaba E-mail : titem@bow.dts.mg RD CONGO - CODEFI Fax : 00 255 222 11 41 73 Website : www.indes.cl 511 461 6014 Phone : 00 855 23 994 304
E-mail : acad@palnet.com
BP 78 Butembo E-mail : Akiba@cats-net.com Fax : 00 511 463 0776 fax : 00 855 23 994 303
E-mail : mainafrica@aol.com /
fantaw@telecom.net.et MALI – AOPP COLOMBIA - CONSOLIDAR E-mail : david@edapr.org.pe E-mail :
RD CONGO – FAEF TOGO – MICROFUND Calle 55 N° 10-76 hatthakasksekar@online.com.kh
B.P. 3066 – Bamako
BP 561 Butembo 64 rue du marché de N’kafu CARÏBBEAN Oficina 305 PERU – LA-CIF Website : www.hkl.com.kh
SOUTH AFRICA - TEMBEKA Phone : 00 223 228 67 81 derrière la station Schell, Jean Paul II
E-mail : aopp@cefib.com E mail : baef3@yahoo.fr Bogotá Bolivar # 472 - bureau 702/703
P.O. Box 13859 BP 61652 Lomé HAITI – COD/EMH
Phone : 00 571 248 99 01 Lima 18 LAOS – FONDS COOPERATIF
Mowbray 7705 Phone : 00 228 226 63 20 Delmas 95 - # 15 Frères -
MALI – JEMENI RD CONGO – LIDE/CCRD E-mail : cconsolidar@etb.net.co Phone : 00 511 446 8877 Rue T2 B, Sibounheuang
CAPE TOWN – South Africa Fax : 00 228 226 63 19 P.O.Box 6 - Port-au-Prince
Immeuble Gadjaba Kadjel BP 94 COSTA RICA – PROFUND Fax : 00 511 446 8585 Muang Chanthabury
Phone : 00 27 21 447 81 38 E - mail : microfund99@hotmail.com Phone : 00 509 257 75 44
face place OMVS – Marché Dibida Butembo – Nord Kivu P.O.Box 769-1005 E-mail : lacifluc@amauta.rcp.net.pe VIENTIANE
Fax : 00 27 21 447 81 38 Phone : 00 243 98 38 66 84 Fax : 00 509 257 92 28 San José de Costa Rica fernandol@cyrano-management.com Phone : 00 856 21 26 18 25
B.P.E. 2100 TOGO TIMPAC E-mail : idurandis@cod-emh.org
E-mail : tembeka@metroweb.co.za E-mail : lidelitembo@yahoo.fr Phone : 00 506 220 4122 / 290 E-mail: fc.sisaliao@etllao.com
Phone : 00 223 223 4755 BP 173 Dapaong
Fax : 00 223 223 9405 Phone: 00 228 770 83 70 2404 /296 8004 PERU – LA FLORIDA
BURKINA FASO – MUFEDE RWANDA – Coopérative HAITI – FONHSUD Fax : 00 506 290 2345 Av. Peru N° 432-444 VIETNAM - CEP Fund
E-mail : jemeni@cefib.com E mail : timpac@ids.tg
Immeuble Le Walkoye INTAMBWE Rue Egalité - AQUIN E-mail : asilva@intercentro.com Pampa del Carmen 14, Cach Mang Thang Tam
Avenue de la Résistance du 17 mai B.P. 7018 TOGO – WAGES E-mail : fonhsud@hotmail.com La Merced – Chanchamayo Dist. 1 - Ho Chi Minh Ville
MALI – Banque Malienne
Ouagadougou KIGALI B.P. 1339 Lomé ECUADOR – BANCO SOLIDARIO Phone : 00 516 453 11 93 Phone : 00 848 822 33 21
de Solidarité – BMS SA
Phone : 00 226 318 827 Phone : 00 250 510.536 Phone : 00 228 222 54 71 HAITI – KNFP/IMOFOR Av. Amazonas 3887 y Corea - Fax : 00 516 453 11 90 Fax : 00 848 824 56 20
Immeuble Dette Publique
E-mail : mufede@senatrim.bf Fax : 00 250 510.537 Fax : 00 228 222 78 99 173 bis Avenue Jean Paul II Edificio Grupo Enlace E-mail : laflorida@infonegocio.net.pe E-mail : van.nth@cep.org.vn
2ème Etage - BPE 1280 – Bamako
E-mail : intambwe2001@yahoo.fr E-mail : wages@cafe.tg Turgeau PBX : 260260
Phone : (223) 223 50 34 - 223 50 44
Port-au-Prince Quito PERU – Edpyme CONFIANZA
GUINEA – Crédit Rural de Guinée Fax : (223) 223 50 43
SENEGAL – UGPM Phone : 00 509 244 07 35 Phone : 00 593 2 26 85 34 Avenida Centenario N° 356 PHILIPPINES – Microfinance
B.P. 3790 Conakry E-mail : bms-sa@bms-sa.com
B.P. 43 - Meckhé MEDITERRANEAN E-mail : knfphaiti@transnethaiti.com Fax : 00 593 2 26 88 43 San Carlos 6 Apartado 125 Alliance Fund Administrator
Phone : 00 224 41 35 71/45 43 38
Phone : 00 221 955 51 13 BASIN E-mail : bsolidario@enlace.fin.ec Huancayo Catholic relief Services – USCCB
Fax : 00 224 41 12 78 MALI - NIAKO Fax : 00 221 955 52 86 Website : www.solidario.com.ec Phone : 00 5164 217 000 Philippine Program
Quartier Légal Ségou HAITI – INDEPCO
E-mail : crg@mirinet.net.gn E-mail : ugpm@sentoo.sn LEBANON Fax : 00 5164 212 417 PO Box 1379, CPO Manila
KAYES Rue Pierre Anselme n°3
ASSOCIATION NAJDEH ECUADOR – FAPECAFES E-mail : CBCP Building – 470 Gen. Luna St
Phone/Fax : 00 223 252 44 05 Entrée Automeca
GUINEA – Fédération des SENEGAL - ASPRODEB P O. Box 113 Av. Santiago de la Montanas 06- presidenciaconfianza@terra.com.pe Intramuros 1002 Manila
E mail : reseauniako_kayes@yahoo.fr 6099 - Beirut Route de l’aéroport
paysans Producteurs du Fouta 8, boulevard de l'Est X 60, 2do. Piso Phone : 00 63 2 527 8331 to 35
Phone : 00 961 1 30 20 79 Port-au-Prince
Djalon rue 2 bis - Dakar P.O. Box L-11-01-23 URUGUAY – SAINDESUR Fax : 00 63 2 527 41 40
NIGER – KOKARI Fax : 00 961 1 70 33 58 Phone : 00 509 250 52 16/52 17
BP 52 PITA Phone : 00 221 825 56 65 LOJA Bulevar Artigas 1119 - SUBSUE-
B.P. 11122 - Niamey E-mail : najdeh@cyberia.net.lb /52 18
Phone Inmarsat :00 870 762 638 770 Fax : 00 221 824 48 74 Phone : 00 593 7 25 83 478 LO - Montevideo
Phone /Fax : 00 227 75 25 12 E-mail : indepco@haitiworld.com
Fax Inmarsat : 00 870 762 638 772 E-mail : fkdiop@cyg.sn Fax : 00 593 7 25 88 403 Phone/Fax : 00 598 2 402 27 80 EASTERN EUROPE
E-mail : kokaris@intnet.ne MOROCCO – ALAMANA
E mail : E-mail : info@fapefaces.org.ec E-mail : indesur@adinet.com.uy
28 rue Oum Errabia – Agdal
fede.fouta@mail-agriculteur.com SENEGAL – FENAGIE PECHE Website : www.fapecafes.org.ec POLAND - TISE
UGANDA - CERUDEB Rabat SOUTH AMERICA
www.paysansdufouta.org Quai de pêche de Hanneton UL. Nalewki 8/27
Plot 7, Entebbe Road Phone : 00 212 37 77 01 41
20374 Dakar Thiaroye NICARAGUA – FENACOOP ASIA 00-158 Varsovie
Fax : 00 212 37 68 67 12 BOLIVIA – BANCOSOL
P.O. Box 1892 Phone : 00 221 832 11 00 Phone/fax : 00 505 270 70 00 Phone : 00 48 22 636 07 40
MADAGASCAR - SIPEM E-mail : fouad@alamana.org.ma Casilla 13176
Kampala E mail : fenagiepeche@sentoo.sn E mail : fenacoop@kurbonett.com CAMBODIA - AMRET Fax : 00 48 22 636 29 02
Immeuble SANTA LOT V Website : www.alamana.org
Phone : 00 256 41 251 276 Calle Nicolás Acosta N° 289 72/74, rue 598 E-mail : inwestycje@tise.com.pl
24, rue Naka Rabemanantsoa Fax : 00 256 41 251 273 SENEGAL – SAPCA-EGAS Esq. Cañada Strongest/Plaza San PERU Boeng Kok II - Toul Kok
Antanimena MOROCCO – AMSSF
(ex UGIE-EGAS) 33 résidence Essalam Pedro CAJA RURAL SAN MARTIN BP 57 KOSOVO – KRK (Kreditimi Rural
B.P. 8616 UGANDA - OMIPA Quartier Diamagueune 1 La Paz Jr Martinez de Compagnon # 235 Phnom Penh I Kosoves LLC)
Avenue Al Mohads – Appt. 1
Antananarivo 101 B.P. 1240 B.P. 1120 M’Bour Quartier de la Gare – Fès Phone : 00 591 2 39 28 10 Tarapoa, San Martin Phone : 00 855 23 880 942 MEB Building 3rd Floor
Phone : 00 261 20 22 300 98 KABINGO - MBARARA Phone :00 221 957 49 57/ 639 26 24 Phone : 00 212 55 626 764 Fax : 00 591 2 39 19 41 Phone : 00 51 94 52 60 11 Fax : 00 855 23 881 342 UCK Street
Fax : 00 261 20 22 355 34 Phone : 00 256 48 52 26 11 Fax : 00 221 957 40 07 Fax : 00 212 55 733 431 E-mail : Fax : 00 51 94 52 48 88 E-mail : phalarin@amret.com.kh Pristina - Kosovo
Email : sipem@wanadoo.mg E-mail : omipa_micro@yahoo.com E-mail : ugiegas@sentoo.sn E-mail : amssf@menara.ma KKoenigsfest@bancosol.com.bo E mail : caja@crsanmartin.com.pe Website : www.amret.com.kh Phone : 00 381 38 24 35 54
SUPERVISORY BOARD
LAMBLIN Xavier
Chairman
MESNY Philippe
Vice - Chairman
CORDAID
represented by Jacob Winter
CREDIT COOPERATIF
represented by Laurence MORET
BITSCH Gérard
Member
BOARD OF DIRECTORS
Christian SCHMITZ
Chairman of Board of Directors
Christophe COURTIN
Martine MORINCOME
EXTERNAL AUDITORS
Fouad EL M’GHAZLI
I NTERNATIONAL
S OLIDARITY
F OR D EVELOPMENT
AND I NVESTMENT