Another story coming to us courtesy of the CGAP-MIX Capital Markets Update newsletter. MicroCred Group officially inaugurated MicroCred Madagascar in Antananarivo, Madagascar. According to their press release, MicroCred Madagascar has been operational since December 6th 2006, with the help of with the technical assistance of PlaNet Finance, an international non-governmental organization (NGO) that focuses on microfinance. MicroCred Madagascar provides financial services to Malagasy small and medium-sized businesses. Thus far, MicroCred Madagascar acquired a staff of 62, 30 credit officers and as of January 31st 2007, the institution had more than 519 clients and an active loan portfolio of USD 624,808.
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