MICROCAPITAL STORY: New Amendment and Results from United Nations Development Program (UNDP) Microfinance Investment and Technical Assistance Facility (MITAF) Project in Sierra Leone

The Government of Sierra Leone, the United Nations Development Program (UNDP), the United Nations Capital Development Fund (UNCDF), the Catholic Organization for Relief and Development Aid (CORDAID), and KfW Entwicklungsbank (KFW) have decided to seek outside funding to support their joint program, the Microfinance Investment and Technical Assistance Facility (MITAF) project. The goal of MITAF is to bolster the microfinance sector in Sierra Leone.

MITAF is an organization that seeks to build “a competitive, sustainable and inclusive financial sector that provides access to financial services to poor and low-income people in general, and to micro and small businesses” within Sierra Leone. The specific functions of the organization include providing consulting services to microfinance institutions (MFIs), connecting donors and investors to MFIs, disseminating microfinance best practices and supporting the Bank of Sierra Leone with policy design and implementation. MITAF will use these new funds to re-organize its structure, develop new approaches to rural finance, and establish new programs such as the Sierra Leonean Microfinance Association. To learn more about the project, please refer to this previous MicroCapital story.

MITAF is part of a joint project between the UN and the Government of Sierra Leone and part of the National Microfinance Policy established in 2003. Although the project is managed by Enterprising Solutions Global Consulting, an independent consulting group, MITAF is closely linked to the Sierra Leonean government. In fact, the Governor of the Bank of Sierra Leone is the Chair of the MITAF Investment Committee.

Enterprising Solutions Global Consulting “is a private sector international development firm specializing in microfinance and small/medium sized business solutions.” The firm has over ten years of experience and operates in over 60 countries with headquarters located in Mexico. Enterprising Solutions Global Consulting does not provide an annual report, or other financial data, on its website.

By Greg Casey, Research Assistant

Additional Resources:

Standard Times Press: “Signing of Microfinance Investment and Technical Assistance Facility Project in Sierra Leone”

MicroCapital.org article, May 29, 2007: “UNDP (United Nations Development Program) holds National Microfinance Forum in Sierra Leone”

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