“Beyond Economic Benefits: The Contribution of Microfinance to Post-Conflict Recovery in Asia and the Pacific” was written by Pascal Marino, published in 2005 by The Foundation for Development Corporation in Brisbane, Australia, and presented at the University of Melbourne conference “Aid and Development in Conflict Environments: What are the lessons?” The full text of this report is 14 pages and available here. The paper is a literature review and synthesis of research on the impact of microfinance in nine different post-conflict countries in Asia and the Pacific, with a focus on Afghanistan, Indonesia (Maluku), Papua New Guinea (Boaguainville), Sri Lanka, and Timor Leste. It focuses on the difficulties in operating microfinance institutions (MFIs) in post-conflict zones and on the intangible benefits of microfinance through social capital enhancement: social mobilization, empowerment, democracy building, conflict resolution, refugee reintegration, and organization building.
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MICROCAPITAL STORY: International Symposium on Microfinance as a Tool for Peacebuilding Discusses Rebuilding the Social and Economic Fabric in Post-Conflict Areas of Colombia through Microcredit
The International Symposium on Microfinance as a Tool for Peacebuilding discussed how microcredit could be used to rebuild the economy and promote growth in post-conflict areas of Colombia. According to this press release on the Symbiotics website, the symposium which was held in the city of Cali in Colombia was attended by nearly 2000 participants. Symbiotics is a microfinance information, consulting and services organization based in Switzerland. The symposium was sponsored by the Alvaralice Foundation, a Colombian non-profit established in 2003 and dedicated to promoting peace and economic growth in the country.
MICROCAPITAL STORY: The International Federation of Red Cross and Red Crescent Societies (IFRC) Cites Lack of Loans and Financial Services as Main Obstacles in Bringing Lasting Benefits to Tsunami Victims in Sri Lanka
According to an International Federation of Red Cross and Red Crescent Societies (IFRC) four-year tsunami progress report published in July 2008, many humanitarian assistance programs aimed at helping tsunami victims along Sri Lanka’s coastline to rebuild homes and restore livelihoods have failed to bring lasting benefits to the poorest and hardest hit areas, citing lack of access to loans and financial services as one of their main obstacles.
MICROCAPITAL STORY: Nigeria’s Rivers State Micro-Finance Agency (RIMA) And First City Monument Bank (FCMB) Promote Microfinance to Laid-Off Motorcycle Operators
Microfinance is being proposed as a potential solution to the large number of commercial motorcycle operators known as ‘Okada’ who have recently found themselves unemployed in the Rivers State of Nigeria. The government recently banned the motorcycles in the state capital of Port Harcourt as a part of its urban renewal programme. The government has asked all willing ‘indigenes’ who are displaced by the ban to access the N2 billion (USD 12.8 million) microfinance programme with First City Monument Bank (FCMB) to venture into a taxi business, which is being managed by Skye Bank. The state Transport Commissioner, George Tolofari said that the measure was a part of a government effort to ensure that former Okada operators of Rivers State origin are provided with assistance and continue to feel a sense of belonging. He also stressed that the credit facilities must be used as intended by government.
MICROCAPITAL STORY: Mercy Corps Recognized by Fast Company for its Innovative Microfinance Program “The Bank of Banks”
Fast Company Magazine named Mercy Corps as one of its 2009 Social Enterprises of the Year, recognizing the work it has done this past year as one of the “bold and timely ideas that wow us”. Mercy Corps is praised as “the bank of banks” for buying a struggling Balinese bank and reopening it as an organization that would “cut the costs and inefficiencies” of microfinance institutions (MFIs) and provide them capital, financial tools and tech platforms. Mercy Corps had also previously been recognized as one of the 45 Social Entrepreneurs Who Are Changing the World as a part of Fast Company’s 2008 Social Capitalist Awards. ACCION International, another organization involved in microfinance, was honoured with this recognition for the fifth year in a row. The other organizations that were honoured as 2009 Social Enterprises of the Year include Do Something, The Academy for Urban School Leadership, DataDyne, Civic Ventures, The Institute for OneWorld Health, The Acumen Fund, Husk Power Systems, and Hopelab.
MICROCAPITAL STORY: BRAC Receives US$ 1.5 million Hilton Humanitarian Prize
The world’s largest humanitarian prize, the USD 1.5 million Conrad N. Hilton Humanitarian Prize, was awarded to BRAC, for helping more than 110 million people through microcredit and basic services programs. The prize was awarded on October 20th, the International Day to Eradicate Poverty, in Geneva, Switzerland. CEO of the Hilton Foundation Steven M. Hilton spoke of BRAC’s achievements, saying, “BRAC’s approach to creating self-sufficient and sustainable programmes on a massive scale has blazed a trail for development organizations around the world”.
MICROCAPITAL EVENT: Azerbaijan Micro-finance Association (AMFA) to Hold Fourth Bi-annual Conference
MICROFINANCE – 10 YEARS OF BEST PRACTICE
SEPTEMBER 16-17, 2008, HYATT REGENCY HOTEL, BAKU, AZERBAIJAN
The Azerbaijan Micro-finance Association (AMFA), a supportive organization for a network of 22 microfinance institutions (MFIs) and downscaling commercial banks in the country, will hold a two-day conference entitled “Microfinance – 10 Years of Best Practice.” The event will provide an opportunity for interaction amongst practitioners and investors, present innovative microfinance products, and discuss best practices, challenges, and benchmarking lessons.
PIONEERS IN MICROFINANCE: Aloysius P. Fernandez of MYRADA and Sanghamithra Rural Financial Services
Aloysius P. Fernandez is Executive Director of rural development NGO MYRADA and Chairman of the Board of microfinance institution Sanghamithra Rural Financial Services.
MicroCapital: How did you get started in social finance?
AF: During the 1971 Bangladesh War, running a refugee program, I discovered the poverty and suffering there. I began to understand the causes of poverty, and I said: “Well, I’ve got to intervene in some way. Should I intervene in land? That’s difficult. Should I intervene in wages? That’s difficult.” So I said, “Let’s look at capital.” Then, we started cooperative societies, and these cooperatives broke down….
MICROCAPITAL STORY: MicroCredit Enterprises Invests USD 1.5 million in Normicro of Azerbaijan, CREDISOL of Honduras, and Lazika Capital of Georgia
The Consultative Group to Assist the Poor (CGAP) recently reported MicroCredit Enterprises of California invested loans in equal amounts of USD 500 thousand in microfinance institutions, Normicro of Azerbaijan (March 2008), CREDISOL of Honduras (February 2008), and Lazika Capital of Georgia (January 2008).
MICROCAPITAL STORY: The United Nations Relief and Works Agency (UNRWA) Provides Loans for Young Women Entrepreneurs in Syria through its Microfinance and Microenterprise Department (MMD)
The Syrian Microfinance and Microenterprise Department (MMD) of the United Nations Relief and Works Agency (UNRWA), an agency of the United Nations (UN) providing basic services to Palestinian refugees throughout the Middle East since its inception in 1950, financed over 4,700 loans in 2007 totaling USD 13.3 million, according to Mohammad Al-Khatib, the Acting Credit Operation Manager at the Syria National Office. The microfinance institution (MFI), which distributes loans to both individuals and groups, concentrates its efforts in the Palestinian refugee camps of Al-Amin, Saida Zeynab, and Yarmouk. However, the program is also open to Syrian nationals, as a recent UNRWA-Syria press release states.
MICROCAPITAL STORY: IMON Receives USD 1.5 million in Investments from Incofin and MicroCredit Enterprises
The Consultative Group to Assist the Poor (CGAP) recently reported International Microloan Fund (IMON), a non-bank microfinance institution based in Tajikistan, received loan investments of USD 500 thousand from US-based MicroCredit Enterprises and USD 1 million from Incofin of Belgium this past February 2008.
PAPER WRAP-UP: Globalization of Microfinance Markets: an Overview and Some Conditions for Success by Dr. Jairo Morales-Nieto
Written by Dr. Jairo Morales-Nieto, Executive Director of local economic development consultants InterAfrica Corporate Ltd, this 10-page discussion on the necessary steps to transition from local to global microfinance markets was published in January 2008. Dr. Morales-Nieto asserts that rigorous filters and conditions must be observed by all players for microfinance to successfully enter into global financial markets. The full-version of the paper is available here.
WHO’S WHO IN MICROFINANCE: Aloysius P. Fernandez
Aloysius P. Fernandez is the Executive Director, as well as board member, of Bangalore-based Mysore Resettlement and Development Agency (MYRADA), a non-governmental organization (NGO) in India which provides training programs for rural development in the Indian states of Karnataka, Andhrapradesh, and Tamil Nadu as well as staff support to 6 other states and promotion of the Self-help Affinity Strategy in Cambodia, Bangladesh, and Myanmar. MYRADA also publishes on various topics such as watershed development—projects which pursue better management of natural water resources—and NGO-government collaboration.
PRESS RELEASE: Netherlands Development Finance Company (FMO) Enters Afghani Microfinance Arena With Loan of $9m in Local Currency to First MicroFinanceBank Afghanistan
Source: Netherlands Development Finance Company (FMO).
MICROCAPITAL STORY: European Bank for Reconstruction and Development (EBRD) Announces Second Loan of EUR 4 Million to Local Microfinance Institution Kosovo Enterprise Programme (KEP)
The European Bank for Reconstruction and Development (EBRD) announced, in a press release, a second loan of EUR 4 million (USD 5.9 million) to Kosovo Enterprise Programme (KEP), a leading microfinance institution (MFI) in Kosovo. The loan will help KEP finance loans to local micro, small and medium-sized enterprises (MSMEs) for launching new operations or expanding existing ones. In February 2007, MicroCapital reported on EBRD’s first loan to KEP, valued at EUR 3 million (USD 3.9 million).
WHO’S WHO IN MICROFINANCE: BRAC
BRAC, formerly Banglandesh Rural Advancement Committee, was initiated 1972 by Fazle Hasan Abed as an almost entirely donor-funded, small-scale relief and rehabilitation project to aid post-Liberation War Bangladesh. Today, it is one of the largest private development organizations employing 97,192 people (61 percent of whom are women). It actively carries out its twin objectives of poverty alleviation and empowerment of the poor in all 64 districts of Bangladesh, as well as in other countries including Afghanistan and Sri Lanka.
PRESS RELEASE: World Relief, World Relief Canada and HOPE International Partner with Opportunity International to Open Microfinance Bank for Rwanda’s Poor
PRESS RELEASE: Global Microfinance Leader PlaNet Finance Opens First U.S. Office in New York City
NEW YORK, May 15 /PRNewswire-USNewswire/ — PlaNet Finance, an international non-profit organization dedicated to alleviating poverty throughout the world through the development of microfinance, announced today the opening of its first U.S. office, in New York City.
Since its founding nine years ago in Paris, PlaNet Finance has grown to work in 60 countries including Madagascar, Mexico, Argentina, Israel, Mexico, Brazil, Senegal and China.