The European Microfinance Platform (e-MFP), a Luxembourg-based network of approximately 120 microfinance individuals and organizations, has announced that there are three finalists for the Sixth European Microfinance Award, which is themed “Microfinance in Post-Disaster, Post-Conflict Areas & Fragile States” for 2015 [1].
The selected institutions are Crédit Rural de Guinée, a microfinance institution (MFI) created by the Guinean government and the French government’s Agénce Française de Développement in 1989; The First Microfinance Institution of Syria, an MFI operating in Syria in conjunction with Switzerland’s Aga Khan Development Network since 2003; and Taytay Sa Kauswagan Inc., an MFI operating in the Philippines. The organizations are competing for a prize of EUR 100,000 (USD 111,730) to be presented by Her Royal Highness The Grand Duchess of Luxembourg during a ceremony hosted by the European Investment Bank in Luxembourg during European Microfinance Week, an annual set of working group meetings and conference sessions that begins on November 18, 2015.
Crédit Rural de Guinée was selected as a finalist based on its reaction to the Ebola virus outbreak in early 2014. It continued services by “contacting clients and processing payments by phone, rescheduling loans for affected entrepreneurs (including cancelling debt in cases of death) and continuing disbursement of new loans. Crédit Rural de Guinée also provided grants to the families of staff who were victims of Ebola” [1]. Through a partnership with the United Nations World Food Programme, Crédit Rural de Guinée continues to distribute compensation to approximately 1,000 Ebola survivors and 55,000 families affected by the crisis.
The First Microfinance Institution – Syria (FMFI-S) was selected based on its ability to operate throughout the civil war in Syria, even after its branch in the city of Homs was destroyed. FMFI-S opened two service units in Homs to continue providing microfinance services, allowing clients to “access savings and maintain loan repayments…rescheduling loans and providing a grace period of up to twelve months…and lending to new customers who had adapted their enterprises to the conflict” [1]. FMFI-S also developed new products, including loans for solar panels and rental housing payments.
Taytay Sa Kauswagen, Inc. (TSKI) was selected based on the relief it provided in the wake of Typhoon Haiyan, which damaged 46 of its 98 branches. After the storm, TSKI employees went into the field to check on clients, “while carrying aid in the form of food, goods and other relief products” [1]. TSKI granted a temporary moratorium on loan repayments for approximately 37,000 clients and disbursed 13,000 emergency loans to clients and 351 staff members that had been affected by the disaster.
Mr Romain Schneider, Luxembourg’s Minister of Development Cooperation, said that “this year’s Award is addressing the remarkable work that is being done by microfinance institutions in post-disaster, post-conflict and fragile states. Despite the challenges encountered in these very difficult environments, the Award has attracted a record number of applications of an encouragingly high standard” [1].
The European Microfinance Award was launched in 2005 by the Luxembourg Ministry of Foreign and European Affairs – Directorate for Development Cooperation and Humanitarian Affairs. It is jointly organised by Luxembourg Development Cooperation, e-MFP and the Inclusive Finance Network Luxembourg, in cooperation with the European Investment Bank. Forty-seven institutions from 28 countries submitted applications for this year’s Award.
By Meredith Steih, Research Associate
This interview is part of a sponsored series on European Microfinance Week, which is held each November by e-MFP, a 120-member network located in Luxembourg. MicroCapital will report live from the event.
About European Microfinance Platform (e-MFP)
Founded in 2006, the European Microfinance Platform (e-MFP) is a network of approximately 120 microfinance organizations and individuals that aims to promote information exchange and other forms of cooperation among European microfinance actors working in developing countries. The membership includes financial institutions, government agencies, NGOs, consultancies and universities.
Sources and Additional Resources
MicroCapital Universe Profile: European Microfinance Platform (e-MFP)
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