Project profile — Improving Access to Credit for Microbusinesses and Small Enterprises
Overview
Overview
| CA-3-D000689001 | |
| $17,952,692 | |
| DID - Développement international Desjardins (CA-CRA_ACR-3104905757) | |
| 2014-10-31 - 2022-09-22 | |
| Closed |
Country / region
• Benin (6.97%)• Panama (7.56%)
• Tanzania (7.56%)
• Tunisia (34.23%)
• Zambia (7.57%)
• Nigeria (9.25%)
• Colombia (17.61%)
• Côte d'Ivoire (9.25%)
Sector
• Banking And Financial ServicesFormal sector financial intermediaries (24030) (50.00%)
• Industry
Small and medium-sized enterprises (SME) development (32130) (50.00%)
Policy marker
• Gender equality (significant objective)• Environmental sustainability (cross-cutting) (significant objective)
• Participatory development and good governance (not targeted)
• Trade development (significant objective)
• Biodiversity (not targeted)
• Climate change mitigation (not targeted)
• Climate Change Adaptation (not targeted)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Disaster Risk Reduction(DRR) (not targeted)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• Nutrition (not targeted)
• ICT as a tool for development (not targeted)
Description and results
Description
This project aims to reduce poverty and promote economic growth in target African and Latin American countries by improving access to financial services tailored to micro, small and medium-sized enterprises (MSMEs). The project aims to achieve the following objectives: the creation of a new Financial Center for Entrepreneurs (CFE) in Tunisia; the strengthening of existing CFEs in Tanzania, Zambia and Panama; the development of three Alliance CFEs in Benin; and the implementation of a new financing unit in five microfinance institutions in Colombia. By offering loan programs, specialized products and shareholding and support programs for MSMEs, CFEs offer more extensive services than microcredit, and are particularly suited to entrepreneurs who do not meet the requirements of traditional banks. The main activities of this project include : (1) drafting business plans for new EFCs; (2) implementing technological solutions related to operations; (3) recruiting and training EFC staff; (4) developing credit products for entrepreneurs and technologies that enhance their accessibility; (5) developing innovative financial services; and (6) strengthening EFCs’ internal audit and governance capacity.
Expected results
The expected intermediate outcome for this project includes the sustainable and competitive creation and expansion of microenterprises and small enterprises led by women and men in seven targeted countries in Africa and Latin America.
Results achieved
Results achieved as of the end of the project (December 2022): (1) access to financial services for 47,322 entrepreneurs, including 18,290 women and 29,032 men, through Entrepreneur Financial Centers and partner institutions; (2) creation and maintenance of 109,800 jobs and disbursement of 72,165 loans to entrepreneurs, including 25,336 (35.10%) to women; and (3) job creation and retention averaging 37% per year between 2014 and 2019, and 20% per year between 2020 and 2022; this growth has helped entrepreneurs better cope with the pandemic by keeping their businesses open. At the end of the project, all Entrepreneur Financial Centers has a solvency ratio in excess of 15%, demonstrating good management in fulfilling its mission of financial inclusion.
Financials
Financials
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Related information
Related information
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Related links • Partner website — DID - Développement international Desjardins |
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| Global Affairs Canada | |
| KFM Intl Dev Partnerships & Operations | |
| Aid grant excluding debt reorganisation | |
| Bilateral | |
| Project-type interventions |
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Marker
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