July 6, 2009
Développement international Desjardins wins two contracts to develop financing for entrepreneurs in Africa
Lévis, July 6, 2009 – In Burkina Faso and Zambia, financial services will become more accessible for entrepreneurs, and better adapted to their specific needs, thanks to the collaboration of experts from Développement international Desjardins (DID) with local microfinance institutions. DID was awarded two contracts to develop financing for micro, small and medium enterprises (MSME). These interventions will help to stimulate economic activity and develop local assets.
Burkina Faso: DID helps set up three financial centres for entrepreneurs (CFE)
The Canadian International Development Agency (CIDA) awarded DID a contract to set up financial centres for entrepreneurs (CFE) in Bobo Dioulasso, Ouahigouya and Koupéla. These three new business units, linked to financial cooperatives in the RCPB network (Réseau des caisses populaires du Burkina), will encourage economic development with a sustained offer of financial services adapted to the needs of entrepreneurs in the commercial and agricultural sectors.
The three CFEs are modeled after the Desjardins Business Centres in Québec, as was the first CFE opened by the RCPB in 2003. That institution currently has 750 clients and has granted over CAN $30 million in loans since it began operations. The three new CFEs will make it possible to expand the range of services offered by the coops and reach clients in rural areas who currently have little access to financial services.
DID will provide the full extent of its expertise in business financing to its partner, with which it has collaborated from the very beginning, in order to help set up the necessary physical and technological infrastructures, define the credit products to be offered, train human resources and coach CFE management to ensure sustainability of operations. This project will last five years.
Zambia: DID consolidates Pulse Financial Services Limited CFE
The second contract obtained by DID consists of consolidating and strengthening the financial and institutional capacities of the Pulse Financial Services Limited CFE (PFSL) in Zambia, an institution already well established in this English-speaking country of over 12 million inhabitants in East Africa.
Services provided by DID will include optimizing management and governance by introducing a technology-based transactional system, capacity building of employees through training, introducing a credit methodology, developing microfinance products adapted to the needs of Zambian entrepreneurs, strengthening administrative and internal control systems and coaching the management team to ensure gradual transfer of part of the ownership to local interests. DID plans to deploy the activities of the PFSL CFE in several regions in Zambia. The contract has an initial duration of three years with an option to extend it another two years.
DID’s contribution in Zambia is in line with the DID vision of active participation in developing microfinance through joint actions that combine technical support with investment possibilities.
About DID
Développement international Desjardins (DID) is a component of the Desjardins Group, the largest cooperative financial group in Canada. It has been providing support for the creation, development and strengthening of financial institutions for over 39 years. DID is currently active in twenty countries in Africa, Latin America, the Caribbean and Europe. DID, which specializes in providing technical support and investment for community finance, draws on the rich and diverse experience acquired through collaboration with numerous partners, and on the over 100 years of experience of the Desjardins Group. DID works in partnership with the Canadian International Development Agency, the World Bank, the Inter-American Development Bank, the Bill and Melinda Gates Foundation and many other multilateral organizations.
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Source:
Karina Lehoux
Communications Advisor
Développement international Desjardins
Tel: (418) 835-2401, extension 5796
klehoux@did.qc.ca
