Supporting responsible microfinance

Supporting responsible microf inance

ACCESS CCESS TO CREDIT FOR ALL: CCE A PR PRIORITY RIORITY SECTOR The vast majority of populations in many countries

their activity: microfinance institutions (MFIs), hol-

are excluded from the banking system. Yet access

ding companies and funds.

to financial services is a core factor in improving the standard of living of the poorest. It makes them less vulnerable by giving them the opportunity to

OUR OBJECTIVES

PROPARCO actively participates in debates on mi-

whether the management team and shareholders

PROPARCO’s first aim in supporting the micro-

crofinance, particularly as an active member of

are prepared to take effective measures to solve

PROPARCO’s business area now covers four conti-

finance sector is to meet the needs of the large

CGAP (Consultative Group to Assist the Poor). It

such problems. As a minor shareholder, lender or

nents. It has offices in Africa (Johannesburg, Lagos,

number of local micro-entrepreneurs. It achieves

conducts capitalization research in partnership

guarantor, the structure of the shareholding is a

Nairobi and Abidjan), the Mediterranean (Casa-

this by supporting the development of MFIs ope-

with AFD and CGAP: the issue of its magazine

key criterion for PROPARCO in its decision-making.

become entrepreneurs.

blanca, Tunis, Cairo), Asia (Beijing, Bangkok and

rating in areas or markets where the risk-reward

Private Sector and Development devoted to micro-

All partners must share the same approach to

Microfinance has helped build a banking system

New Delhi) and Latin America (São Paulo). Thanks

ratio is too high for traditional players. This can,

finance is an example of the fruit of such research.

microfinance in order to support the development

that gives poor populations access to financial

to this local presence, PROPARCO can work closely

for example, involve a project for an MFI start-up or

services. Profitable and regulated microfinance

with its partners and remain fully up to date with

support for a risky strategy change. Although the

OUR VALUES

institutions have now become recognized and sus-

local issues.

first criterion when making a decision to finance a

PROPARCO pays close attention to MFI strategies

tainable models in terms of the financial services

project is its developmental impact, this is syste-

in terms of their profitability targets. It does not

they provide to populations that had previously

matically combined with a positive constraint: its

allocate financing to highly-profitable institutions

been deprived of access to them.

financial profitability.

if this profitability stems from overbilling clients.

PROPARCO is a major player in financing develop-

PROPARCO sits on the Boards of Directors of its par-

It also ensures that their financial management

ment generated by the private sector and helps

tners and can consequently give advice in terms of

is rigorous, transparent and healthy. PROPARCO

structure financial systems in order to promote ac-

governance, environmental and social issues and

is extremely demanding in terms of the require-

cess to credit for all.

the fight against money laundering and financing

ment to integrate “best practices” for environmen-

PROPARCO’s operations are complementary to

terrorism.

tal and social issues and the fight against money

© Pascal Fellous

PROMOTING OM MOTING RESPONSIBLE MICROFINANCE

MOROCCO Developing microfinance

of responsible financing.

those of Agence Française de Développement. It

laundering.

finances sound players seeking to start or develop

All these points are assessed throughout the in-

Al Amana is one of Morocco’s leading microfinance associations.

Since it was founded in 1997, it has allocated two million loans to the most low-income populations, particularly women.

It has consequently helped create 120 000 jobs. At the end of 2009, Al Amana had a microfinance portfolio of nearly 2.7 billion dirhams (€ 240M) with over 400 000 clients.

In 2007, in order to meet strong demand for its products, the association shored up its equity via a 100 million dirham (€ 9M) subordinated loan that it obtained from Société Générale Marocaine de Banques thanks to a PROPARCO guarantee. Al Amana was consequently able to pursue

vestment appraisal process. If major problems are identified, the opportunity to invest will hinge on

its policy to diversify its range of financial products.

Today, the association is focusing on developing rural solidarity microfinance, individual loans and home loans, as well as loans to support micro-enterprise start-ups. This includes training support services for its clients in management and marketing. ■

Debate and capitalization

Beijing Tunis New Delhi

Casablanca Cairo

Bangkok Abidjan

Lagos Nairobi

São Paulo Johannesburg

Issue n° 3 of the magazine “What balance between financial sustainability and social issues in the microfinance sector?” is available at www.proparco.fr ■

MULTI-COUNTRY Supporting a microfinance network – a leader on three continents

CAMBODIA Supporting a major microfinance player

German-based ProCredit Group has built up one of the leading microfinance networks comprising twenty-two subsidiaries located in emerging and developing countries, particularly Africa (4 banks), Latin America (7 banks) and Eastern Europe (11 banks).

Its core mission is to provide a range of productive credit and other banking services to micro, small and medium-sized enterprises, as well as to private clients with low and modest incomes. ProCredit’s innovative approach is shaped by its business

The lack of market depth in Cambodia is a stumbling block in financing micro-enterprises which, however, make up the bulk of the economic fabric. Most of them consequently resort to microfinance institutions. Amret is one of the biggest players in terms of client numbers (over 225 000) and the size of its network in rural and semi-rural areas.

In 2009, the institution allocated a total of € 40M of loans.

In 2008, PROPARCO invested € 1.4M in Amret’s capital increase in order to actively support

model as a socially responsible local bank seeking to combine transparency, effectiveness and profitability. Following the extension of its business area, PROPARCO allocated two successive € 10M financings to this key partner, the first in equity, the second in subordinated notes.

This investment aims to promote access to credit and savings for those that are excluded from the classic banking system. ■

© Élodie Parent

Paris

The 3rd issue of the magazine Private Sector & Development – a bimonthly magazine published

by PROPARCO – is devoted to microfinance. “What are the best practices for financial management and governance?

What priorities must MFIs set in order to maintain their social mission?”. This issue presents the different opinions of experts on the topic.

its institutionalization. It also allocated a $ 4M loan to finance the institution’s growth and allow it to serve more clients.

By financing the development of the Cambodian institution, PROPARCO is helping to boost economic growth in the country through its support for the creation and development of micro-activities.

It is expected that Amret will help maintain or create some 20 000 jobs, including 83% for women. ■

ACCESS CCESS TO CREDIT FOR ALL: CCE A PR PRIORITY RIORITY SECTOR The vast majority of populations in many countries

their activity: microfinance institutions (MFIs), hol-

are excluded from the banking system. Yet access

ding companies and funds.

to financial services is a core factor in improving the standard of living of the poorest. It makes them less vulnerable by giving them the opportunity to

OUR OBJECTIVES

PROPARCO actively participates in debates on mi-

whether the management team and shareholders

PROPARCO’s first aim in supporting the micro-

crofinance, particularly as an active member of

are prepared to take effective measures to solve

PROPARCO’s business area now covers four conti-

finance sector is to meet the needs of the large

CGAP (Consultative Group to Assist the Poor). It

such problems. As a minor shareholder, lender or

nents. It has offices in Africa (Johannesburg, Lagos,

number of local micro-entrepreneurs. It achieves

conducts capitalization research in partnership

guarantor, the structure of the shareholding is a

Nairobi and Abidjan), the Mediterranean (Casa-

this by supporting the development of MFIs ope-

with AFD and CGAP: the issue of its magazine

key criterion for PROPARCO in its decision-making.

become entrepreneurs.

blanca, Tunis, Cairo), Asia (Beijing, Bangkok and

rating in areas or markets where the risk-reward

Private Sector and Development devoted to micro-

All partners must share the same approach to

Microfinance has helped build a banking system

New Delhi) and Latin America (São Paulo). Thanks

ratio is too high for traditional players. This can,

finance is an example of the fruit of such research.

microfinance in order to support the development

that gives poor populations access to financial

to this local presence, PROPARCO can work closely

for example, involve a project for an MFI start-up or

services. Profitable and regulated microfinance

with its partners and remain fully up to date with

support for a risky strategy change. Although the

OUR VALUES

institutions have now become recognized and sus-

local issues.

first criterion when making a decision to finance a

PROPARCO pays close attention to MFI strategies

tainable models in terms of the financial services

project is its developmental impact, this is syste-

in terms of their profitability targets. It does not

they provide to populations that had previously

matically combined with a positive constraint: its

allocate financing to highly-profitable institutions

been deprived of access to them.

financial profitability.

if this profitability stems from overbilling clients.

PROPARCO is a major player in financing develop-

PROPARCO sits on the Boards of Directors of its par-

It also ensures that their financial management

ment generated by the private sector and helps

tners and can consequently give advice in terms of

is rigorous, transparent and healthy. PROPARCO

structure financial systems in order to promote ac-

governance, environmental and social issues and

is extremely demanding in terms of the require-

cess to credit for all.

the fight against money laundering and financing

ment to integrate “best practices” for environmen-

PROPARCO’s operations are complementary to

terrorism.

tal and social issues and the fight against money

© Pascal Fellous

PROMOTING OM MOTING RESPONSIBLE MICROFINANCE

MOROCCO Developing microfinance

of responsible financing.

those of Agence Française de Développement. It

laundering.

finances sound players seeking to start or develop

All these points are assessed throughout the in-

Al Amana is one of Morocco’s leading microfinance associations.

Since it was founded in 1997, it has allocated two million loans to the most low-income populations, particularly women.

It has consequently helped create 120 000 jobs. At the end of 2009, Al Amana had a microfinance portfolio of nearly 2.7 billion dirhams (€ 240M) with over 400 000 clients.

In 2007, in order to meet strong demand for its products, the association shored up its equity via a 100 million dirham (€ 9M) subordinated loan that it obtained from Société Générale Marocaine de Banques thanks to a PROPARCO guarantee. Al Amana was consequently able to pursue

vestment appraisal process. If major problems are identified, the opportunity to invest will hinge on

its policy to diversify its range of financial products.

Today, the association is focusing on developing rural solidarity microfinance, individual loans and home loans, as well as loans to support micro-enterprise start-ups. This includes training support services for its clients in management and marketing. ■

Debate and capitalization

Beijing Tunis New Delhi

Casablanca Cairo

Bangkok Abidjan

Lagos Nairobi

São Paulo Johannesburg

Issue n° 3 of the magazine “What balance between financial sustainability and social issues in the microfinance sector?” is available at www.proparco.fr ■

MULTI-COUNTRY Supporting a microfinance network – a leader on three continents

CAMBODIA Supporting a major microfinance player

German-based ProCredit Group has built up one of the leading microfinance networks comprising twenty-two subsidiaries located in emerging and developing countries, particularly Africa (4 banks), Latin America (7 banks) and Eastern Europe (11 banks).

Its core mission is to provide a range of productive credit and other banking services to micro, small and medium-sized enterprises, as well as to private clients with low and modest incomes. ProCredit’s innovative approach is shaped by its business

The lack of market depth in Cambodia is a stumbling block in financing micro-enterprises which, however, make up the bulk of the economic fabric. Most of them consequently resort to microfinance institutions. Amret is one of the biggest players in terms of client numbers (over 225 000) and the size of its network in rural and semi-rural areas.

In 2009, the institution allocated a total of € 40M of loans.

In 2008, PROPARCO invested € 1.4M in Amret’s capital increase in order to actively support

model as a socially responsible local bank seeking to combine transparency, effectiveness and profitability. Following the extension of its business area, PROPARCO allocated two successive € 10M financings to this key partner, the first in equity, the second in subordinated notes.

This investment aims to promote access to credit and savings for those that are excluded from the classic banking system. ■

© Élodie Parent

Paris

The 3rd issue of the magazine Private Sector & Development – a bimonthly magazine published

by PROPARCO – is devoted to microfinance. “What are the best practices for financial management and governance?

What priorities must MFIs set in order to maintain their social mission?”. This issue presents the different opinions of experts on the topic.

its institutionalization. It also allocated a $ 4M loan to finance the institution’s growth and allow it to serve more clients.

By financing the development of the Cambodian institution, PROPARCO is helping to boost economic growth in the country through its support for the creation and development of micro-activities.

It is expected that Amret will help maintain or create some 20 000 jobs, including 83% for women. ■

ACCESS CCESS TO CREDIT FOR ALL: CCE A PR PRIORITY RIORITY SECTOR The vast majority of populations in many countries

their activity: microfinance institutions (MFIs), hol-

are excluded from the banking system. Yet access

ding companies and funds.

to financial services is a core factor in improving the standard of living of the poorest. It makes them less vulnerable by giving them the opportunity to

OUR OBJECTIVES

PROPARCO actively participates in debates on mi-

whether the management team and shareholders

PROPARCO’s first aim in supporting the micro-

crofinance, particularly as an active member of

are prepared to take effective measures to solve

PROPARCO’s business area now covers four conti-

finance sector is to meet the needs of the large

CGAP (Consultative Group to Assist the Poor). It

such problems. As a minor shareholder, lender or

nents. It has offices in Africa (Johannesburg, Lagos,

number of local micro-entrepreneurs. It achieves

conducts capitalization research in partnership

guarantor, the structure of the shareholding is a

Nairobi and Abidjan), the Mediterranean (Casa-

this by supporting the development of MFIs ope-

with AFD and CGAP: the issue of its magazine

key criterion for PROPARCO in its decision-making.

become entrepreneurs.

blanca, Tunis, Cairo), Asia (Beijing, Bangkok and

rating in areas or markets where the risk-reward

Private Sector and Development devoted to micro-

All partners must share the same approach to

Microfinance has helped build a banking system

New Delhi) and Latin America (São Paulo). Thanks

ratio is too high for traditional players. This can,

finance is an example of the fruit of such research.

microfinance in order to support the development

that gives poor populations access to financial

to this local presence, PROPARCO can work closely

for example, involve a project for an MFI start-up or

services. Profitable and regulated microfinance

with its partners and remain fully up to date with

support for a risky strategy change. Although the

OUR VALUES

institutions have now become recognized and sus-

local issues.

first criterion when making a decision to finance a

PROPARCO pays close attention to MFI strategies

tainable models in terms of the financial services

project is its developmental impact, this is syste-

in terms of their profitability targets. It does not

they provide to populations that had previously

matically combined with a positive constraint: its

allocate financing to highly-profitable institutions

been deprived of access to them.

financial profitability.

if this profitability stems from overbilling clients.

PROPARCO is a major player in financing develop-

PROPARCO sits on the Boards of Directors of its par-

It also ensures that their financial management

ment generated by the private sector and helps

tners and can consequently give advice in terms of

is rigorous, transparent and healthy. PROPARCO

structure financial systems in order to promote ac-

governance, environmental and social issues and

is extremely demanding in terms of the require-

cess to credit for all.

the fight against money laundering and financing

ment to integrate “best practices” for environmen-

PROPARCO’s operations are complementary to

terrorism.

tal and social issues and the fight against money

© Pascal Fellous

PROMOTING OM MOTING RESPONSIBLE MICROFINANCE

MOROCCO Developing microfinance

of responsible financing.

those of Agence Française de Développement. It

laundering.

finances sound players seeking to start or develop

All these points are assessed throughout the in-

Al Amana is one of Morocco’s leading microfinance associations.

Since it was founded in 1997, it has allocated two million loans to the most low-income populations, particularly women.

It has consequently helped create 120 000 jobs. At the end of 2009, Al Amana had a microfinance portfolio of nearly 2.7 billion dirhams (€ 240M) with over 400 000 clients.

In 2007, in order to meet strong demand for its products, the association shored up its equity via a 100 million dirham (€ 9M) subordinated loan that it obtained from Société Générale Marocaine de Banques thanks to a PROPARCO guarantee. Al Amana was consequently able to pursue

vestment appraisal process. If major problems are identified, the opportunity to invest will hinge on

its policy to diversify its range of financial products.

Today, the association is focusing on developing rural solidarity microfinance, individual loans and home loans, as well as loans to support micro-enterprise start-ups. This includes training support services for its clients in management and marketing. ■

Debate and capitalization

Beijing Tunis New Delhi

Casablanca Cairo

Bangkok Abidjan

Lagos Nairobi

São Paulo Johannesburg

Issue n° 3 of the magazine “What balance between financial sustainability and social issues in the microfinance sector?” is available at www.proparco.fr ■

MULTI-COUNTRY Supporting a microfinance network – a leader on three continents

CAMBODIA Supporting a major microfinance player

German-based ProCredit Group has built up one of the leading microfinance networks comprising twenty-two subsidiaries located in emerging and developing countries, particularly Africa (4 banks), Latin America (7 banks) and Eastern Europe (11 banks).

Its core mission is to provide a range of productive credit and other banking services to micro, small and medium-sized enterprises, as well as to private clients with low and modest incomes. ProCredit’s innovative approach is shaped by its business

The lack of market depth in Cambodia is a stumbling block in financing micro-enterprises which, however, make up the bulk of the economic fabric. Most of them consequently resort to microfinance institutions. Amret is one of the biggest players in terms of client numbers (over 225 000) and the size of its network in rural and semi-rural areas.

In 2009, the institution allocated a total of € 40M of loans.

In 2008, PROPARCO invested € 1.4M in Amret’s capital increase in order to actively support

model as a socially responsible local bank seeking to combine transparency, effectiveness and profitability. Following the extension of its business area, PROPARCO allocated two successive € 10M financings to this key partner, the first in equity, the second in subordinated notes.

This investment aims to promote access to credit and savings for those that are excluded from the classic banking system. ■

© Élodie Parent

Paris

The 3rd issue of the magazine Private Sector & Development – a bimonthly magazine published

by PROPARCO – is devoted to microfinance. “What are the best practices for financial management and governance?

What priorities must MFIs set in order to maintain their social mission?”. This issue presents the different opinions of experts on the topic.

its institutionalization. It also allocated a $ 4M loan to finance the institution’s growth and allow it to serve more clients.

By financing the development of the Cambodian institution, PROPARCO is helping to boost economic growth in the country through its support for the creation and development of micro-activities.

It is expected that Amret will help maintain or create some 20 000 jobs, including 83% for women. ■

CUSTOMIZED STO OMIZED FINANCIAL SOLUTIONS PROPARCO is a development finance institution jointly held by Agence Française de Développement (AFD) and public and private shareholders PROPARCO offers a range of financial products

PROPARCO also takes equity stakes in investment

tailored to the diversity of statuses and regulatory

funds. In Sub-Saharan Africa it supports the crea-

environments. These products, which allow it to

tion and development of regional funds dedicated

take a higher level of risk than traditional investors,

to financing MFIs and SMEs. It offers a wide range

are also designed to support MFIs throughout their

of equity products – particularly via the Investment

development. PROPARCO also advises MFIs on how

and Support Fund for Businesses in Africa (FISEA).

■

Loans: PROPARCO tailors its medium and long-

vate investment in emerging and developing countries with the aim of

Millennium Development Goals (MDGs).

PROPARCO was founded thirty years ago on the conviction that the private sector is a key player in development. It tripled its capital in 2008.

Equity investments: PROPARCO always acquires

term loans to the depth of each market. It offers

PROPARCO finances investments that are economically viable, socially

minority stakes which are destined to be transfer-

senior, junior, mezzanine or subordinated loans

equitable, environmentally sustainable and financially profitable. It tailors

red after a 7 to 8 year period when the business

ranging between €3M and €100M. Maturities vary

its sectoral strategy to the level of development of each country and

or MFI has reached a level of maturity that allows

between 5 and 15 years depending on project re-

focuses on productive sectors, financial systems, infrastructure and priva-

it to raise capital on the markets and seek private

quirements.

investment. PROPARCO makes both equity and

These loans can be denominated in euros, dollars

quasi-equity investments: capital, preferential sha-

or local currency.

res, convertible bonds or participative loans.

■

te equity investment. PROPARCO invests in a vast geographical area that encompasses both the major emerging countries and the poorest countries, particularly Africa. The company has extremely high requirements in

Products in local currency: PROPARCO offers

guarantees or direct loans in local currency in order to mitigate the exchange risk. It provides – through

terms of social and environmental responsibility.

PROPARCO offers a full range of financial products tailored to the needs

its signature – a guarantee of solvency which can

of private investors in developing countries (loans, equity, guarantees and

take several forms:

financial engineering). In 2009, PROPARCO invested 1.1 billion euros in

■

Guarantees for bond issues or other

© Pascal Fellous

eighty projects in over thirty countries.

market products; ■

Guarantees for interbank loans;

■

Guarantees for loans in local currency.

151, rue Saint - Honoré 75001 Paris Tél. : +33 1 53 44 31 08 Fax : +33 1 53 44 38 38

© Paul Kabré

www.proparco.fr FISEA A new equity financing solution in Sub-Saharan Africa FISEA is an investment fund that takes equity participations in businesses, banks, microfinance institutions and investment funds operating in Sub-Saharan Africa.

Set up in Paris in 2009, the fund is hosted by Agence Française de Développement and managed

by PROPARCO. FISEA aims to be complementary to traditional private funds and focuses on investments that carry a higher risk in unstable or post-crisis regions. It makes small investments in sectors

CONTACT A dedicated team: that are traditionally neglected (microfinance, agriculture, new energies, health, education...).

The fund has a €50M annual investment target over a 5 year period. Unit amounts range between €1M and €10M and can be coupled with financing for technical assistance.

FISEA aims to be a lever for economic growth in this region. ■

Amélie July

Élodie Parent

Bérengère Basset

julya@proparco.fr

parente@proparco.fr

bassetb@proparco.fr

N°BVQI : PEFC/10-31-1086. Imprimé sur du papier issu de forêts gérées durablement. Imprimerie de Pithiviers - Maquette : Vincent Collin

■

Supporting responsible microf inance

supporting growth, sustainable development and the achievement of the

ph. couverture © Nicolas For nage

to structure their financing.

from the North and South. The company has a mandate to galvanize pri-

CUSTOMIZED STO OMIZED FINANCIAL SOLUTIONS PROPARCO is a development finance institution jointly held by Agence Française de Développement (AFD) and public and private shareholders PROPARCO offers a range of financial products

PROPARCO also takes equity stakes in investment

tailored to the diversity of statuses and regulatory

funds. In Sub-Saharan Africa it supports the crea-

environments. These products, which allow it to

tion and development of regional funds dedicated

take a higher level of risk than traditional investors,

to financing MFIs and SMEs. It offers a wide range

are also designed to support MFIs throughout their

of equity products – particularly via the Investment

development. PROPARCO also advises MFIs on how

and Support Fund for Businesses in Africa (FISEA).

■

Loans: PROPARCO tailors its medium and long-

vate investment in emerging and developing countries with the aim of

Millennium Development Goals (MDGs).

PROPARCO was founded thirty years ago on the conviction that the private sector is a key player in development. It tripled its capital in 2008.

Equity investments: PROPARCO always acquires

term loans to the depth of each market. It offers

PROPARCO finances investments that are economically viable, socially

minority stakes which are destined to be transfer-

senior, junior, mezzanine or subordinated loans

equitable, environmentally sustainable and financially profitable. It tailors

red after a 7 to 8 year period when the business

ranging between €3M and €100M. Maturities vary

its sectoral strategy to the level of development of each country and

or MFI has reached a level of maturity that allows

between 5 and 15 years depending on project re-

focuses on productive sectors, financial systems, infrastructure and priva-

it to raise capital on the markets and seek private

quirements.

investment. PROPARCO makes both equity and

These loans can be denominated in euros, dollars

quasi-equity investments: capital, preferential sha-

or local currency.

res, convertible bonds or participative loans.

■

te equity investment. PROPARCO invests in a vast geographical area that encompasses both the major emerging countries and the poorest countries, particularly Africa. The company has extremely high requirements in

Products in local currency: PROPARCO offers

guarantees or direct loans in local currency in order to mitigate the exchange risk. It provides – through

terms of social and environmental responsibility.

PROPARCO offers a full range of financial products tailored to the needs

its signature – a guarantee of solvency which can

of private investors in developing countries (loans, equity, guarantees and

take several forms:

financial engineering). In 2009, PROPARCO invested 1.1 billion euros in

■

Guarantees for bond issues or other

© Pascal Fellous

eighty projects in over thirty countries.

market products; ■

Guarantees for interbank loans;

■

Guarantees for loans in local currency.

151, rue Saint - Honoré 75001 Paris Tél. : +33 1 53 44 31 08 Fax : +33 1 53 44 38 38

© Paul Kabré

www.proparco.fr FISEA A new equity financing solution in Sub-Saharan Africa FISEA is an investment fund that takes equity participations in businesses, banks, microfinance institutions and investment funds operating in Sub-Saharan Africa.

Set up in Paris in 2009, the fund is hosted by Agence Française de Développement and managed

by PROPARCO. FISEA aims to be complementary to traditional private funds and focuses on investments that carry a higher risk in unstable or post-crisis regions. It makes small investments in sectors

CONTACT A dedicated team: that are traditionally neglected (microfinance, agriculture, new energies, health, education...).

The fund has a €50M annual investment target over a 5 year period. Unit amounts range between €1M and €10M and can be coupled with financing for technical assistance.

FISEA aims to be a lever for economic growth in this region. ■

Amélie July

Élodie Parent

Bérengère Basset

julya@proparco.fr

parente@proparco.fr

bassetb@proparco.fr

N°BVQI : PEFC/10-31-1086. Imprimé sur du papier issu de forêts gérées durablement. Imprimerie de Pithiviers - Maquette : Vincent Collin

■

Supporting responsible microf inance

supporting growth, sustainable development and the achievement of the

ph. couverture © Nicolas For nage

to structure their financing.

from the North and South. The company has a mandate to galvanize pri-