IFAD says over $700m of loans, grants portfolio goes into rural financial services
Almost 17% of grants and loans from the International Fund for Agricultural Development (IFAD) are used to support rural financial services, the UN agency said today May 21, 2012.
This makes the IFAD one of the top ten funders of microfinance worldwide, it said after announcing that it has joined forces with the EMRC to host this year’s Africa Finance & Investment Forum (AFIF) from June 17-19, 2012 in the Netherlands. The EMRC is an international non-profit organisation that promotes African sustainable development through the growing of business partnerships.
The agency works with partners in rural finance, including grass-roots savings and credit associations, financial cooperatives, microfinance institutions, rural banks, specialized NGOs and agricultural development banks.
“Approximately 17 per cent (more than $700 million) of IFAD’s portfolio of loans and grants is focused on rural financial services, making IFAD one of the top ten funders of microfinance worldwide,” said an IFAD Senior Rural Finance Adviser, Michael Hamp.
Our Rural Finance Policy spells out the guiding principles of IFAD’s rural finance operations,” adds Hamp.
In a statement copied to ghanabusinessnews.com, the IFAD said it will spotlight the importance of financial tools for populations across sub-Saharan Africa to ensure rural development and financial growth during the Forum which is organized by the EMRC.
“There is no single microfinance model – that is what IFAD’s presentation at AFIF will focus on,” Michael Hamp explained.
Themed “Financial inclusion through SMEs & Cooperatives”, the event will present the latest global topics and issues to face African finance, according to the organizers.
This year’s AFIF Forum will gather leading global representatives from a variety of sectors to highlight the financial tools, solutions and growing policy trends to ensure Africa’s economic growth for Africa’s Small and Medium Enterprise sector (SMEs). The discussions and proposals to be highlighted at the forum are essential for a cross section of African sectors to establish their full economic potential.
By Ekow Quandzie