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3545-SIDI/2003_GB 4/09/03 10:39 Page 1

ACTIVITIES OF SIDI
AND ITS PARTNERS IN 2002

INTERNATIONAL SOLIDARITY FOR DEVELOPMENT AND INVESTMENT


3545-SIDI/2003_GB 4/09/03 10:39 Page 2

TABLE OF CONTENTS
TABLE OF CONTENTS

MESSAGE FROM THE PRESIDENT .....................................................................Page 3

RESULTS OF THE 2000-2002 STRATEGIC PLAN ........................................................Page 4

PARTNER SUPPORT AND FINANCING IN 2002..........................................................Page 6

SIDI’S ACTIVITIES IN 2002 ................................................................................................................... 6


SIDI AND ITS PARTNERS ....................................................................................................................... 9
FOCUS ON NEW PARTNERS .................................................................................................................... 18

SIDI’S INSTITUTIONAL ACTIVITIES ...........................................................................Page 22

SIDI’S FINANCIAL STATEMENTS AS OF 31 DECEMBER 2002....................................Page 24

GLOSSARY
ACAD : Arab Center for Agricultural Development (Palestinian Territories) IMOFOR : Mobil Institute for training (Haiti)
AFD : Development French Agency (France) INDES : Inversiones para el Desarrollo (Chile)
ACB : Akiba Commercial Bank limited (Tanzania) KNFP : National Councial for Grassroot financial system (Haiti)
AMOS : Oued-Srou Microfinance Association (Morocco) KOKARI : Co-operative of intermediation in rural credit services (Niger)
ASPRODEB : Senegal Association For Promotion and Development à la Base (Senegal) LA-CIF : Latin American Challenge Investment Fund (South America)
BAEF : Banque for women investment (North Kivu) MAE : Ministry of Foreign Affairs (France)
BANCOSOL : Banco Solidario (Bolivia) MAIN : Microfinance African Institution Network
CCFD : Catholic Committee against Hunger and for Development (France) MENNGOS : MicroEnterprise Network NGOs (South Africa)
CCSP : Credit Co-operative to support Small Producers (Laos) MPDF : Mekong Project Development Facility
CCG : Cooperative for guarantee security and management (Haiti) MUFEDE : “Women and development” Credit Union
CDC : Caisse des Dépôts et Consignations (France) MUSO : Solidarity Credit Union
CEP : Capital aid fund for Employment of the Poor (Vietnam) NGO : Non Government Organisation
CERUDEB : Centenary Rural Development Bank (Uganda) OMIPA : Oruchinga Microfinance Agency (Uganda)
COD-EMH : Co-ordination of Development Operations - Methodist Chruch (Haiti) PROFUND : Investment Fund in South-American Microfinance Institutions
CONSOLIDAR : Cooperativa CORFAS de Credito Solidario (Colombia) SAINDESUR : Inversiones para el desarrollo (Uruguay)
CORDAID : Catholic Organisation for Relief and Development (Holland) SAPCA-EGAS (ex UGIE) : Société d’Approvisionnement, de Production, de Commercialisation
CORFO : Corporación de Fomento a la Producción (Chile) et de Conseil Agricole des Ententes des groupements associés du Sénégal (Senegal)
CRG : Rural Credit Union of Guinea (Guinea) SCC : Swedish Co-operative Center (Sweden)
EDAPROSPO : Equipo de Aseroramiento a Actividades Productivas de Sectores Populares SFI : International Financial Society
(Peru) SIPEM : Investment Company for Investment Promotion in Madagascar (Madagascar)
EMT : Ennatien Moulethan Tchonnebat (Cambodia) TISE : Investment Company for Social and Economic initiatives (Poland)
ESD : Saving Solidarity Development Association (France) TITEM : Union of credit and savings local associations (Madagascar)
FC : Co-operative Fund (Laos) TOUIZA : National Volunteers Association (Algeria)
FIDI : Ivorian Investment and Development Fund UE : European Union
FONHSUD : Haitian Fund to promote Local Development in the Southern Province (Haiti) UGPM : Union of Peasant Associations from Meckhe (Senegal)
FPH : Fondation pour le Progres de l’Homme (France) URCSONA : Regional Union of Sourou and Nyala Credit Unions (Burkina Faso)
GRAIFSI : Support group for integrating the women of the informal sector (Haiti) WAGES : Women Association for both Gain Economic and Social (Togo)

Cover photos: Signing a loan contract, Morocco (photo AL AMANA). The harvest (photo CIRIC).
Seminar in Addis Ababa (photo SIDI). A green box (for members’ contributions) at a solidarity credit union, Senegal (photo SIDI).
3545-SIDI/2003_GB 4/09/03 10:39 Page 3

MESSAGE FROM THE PRESIDENT


MESSAGE FROM THE PRESIDENT

3
The last three years have been very busy for SIDI. Huge challenges have Defining a new plan for 2003-2005
emerged in the fields of development and human solidarity, to which all of SIDI is reaffirming its specific solidarity financing objectives and plans to do
us have made a small contribution in order to improve the well-being of the following :
all. - Finance and support providers of community financial services to small
urban and rural producers.
Giving expression to solidarity in the field of financing - Be part of development activities that stem from demand rather that
SIDI is contributing in a unique way to the promotion of solidarity by hel-
the supply side of financial services.
ping poor populations to break out of under-development and to shape
- Develop partnerships with the same dynamics as the Solidarity Chain
their own initiatives. Solidarity financing circuits are helping to change the
for Financing.
living conditions of thousands of people by backing income-generating
- Pursue objectives that are consistent with those of the CCFD, in order
and job-creating activities, the proceeds of which are used to improve
to promote globally a solidarity economy and society.
access to health care, housing and education, etc. In further developing its
- Support local empowerment and the emergence of enterprising indiv
solidarity financing activities, SIDI, along with the Catholic Committee
duals who are able to take the initiative to change their living condi-
against Hunger and for Development (CCFD), has continued to mobilise
tions.
members of the public who are sensitive to inequalities in the world and
To achieve these goals, the 2003-2005 action plan will focus on 5 leading
concerned about the future we are preparing for our children. They exp-
actions :
ress their solidarity with the poor countries through a range of means
- Reinforce and diversify the partnerships and the portfolio :
other than direct donations to humanitarian and international solidarity
The goal here is to consolidate openings in the geographic areas of Africa
organisations.
and the Indian Ocean, the Maghreb and the Mashriq, the Mekong coun-
Several thousand savers and solidarity financial institutions are joining for- tries, the Andean countries and Haiti, by achieving regional and sub-regio-
ces because they are convinced that development financing requires com- nal consistency, by strengthening the multipartnership strategy and by
munity solidarity savings facilities. In spite of the difficult climate and the responding to requests for alliances. While priority will be given to finan-
downturn on the financial markets, the promotion of the Faim et cing in the rural areas, particular attention will be paid to local partnership
Développement investment fund has moved ahead, thanks to the mobili- organisations wishing to diversify the range of financial services they pro-
sation of 20 SIDI/CCFD regional correspondents in liaison with Diocesan vide, to include areas such as health care, housing, assistance to migrants,
Committees and the local staff of CCFD. etc. The exchange of practical knowledge via networks will be supported
in order to advance toward the resolution of common regional and secto-
Over the course of the past three years, SIDI’s partners have demonstrated ral problems, with special attention to the dynamics of groups promoting
their commitment to incorporating their financial approach into a broader a solidarity economy, such as the MAIN network in Africa and the Foro Lac
vision. They believe that financial services are not the only tool that can in Latin America.
ensure an immediate and sustainable development start and genuine - Make use of solidarity financial engineering
improvements in the populations’ living conditions, although financial ser- The aim would be to capitalise on and promote savings and loan instru-
vices do empower them. In Africa and on other continents, SIDI’s partners ments that are adapted to the needs of the populations and that are par-
are exchanging experiences, testing innovative methods and are attaining ticularly appropriate for isolated areas. We will work with the partners to
their goals in spite of the hardships caused by natural disasters such as define an innovative policy on the cost of resources and financial services.
drought in the Sahel, political and social upheaval in Madagascar, the The objective is to present a well-founded argument for reducing interest
Great Lakes region, Haiti and Palestine, and imbalances in producer prices rates for the benefit of both the clients and the community-based financial
in Senegal. institutions.
The results of the 2000-2002 plan - Successful teamwork
The completion of the 2000-2002 action plan was marked by a number of The range of SIDI’s human resources, i.e. its permanent staff, volunteer
remarkable accomplishments for SIDI. We gained further experience in consultants and local support, will be optimised and expertise will be sha-
providing services to our partners, who in addition have taught us a few red along with the CCFD’s thematic skills in the solidarity economy and
things, and we have consolidated our shareholders’ trust and relations food sovereignty.
around a common vision of development. Three major achievements - Working in alliances
should be highlighted : We intend to mobilise local resources from the donors to shore up the part-
nerships in the South, and show them how to monitor new opportunities,
- The capital was increased from 3.35 million Euro to 5.32 million Euro and train them in responding to donors policies and instruments, to ensu-
through the issue of 13,000 new shares. re appropriate cofinancing applications.
- Foster and expand the Solidarity Chain for Financing
- The solidarity investment portfolio was increased by more than
By defining the notion of social viability and the related methodologies,
1 million Euro, reaching 3.3 million Euro at the end of 2002. Total finan-
SIDI and its partners will be in a position to strengthen these aspects, the-
cing (equity investments and loans) over the same period reached 2.5
reby incorporating them as a basic principle in its actions.
million Euro, 63% of which in the priority geographic areas of Africa,
the Mediterranean basin and Haiti.
In 2003, thanks to an on-going climate of trust, we will further develop fair
- The resources mobilised to support the partnerships reached
partnership relationships and remain open-minded about learning from
2.7 million Euro, one-third of which came from international sources.
one another in order to make best use of expertise and to evaluate the
More important than the figures, is the consolidation of partnerships.
social viability of actions in the field. Broadening access to financial servi-
Thanks to their diversified and complementary skills, SIDI’s permanent
ces that meet the real needs of the populations will mean that all the links
staff, backed by dedicated volunteer consultants, has put together techni-
in the Solidarity Chain for Financing will be better able to pursue their
cal support mechanisms that are highly appreciated by the partners. The
commitment in the future.
staff, assessing the achievements from the 2000-2002 period and on the
basis of the exchanges and reflections which occurred during the SIDI
Christian Schmitz
Workshop of October 2001, carried out extensive work to draw up a new
Chairman of the Board of Directors
strategic plan for the 2003-2005 period, approved by the Supervisory
Paris, 5 June 2003
Board, in February 2003.
3545-SIDI/2003_GB 4/09/03 10:39 Page 4

RESULTS OF THE 2000-2002


RESULTS OF THE 2000-2002 STRATEGIC PLAN

4
STRATEGIC PLAN
2000-2002

This 2000-2002 activity report shows the abundant progress achieved, in the form of renewed trust from the share-
holders, experience in serving the partners, learning from them, as well as in the relationships created around a com-
mon vision of development. More important than the figures are all the people who mobilised alongside SIDI, sha-
reholders, savers, volunteer consultants, local supporters, etc. joining forces to make a success of this plan that has
enhanced genuine solidarity and promoted sustainable well-being for populations.

Financing in the service of partnerships • The right financial tools for the partners

At the close of the 2000-2002 plan, the portfolio figures During the preceding plan, SIDI reviewed and reflected
show a real increase of 65% in financing activities. At 31 on its financing in rural areas. The setting up of part-
December 2002, SIDI’s gross portfolio amounted to 3.261 nership contracts with producer organisations, coopera-
million euro, while at 31 December 1999, it stood at 2.13 tives, credit unions, etc. has strengthened this desire to
million euro. The 2000-2002 plan therefore brought in a reach out. Nevertheless, the status of these organisations
net increase of 1.131 million euro. The sum of 2.486 generally does not allow equity investing. Therefore,
million euro was granted during this period, after reim- SIDI began to grant more and more loans.
bursements and disinvestments to the tune of 1.105 In light of changes in the portfolio during the 2000-2002
million euro. plan, SIDI decided to examine the following points :
- the cost of financial resources made available to the
SIDI’s financing activities comprised the following : partners. Some partners benefit from non-remunera-
ted stable resources, as in the case of equity invest-
• Increased activities in priority areas ment, while others only have access to resources with
a cost, i.e. loans at interest rates that take into
In its 2000-2002 plan, SIDI opted to shore up its activities account the financial means and the environment of
in priority areas of Africa, the Mediterranean basin and their clients.
Haiti. This choice is the result of a desire and a commit- - the imperative need, in the start-up and consolida-
ment to achieve solidarity that goes beyond financial tion phases of the partnerships, to find additional
investment. In making that choice, SIDI chose to work in resources (subsidies) both for training and for institu-
the particularly difficult field of extreme poverty and tional capacity-building (see chapter III).
amid political, financial and macroeconomic instability - the need to develop concerted synergies with the
as well as in crisis areas, economic as well as social, inclu- CCFD in order to enhance complementarities for the
ding violence and insecurity in areas such as Palestine, benefit of our partners.
Algeria, in the Great Lakes region and in Haiti, where
tension is rife. No less than 1.569 million euro, 63% of
the financing granted by SIDI (see table on page 5) was
mobilised for these priority areas, which, at 31 December
2002, accounted for 57% of SIDI’s entire portfolio (see
graphs 1 and 1 bis).
Graph 1 : Geographic breakdown of the portfolio
at 31 December 1999
• Minimal-risk financial support terms Asia
21%
In these priority areas, some partners suffer from the Europe
effects of frail institutions and unstable environments. 5%
Consequently, they required tailor-made financial sup- Caribbean
port. The amounts invested are generally low, in order to 3%
meet the financial needs and ensure that the risks are Mediterranean
covered. SIDI’s support of these institutions is mindful of basin
the need to strengthen their structure and internal capa- Latin America Africa
3%
cities by means of made-to-measure support. This type 49% 19%
of activity places big demands on SIDI’s human resources,
despite the fact that the financial investment is low.
Graph 1 bis : Geographic breakdown of SIDI’s portfolio
at 31 December 2002
Latin America
32%
Asia
8%

Mediterranean
basin
8%

Africa Europe
3%
40% Caribbean
9%
3545-SIDI/2003_GB 4/09/03 10:39 Page 5

Established and recognised support Enhanced shareholder confidence via


reinforced institutions
The financial resources committed for partner support
amounted to 2.749 million euro of the 3.05 million euro An important change also occurred during the 2000-2002
earmarked. These resources mainly came from the CCFD plan. SIDI’s total balance sheet doubled, to 9.8 million euro, 5
and the shared revenue from the Faim et Développement at 31 December 2002. Shareholder capital accounted for
investment fund, but also from external resources mobili- 50% of the balance and the FID (Development Incentive
sed in the form of additional financing (cofinancing) that Fund), 26%. Moreover, the confidence and commitment of
amounted to 918,000 euro, equal to 33% of all resources SIDI’s shareholders was clearly expressed during the three
committed. institutional events that were held in the 2002-2002 period.

The priority areas received 69% of SIDI's support resources, • The capital increase of October 2001
including additional financing, totalling 1.164 million euro.
The completion of the 2000-2002 plan firmly anchored At the Extraordinary General Meeting held in October
SIDI’s support activities around three focal points: 2001, SIDI’s capital was increased, to meet its partners’
financial needs, to 5.32 million euro, a 60% increase, which
• Reinforced partnerships received the broad support of SIDI’s shareholders.
SIDI made a deliberate choice to support a variety of • The SIDI Workshops of October 2001
approaches that match the socio-economic and cultural set-
ting of each initiative. Financial institutions, associations In October 2001, when the capital was increased, the SIDI
that grew out of the institutionalisation of projects, private Workshops were held, during which the concept of the
limited companies, credit unions, producers’ organisations, Solidarity Chain for Financing was reaffirmed. The Chain is
etc. make up the array of SIDI’s partners and are indicative made up of the following solidarity links (see sidebar 4,
of the wide range of its partnership relations. page 23):
• New themes - in the North, shareholders and savers provide SIDI with its
financial, moral and spiritual foundation. They donate their
The partners in the priority areas appealed to SIDI for help savings or share their income so that SIDI’s work could be
with the new, locally-expressed needs. Thanks to the part- pursued.
ners’ willingness to listen and an in-depth inventory, SIDI - in the South, the highly diversified partners deploy a
got involved in rural areas by financing cooperatives, small broad range of financial intermediation services for disad-
farmers’ organisations, etc. More recently, requests from vantaged communities. They form the heart of SIDI’s activi-
partners and appeals from shareholders have prompted ties by asserting their vision of sustainable well-being.
SIDI to enter other fields, such as the financing of housing, Thanks to the real-life accounts heard at the Workshops,
health care and medium and long-term financing. the partners active in the Chain got to know each other
better. SIDI’s staff, made up of permanent employees and
• Diversified services for the partners assisted by deeply committed volunteer consultants, had
the task of fostering the link between the mobilisation of
In its 2000-2002 plan, SIDI intensified its intra-country multi- solidarity savings and its use by microfinance institutions
partnership strategy. SIDI is an advocate of development, active in promoting access to financial services for disad-
and based on its experience, elaborates a commitment and vantaged populations.
partnership strategy that goes beyond project financing
and the provision of services. SIDI is being sought after to • The creation of FID (the Development Incentive
develop partnerships for the long-term that express a sha- Fund) in 2000
red vision and promote shared actions.
In order to cover portfolio risks, in particular the exchange
rate losses incurred, the FID was capitalised to the tune of
2.59 million euro. The resources generated by this fund
over the past two years have helped to set up the necessa-
ry provisions, without increasing the cost of SIDI’s support
of its partners.

Table 1: Projected Actual


Completion of the investment in 2000-2002 investment in 2000-2002
2000-2002 Participatory Loans Total Participatory Loans Total Analysis
investment plan Rate of
In thousands of euro In thousands of euro Structure attainment
West Africa 318 141 459 18 350 368 15 % 80 %
Rest of Africa 418 451 869 576 49 625 25 % 72 %
Mediterranean basin 238 608 846 0 277 277 11 % 33 %
Caribbean 150 315 465 0 298 298 12 % 64 %
Latin America 70 25 95 412 0 412 17 % > 100 %
Asia 141 0 141 217 288 505 20 % > 100 %
Europe 0 0 0 0 0 0 0 % 100 %
Total 1335 1540 2875 1223 1263 2486 100 % 86 %
Total priority areas 1124 1515 2639 594 975 1569 63 % 59 %
3545-SIDI/2003_GB 4/09/03 10:39 Page 6

PARTNER
PARTNER SUPPORT
SUPPORT
6
AND
ANDFINANCING
FINANCING IN 2002

SIDI’S ACTIVITIES IN 2002

SIDI’s unique place in today’s solidarity financing Table 2 and graph 2 :


Geographical breakdown of SIDI resources for
SIDI is a development promoter and has chosen to pursue
counselling and support to partners in 2002
a unique strategy for partnerships and commitments,
which goes beyond project financing and the provision of
TOTAL in TOTAL in
services. SIDI’s strategy is designed to ensure sustainable, 2002 in t K 2001 in t K
longer-term active partners. Africa 654 518
Thanks to the reflections carried out by its partners and Mediterranean basin 66
58
associates, over the years, SIDI has built a unique North-
Caribbean 74 51
South partnership which it calls the Solidarity Chain for
Eastern Europe 13 14
Financing. This Chain carries out the solidarity develop-
ment vision promoted by CCFD in the field of solidarity Asia 133 167

financing. Latin America 89 82

Research / Developpement 50 55
In the North, this Chain focuses on the mobilisation of peo- TOTAL 1071 952
ple and groups who are willing to share their income or (of which additional financing) 280 332
their savings and who opt for responsible investment by
investing in SIDI’s capital and organising actions in the
fields of education and development (see ch. IV). Mediterranean
Asia basin Recherche et
As a result of the mobilisation of capital in the North, SIDI 12% 5% développement
is given the opportunity to finance partners in the South, 5%
in the form of loans or equity investing, thus enabling Africa Caribbean
them to consolidate their financial resources. 62% 7%

In the South, this Chain is made up of a variety of institu- Latin America


8%
tions that develop community-oriented financial services Eastern Europe
for disadvantaged populations. 1%

In all, SIDI works with 41 institutions, located in 30 coun-


Supporting partners
tries, and three continent-wide institutions – the MAIN
network, LA-CIF and PROFUND. In 2002, SIDI’s activities
SIDI managed to maintain the same momentum for sup-
called for 1.5 million euro to support and finance its part-
port in 2002 as in 2001, mobilising slightly more than 1
ners. These resources came from :
million euro (see table 2). This year SIDI reinforced its prio-
- shared revenue in the form of solidarity investment
rity commitment in Africa via the creation of partnerships
offered by CCFD (1 million euro), covering 55% of total
in new countries – Togo, Guinea, Burkina Faso and the
expenditure.
Great Lakes region – and the strengthening of multipart-
- international financial partners (300,000 euro) cove-
nerships in Senegal as well as the identification of oppor-
ring 15% of expenditure.
tunities in Mali and Mozambique. In 2002, the priority
- financial proceeds from its portfolio (100,000 euro),
areas of Africa, the Mediterranean basin and Haiti toge-
covering 5% of expenditure.
ther received 67% of the partners’ support resources (see
graph 2).
Furthermore, SIDI posted 400,000 euro in provisions and in
exchange rate losses resulting from its portfolio activities.
SIDI’s support missions were diversified in two ways :
These resources came from financial proceeds generated
- via institutions for whom support is tied to financing.
by its capital and from the FID (the Development Incentive
This year, SIDI brought together new partners with 5
Fund), which helped to cover exchange rate risks, and
community financial institutions: WAGES (Togo), CRG
25% of expenditure.
(Guinea), SAPCA/EGAS (Senegal), AL AMANA
(Morocco), Fonds Coopératif (Laos) and CCG/INDEPCO
(Haiti).
3545-SIDI/2003_GB 4/09/03 10:39 Page 7

- via emerging decentralised support structures that seek


Financing the partners
to enhance their capacity to provide financing to dis-
advantaged populations or to carry out initiatives in SIDI made good use of resources contributed by sharehol-
disseminating information. These organisations are ders in the North by consolidating the finances of its part-
generally in a transitional phase, and are not yet insti- ners in the form of loans or equity investment, in order to 7
tutionalised. Therefore, it is probably too early to pro- meet their growth needs. This financial relationship conti-
vide them with financial resources because of their nues as a partnership that accords priority to the streng-
stage of development and the level of risk they would thening of institutional capacities. It is also meant to
pose for SIDI. In 2002, SIDI diversified its support mis- accompany the quest for subsidies to pay operational costs
sion to Burkina Faso (with URCSONA and MUFEDE), in and institutional capacity-building (see ch. IV).
Senegal (with ASPRODEB), in the Great Lakes region
(with BAEF and the partners involved in the Great SIDI gives priority to equity investment in order to make
Lakes Convention) as well as in Haiti (KNFP/IMOFOR) in long-term resources available to the partners, without
order to start a training programme for microfinance incurring financial costs. However, when the status of cer-
institutions. tain institutions, such as associations, credit unions and
cooperatives, is not conducive to equity investment, a loan
can be provided.
SIDI’s financial commitment at 31 December 2002, which
Graph 3 : demonstrates this element, amounted to 3.2 million euro
Geographic breakdown of additional financing (a 21% increase over 2001), 68% of which is in the form of
in 2002 equity investment and related claims, and 32% in the form
of loans (see graph 4 and SIDI’s portfolio table on page 25).
Africa of the Great Lakes (4 €K)

35% The African continent is now benefiting from SIDI’s expan-


Total (280 €K) including trans-

ded commitment, receiving 40% of the total, a 65%


30% increase over 2001. The financial commitments to the
fers to partners : 178 €K
MAIN Afrique (177 €K)

Mediterranean basin, another priority area, have increased


Latin America (10 €K)

25%
South Africa (33 €K)

Madagascar (35 €K)

by 74% over 2001.


20%

15%
Laos (21 €K)

The year’s investment and the portfolio revenue


10%

5% The year 2002 was very busy. More than 1 million euro
was invested in 12 countries in Africa, the Mediterranean
0%
basin, the Caribbean, Asia and Latin America, without
counting the loan made to the CCSP network in Laos,
which was converted into capital.
The total of new investment and loans in 2002 was
The section on SIDI’s Partners, Africa (see page 9), illustra- 1,228,000 euro, an increase of 85% compared to 2001 (see
tes the diversity of SIDI’s ways and means to provide sup- graph 5). The increase in these funds was the result of
port, both via institutions (participating in governance, identification work conducted during 2001. Nearly 50%
training administrators) and via the management of micro- of the funds was committed to Africa, which confirms
finance activities (monitoring and computerisation of the SIDI’s solidarity investment priority.
portfolio, diversification of products, staff training, etc.).
Graph 4 :
In addition, thanks to the mobilisation of new financing, SIDI’s portfolio at 31 December 2002
supplementary, to that from the CCFD (co-financing) and
(loans, equity investment and claims)*
thanks to the building of strategic alliances, SIDI has the
wherewithal to boost support to its partners. In 2002, the 1400 Kt
1305
funds received by SIDI from French or international orga-
1200 Kt
nisations reached 280,000 euro, which enabled it to cover
26% of its support activities. That was less than in 2001, 1034
1000 Kt
owing to the fact that some negotiations did not reach
finalisation. 800 Kt

600 Kt
The sum of 178,000 euro of the additional financing was
used for the completion of specific projects led by the part- 400 Kt
ners (see graph 3): training in South Africa, in the 258 288 265
200 Kt
Democratic Republic of the Congo and in Laos. Sizeable 111
financing obtained from the French Foreign Ministry and 0 Kt
n
from several European partners helped to boost training asi ric
a an ca ia e
.b Af b be eri As rop
and networking activities that were carried out by the Me
d ri Am Eu
Ca tin
MAIN network. This consisted of four training seminars La
that were held in Abidjan, Dakar, Kampala and Addis
* This graph accompanies table 3 “SIDI’s gross portfolio”, p. 25
Ababa, for which SIDI submitted reflections and helped in
event coordination.

Furthermore, for the first time, under new investment car-


ried out in 2002, the amount committed in loans was
greater than the figure for equity investment, 657,000
euro and 571,000 euro, respectively.
3545-SIDI/2003_GB 4/09/03 10:39 Page 8

In 2002, the revenue generated by SIDI’s portfolio was Graph 5 :


91,400 euro, a 4% increased over 2001. The return from
Breakdown of SIDI’s resources in 2002:
loans was 42,700 euro. Dividends were also issued in the
amount of 48,700 euro (PROFUND, INDES, CERUDEB and new investments with partners
8 TISE).
TOTAL in TOTAL in
The global economic context has had a big impact on 2002 in t K 2001 in t K
financial results. The fall in the US dollar in relation to Africa 597 137
the euro has meant an accountancy loss of more than Mediterranean basin 220 27
130,000 euro. The coverage of financial risks arising from
our activities in developing countries has required the Caribbean 103 0
following provisions : Asia 192 268
- to cover this year’s large exchange rate losses Latin America 116 231
- on equity investment and loans, of a lower amount
than in 2001, thanks to a relatively high-quality port- TOTAL 1228 662
folio of which loans 657 312
of which shares and 571
Nevertheless, this year’s financial results are positive and 350
associated entities
amounted to 156,143 euro, thanks in part to the revenue
from the FID (the Development Incentive Fund), to which
the CDC made a contribution, and which ensured the Mediterranean
coverage of 50% of risks arising from loans and equity basin
18%
investments. SIDI ended the year with a net result of Latin America
Africa
77,815 euro. 9%
49%

Caribbean
8%

Asia
16%

SIDI AND ITS PARTNERS

TISE
(POLAND)
COD/EMH - FONHSUD NAJDEH
GRAIFSI - KNFP - CCG (LEBANON)
TOUIZA
(HAITI) AMOS - AL AMANA (ALGERIA)
(MOROCCO) ACAD CEP - WUSOP
(PALESTINE) (VIETNAM) CCSP
ASPRODEB - UGPM MUFED - URCSONA (LAOS)
SAPCA/EGAS (BURKINA-FASO)
(SENEGAL) MAIN
PROFUND KOKARI NETWORK
(COSTA-RICA) CRG (NIGER) (AFRICA)
(GUINEA) EMT
WAGES CERUDEB - OMIPA
CONSOLIDAR-SERFINDES (TOGO) (UGANDA) HATTHA KAKSEKAR
BANCO SOLIDARIO (CAMBODIA)
(ECUADOR) (COLOMBIA) AKIBA
FIDI BAEF (TANZANIA)
EDAPROSPO - LA-CIF (IVORY COAST) (DR OF CONGO)
(PERU) BANCOSOL SIPEM - TITEM
(BOLIVIA) (MADAGASCAR)

SAINDESUR
(URUGUAY)
INDES
(CHILE)
MENNGOS - TEMBEKA
(SOUTH AFRICA)
3545-SIDI/2003_GB 4/09/03 10:39 Page 9

SIDI AND ITS PARTNERS


9

AFRICA SIDI intensified its efforts to further open up and diversify its partnerships in new countries in Africa, a key
priority in its 2000-2002 action plan. SIDI’s partners on the African continent include microfinance institutions,
local self-managed organisations, producers’ associations and those that have developed a micro credit
component. Each has a broad range of financial intervention activities for the disadvantaged. In 2002, SIDI
shored up its alliances in order to achieve better synergies for community partners. In addition, the current
reflection on rural financing and social viability will bring the 2000-2002 plan to a close on a high note of hope
for SIDI and its partners.

In Togo, SIDI began cooperating with WAGES, an acti-


West Africa ve member of MAIN. The boosting of its loan fund
capital, thanks to the SIDI loan that was topped up by
In order to understand the issues of this subregion, another loan from Alterfin, has helped WAGES to
the West Africa coordination team brought together expand its loan portfolio to around 9,000 urban
a group of desk officers who, by adapting to the clients, mainly women, organised in solidarity groups.
regionalisation process, helped to expand activities
significantly in the eight countries of the West African Support for new partners in the Ivory Coast and
Economic and Monetary Union (WAEMU). The exerci- Burkina Faso
se was reinforced by the introduction of a coopera-
tion process between SIDI and CCFD for this region. The identification missions conducted in 2001 to
Burkina Faso led to two new partnerships. The first
SIDI also oversaw the creation of a regional instru- was set up with MUFED, a member of MAIN, which
ment, which grouped leaders of craftsmen and far- has around 15,000 members. SIDI paid close attention
mers’ networks in this region, to strengthen the eco- to this credit union which started as a local initiative
nomic activities of farmers’ organisation. In the year and was guided by an association of women that star-
2002, the following also took place: ted loan activities with members’ savings, with little
- new partnerships were begun in other countries, outside support. The second was set up with URCSO-
i.e. Togo, Guinea and Burkina Faso); NA, a network of rural credit unions that grew out of
- support for existing partners was reinforced, both a farmers’ movement in the northwest of the country.
institutionally and technically, in Senegal and else- Because of the civil war of September 2002, the part-
where ; nership in the Ivory Coast was prematurely suspended.
- feasibility missions were undertaken in Mali and It was taken up again by FIDI, a recently restructured
Burkina Faso to open up new areas of intervention. microenterprise financing institution, SIDI, the EU and
OIKOCREDIT. Nevertheless, SIDI is particularly keen on
New partnerships in Guinea and Togo staying in touch with FIDI.

SIDI’s participation in the equity and on the board of Support for Kokari’s services in Niger
directors of the Crédit Rural de Guinée-SA (CRG-SA),
a leading player in rural financing in Guinea, benefit- Thanks to the involvement of its member-employees,
ting 100,000 borrowers, led the CRG to reflect on the from its donors (the French Foreign Ministry, AFD and
functions and the role of its board of directors. This others), as well as its work as an intermediary for deve-
privileged role enabled SIDI to fine-tune its knowled- lopment programmes, KOKARI has succeeded in ancho-
ge of the issues in the world of rural financing, in par- ring its credit and support services for rural organisa-
ticular in the design of innovative financial products, tions, via thirteen offices distributed around Niger.
including the financing of multi-activities, fisheries SIDI stepped up its efforts in 2002 in three areas: on the
and income-producing sectors, as well as on the sub- technical side, with support for the accountancy depart-
ject of governance. ment, on the institutional side, with participation in a
The CRG was initiated ten years ago, on the Grameen debate on whether to open the cooperative to its clients
bank model. It has evolved towards a joint manage- and to external partners, including SIDI, and the mobili-
ment system, both in the community banks that are sation of specific subsidies, via the European Union-ACP
managed by representatives elected by the borrowers Business Assistance Scheme. That subsidy paid for the
and employees, and in the membership of the board training of loan officers, a financial audit and improve-
of directors (40% participation by local banks, 35% ments in accountancy.
by employees and 25% by external partners, inclu-
ding SIDI).
3545-SIDI/2003_GB 4/09/03 10:39 Page 10

Initiatives for rural financing in Senegal Support for two partners in Uganda

10 SIDI is continuing its actions in Senegal in the farming sec- In June 2002, OMIPA, a network of 22 rural savings
tor and in particular, family farms. In November 2002, in banks, celebrated its first year of operations after the
order to continue supporting the groundnut sector, which ACORD programme withdrew from the region. Thanks
is experiencing a number of difficulties, SIDI persuaded to the quality of the support provided by the OMIPA staff
CORDAID to renew its loan to UGIE, since renamed to the savings banks, and thanks to the strong involve-
SAPCA-EGAS. SIDI topped up this loan to 115,000 euro. ment of its members, who are all farmers, in guiding the
This support for SAPCA-EGAS in its groundnut marketing institution, OMIPA now has good development potential
activities has enabled SIDI to become more familiar with that SIDI has sought to reinforce. The release of a loan in
the problems experienced in developing and financing a two instalments in 2002, in the amount of US$ 44,000,
particular sector of activity. increased its loan portfolio by nearly 90% compared to
31 December 2001.
Cooperation with UGPM, which started with a financing
programme for solidarity credit unions located in more At the same time, CERUDEB, a commercial microfinance
than 80 villages, was strengthened in 2002 by the joint bank that today has 19 branches, renewed its board of
creation of a financing programme for family farms. SIDI directors and appointed two new directors (an executive
decided to finance the experimental phase of the pro- director and a director who will handle strategy). Having
gramme with a 61,000 euro loan. achieved very positive results, the bank is now examining
how to deploy its new growth strategy to diversify its
clientele. This stage will include the continued pursuit of
services to rural populations, improvements in operatio-
nal efficiency via modern technology and the develop-
ment of new services and products tailored to the needs

East Africa and the of the customer base. The participation of SIDI on the
board of directors, with a volunteer consultant to sup-
Great Lakes region port the desk officer, is proving its worth and will facili-
tate a review of the bank’s new mission.
The boosting of partnerships continued in Uganda and
Tanzania, with the emphasis on institutional participation
in governance. The important identification work carried
out in the Great Lakes area consolidated SIDI’s commit-
ment above and beyond its activity as a social investor in
a region that is being economically and socially rebuilt.

In the Great Lakes region1

The field missions conducted in 2002, under the regio-


nal Great Lakes Convention that was cofunded by the
French Foreign Ministry, helped to jointly define, along
with the CCFD, a strategy focusing on the consolidation
of financial institutions and a broader use of the solida-
rity credit union instrument. This financial tool is parti-
cularly well-adapted to far-flung areas and the poorest
populations.
Photo : SIDI

The signing of a partnership agreement with BAEF, an


organisation that grants small loans to women in the Shoe-repairer in Uganda
city of Butembo in northern Kivu, is expected to conso-
lidate the institution, technically and financially, and,
consequently, its independence. Four institutions invol-
ved in the Great Lakes Convention - LIDE (North-Kivu), Developing a community bank in Tanzania
ADI-Kivu (South-Kivu), CECM (Burundi) and PREFED
(Rwanda) – took part in a study trip in November 2002 In 2002, the AKIBA Commercial Bank stepped up its
to Senegal to visit the UGPM, a SIDI partner that pro- efforts to further mobilise both local and foreign share-
motes solidarity credit unions. holders. SIDI then had to relinquish its seat on the board
of directors, because its investment is currently less than
10% of the equity capital. However, SIDI remains in touch
with events via cooperation with other directors.
Through a new branch that was opened in 2002, the
AKIBA Commercial Bank was able to reinforce its activi-
1 This Convention covers four areas: North Kivu (Democratic Republic
of the Congo), South Kivu (Democratic Republic of the Congo), ties in the poor areas of the capital city and generate
Burundi and Rwanda. positive results, as was the case in the previous year.
3545-SIDI/2003_GB 4/09/03 10:39 Page 11

Southern Africa and Thanks to an alliance with CORDAID (the Netherlands)


and ENTRAIDE ET FRATERNITE (Belgium), SIDI was able
the Indian Ocean to closely oversee TITEM’s operations in order to set in
motion a new development stage, complicated by the
11

Against a backdrop of a political crisis in Madagascar – local methodology that required revamping and the
the worst this country has known since independence – introduction of management tools and new financial
and diplomatic initiatives in South Africa, which were products. A big challenge for 2003 will be to find tech-
reported on the continent, SIDI is maintaining its strong nical and financial allies to enable TITEM to pursue its
commitment to serving its partners. development.
SIDI will endeavour to build new alliances, because the
complexities of solidarity financing call for serious
South Africa reflection and concerted actions.

Encouraged by the confidence expressed by the South


African founding shareholders of TEMBEKA, SIDI deci-
ded to revive TEMBEKA, at a heavy cost in technical and
institutional support. TEMBEKA was created in 1997 as At the continental level
a credit guarantee system, but because of the local
context, never had the opportunity to really get off the Today, the MAIN network, comprising some 40 member
ground. As a result, it became a refinancing institution institutions, is shaping a system of exchange and training
starting in 2002 and developed products such as equity among its African members. A solid partnership was set
investment and refinancing of existing organisations up with the Martyr's Catholic University, in Uganda and
that offer community financial services. The organisa- each summer a training seminar is held for microfinance
tions financed in 2002 include Spazatainer, which rents institution managers, a unique event on the African
small containers for small microenterprises and crafts- continent.
men in the townships, and Kuyasa, which grants loans This initiative was supported by the workshop that was
for home improvement in working-class neighbour- held in December 2002 in Addis Ababa, during which
hoods. SIDI is currently TEMBEKA’s majority shareholder some hundred participants, nearly half of whom were
and only investor but would like to expand the concept from Ethiopia, exchanged views on financing and rural
of the Solidarity Chain for Financing, which enjoyed development, with particular attention being paid to
broad support from the South African partners during mediation between farmers’ organisations and financing
the Workshops held in October 2001, in Paris. institutions.
In addition, the year 2002 marked the end of the asso-
ciation with MENNGOS, which now enjoys institutional Africa is a priority area, where activities feature the
independence, and benefits from the support of SIDI, diversification of partnerships, financing and support for
in close cooperation with CCFD, and the mobilisation of new partners in Guinea, Togo, Burkina Faso and the
substantial resources from the French Foreign Ministry. Great Lakes region, as well as the identification of new
opportunities in Mali and in Mozambique. SIDI and its
Madagascar allies are convinced that partnership relationships with
community members committed to promoting greater
Despite the crisis that left it paralysed last year for a six- economic solidarity will bear fruit.
month period, SIPEM managed to generate positive SIDI will pursue its efforts to innovate in the field of
results in 2002 without endangering its future. rural financing and will enter new areas, such as finan-
Furthermore, SIPEM showed a great deal of understan- cing of housing, health care, production, etc., in respon-
ding towards its customers who were harmed by the se to the wishes expressed by the people involved in the
crisis and forewent charging late payment penalties. Solidarity Chain for Financing.
SIDI has continued to provide technical support, thanks
to the deep involvement of a volunteer consultant who
supports the desk officer, as well as institutional sup-
port, with the Chairman of the Board
regularly taking part in the board of
directors. While the amount of arrears
resulting from the crisis has decreased,
the issue has yet to be resolved in 2003.
Despite that, a new office in a city in the
Majunga province will be opened this
year, the capital will be increased and
new financial backers will be sought to
meet the needs in the areas of growth
and alliances.
Photo : SIDI

However, the crisis has had more serious


repercussions in the rural areas of
Madagascar, requiring TITEM to adjust
its geographical radius to three regions. Participants at the workshop held in Addis Ababa, Ethiopia
3545-SIDI/2003_GB 4/09/03 10:39 Page 12

12
ASIA In Asia, SIDI’s actions are concentrated in the countries along the Mekong River, where it has managed to put
together a network of quality partners. The 2000-2002 plan enabled SIDI to advance towards its ambitious goals of
participating in the institutionalisation of organisations in Vietnam and Cambodia and taking part in the creation of
refinancing organisations in Laos. The year 2002 brought greater technical and institutional support for SIDI’s part-
ners in this region.

Laos Cambodia

The consolidation of the CCSP cooperative network, to SIDI is consolidating its multipartnership strategy and is
which SIDI contributed actively throughout its 2000- strengthening its support for EMT and HATTHA KAK-
2002 plan, as well as the creation of the umbrella struc- SEKAR, which are both involved in the process of insti-
ture, the Cooperative Fund, marked the success of a tutionalisation.
community development process that began nearly ten EMT continued its robust growth in 2002 and confir-
years ago, in the wake of support from CCFD that ran med the good results of the previous year, which will
until 1996. With 9 cooperatives located in seven of the strengthen its position as the country’s biggest microfi-
country’s provinces, the CCSP network today is the only nance institution. In terms of the number of clients, in
microfinance network created by Laotians that is active September 2002, EMT’s share accounted for 27% at
nationally, serving nearly 1,000 small microentrepre- national level. The year 2002 also saw the start of an
neur. integrated MIS (management information system),
At its constituent general meeting held on 26 January which will allow the decentralisation of certain activi-
2002, which officially created the Cooperative Fund, ties to the provincial branches, in order to promote
SIDI converted part of its outstanding loans, totalling growth.
US$ 200,000, into equity investment (US$ 147,000). With the arrival of new shareholders, such as Lafayette
Official certification from the banking authorities is still Finance and PROPARCO, a private sector subsidiary of
being negotiated, but the authorities have already AFD, EMT has diversified its shareholders and increased
confirmed their interest in this initiative. ALTERFIN has its capital. Today, EMT’s main concern remains the quest
also confirmed its decision to convert the balance of its for refinancing in order to maintain to its portfolio
loan into equity investment. The Cooperative Fund will growth target, which was set out in its 2003-2005 busi-
play a key role in the development of the network and ness plan.
will be entrusted with training to the cooperatives, With the help of its well-trained managerial staff, EMT
their refinancing and the financing of small microen- is preparing for the withdrawal of the technical assis-
terprises. tance that GRET is still providing. In keeping with its
mission and vision, EMT also initiated, starting in
The financing plan underscored the need for US$ January 2003, a cut in the interest paid by its clients.
200,000 in lending funds and US$ 300,000 in subsidies, The year 2002 was a little more unsettling for HATTHA
over three years, to pay for training and technical assis- KAKSEKAR. Its shareholders mainly consist of the foun-
tance. SIDI has already mobilised several European part- ding NGO and the staff association, which together
ners to back the consolidation of this Fund starting in hold 5 of the 7 seats on the board of directors. Its first
2003. The CCSP network has initiated negotiations with year of operations closed with balanced books.
a regional programme of the IFC (MPDF), to support However, at the start of 2002, HATTHA KAKSEKAR pur-
technical assistance. sued an ambitious growth policy, which, unfortunately,
led to a large increase in arrears, a situation that the
MFI had problems incontrolling. After receiving a war-
ning from the National Bank of
Cambodia either to overcome its weak-
nesses or lose its certification, the gene-
ral management of HATTHA KAKSEKAR
made an effort to remedy matters.
SIDI, concerned about this urgent situa-
tion that jeopardized the viability of a
partner, provided HATTHA KAKSEKAR
with the means to negotiate with the
authorities. With the collaboration of
experienced and devoted consultants
SIDI agreed to carry out technical sup-
port missions, to draw up a medium-
Photo : Guy SPICA

term action plan, to revise the methodo-


logy and to seek public and private
financing. This technical support is hel-
ping give HATTHA KAKSEKAR a second
chance.
The Director of HATTHA KAKSEKAR, Cambodia
3545-SIDI/2003_GB 4/09/03 10:39 Page 13

study was conducted to clarify


the financing needs expressed by
the potential clients, SIDI increa-
sed its loan facility by US$ 10,000,
bringing it to a total of US$ 13
30,000. The Women's Union of
Soc Trang, a partner since 2001,
on-lent the total amount of the
of US$ 21,700 loan from SIDI,
disbursed one year ago. The low
pace of disbursement and the
social circumstances of the
clientele, mainly from the middle

Photo : Guy SPICA


class, have raised questions
about the microfinance institu-
tions’ outreach to small microen-
trepreneurs real financing needs.
In order to hear the views
of international donors, such
The EMT staff, visiting a client, Cambodia as the International Finance
Corporation, BAD, AUSAID and
others, SIDI is planning to build contacts, during future
Vietnam missions, which will help the donors to understand local
circumstances and financing needs.
While SIDI has succeeded in creating a network of qua-
lity partners in the Mekong region, Vietnam has always
required, and still does, a tailored approach because of Thanks to the solidarity savings resources and to the
the country's restrictive policies. Despite this, SIDI is per- diversification of human resources, SIDI today has the
severing in this difficult setting and taking up the chal- means, both human and financial, to build a support
lenge to continue to provide support. The wealth of mission for its partners. The mission will help secure its
individual, family and business activities and the efforts portfolio and will assist the partners to achieve greater
deployed by small microentrepreneurs to make a suc- autonomy. Financing needs are still enormous in
cess of their projects against a complex backdrop have Southeast Asia, both on the side of the clients and the
convinced SIDI to forge ahead with its commitment. MFI themselves. SIDI, in cooperation with its allies, is
This is a challenge that requires support. considering the creation of, or participation in, a regio-
SIDI has maintained its support to CEP, with which SIDI nal refinancing initiative, similar to PROFUND and LA-
has had a partnership since 1999, and the Women's CIF in Latin America.
Union of Soc Trang. At the request of CEP, and after a
3545-SIDI/2003_GB 4/09/03 10:39 Page 14

14
LATIN AMERICA
The year 2002 was a difficult one for the entire region. On top of political turmoil, the global slump took its toll,
bringing about an economic decline. Social unrest over access to drinking water and health care, in addition to
demonstrations and strikes, aggravated the situation. While some institutions managed to maintain their level
of activities, and a few even developed their activities, others felt the full force of the regional recession. SIDI
focused its activities on partner support in Colombia, Ecuador and Peru.

Bolivia impact on microenterprises, owing to the slump in sales


figures and pressure from clients to pay their bills over
In recent years, Bolivia has been experiencing problems an extended period of time. As a result, microentrepre-
breaking free from its economic recession. The elections neur clients have put off decisions to invest in machine-
of July 2002 somewhat hampered economic recovery ry and plant, an area in which INDES concentrates its
and the microfinance area has felt the impact of the leasing activities. This has meant that INDES’ leasing
sombre climate. While Bolivia is still a country where portfolio has shrunk, the impact of which is amplified in
the small microentrepreneur can call on a range of insti- dollar terms devaluation of the peso of around 11%
tutions able to provide financial services, all the MFIs against the dollar. Thanks to the drive and determina-
are going through a difficult time, despite efforts to tion of its new manager, INDES is staying the course and
increase productivity and offer new services to meets is gradually improving its performance and efficiency.
the clients’ needs.
In the month of June 2002, INDES initiated a series of
BANCOSOL went through a difficult patch when, in studies to draw up a strategic and organisational plan
2001, a local debtors' association rose up and deman- for improved capacity-building and to draw up a busi-
ded the government to cancel all their debts. ness plan to achieve financial and operational autono-
Furthermore, in comparison with the previous decade, my, in the medium-term.
when BANCOSOL was established, the overall economic
climate has worsened.. Moreover, BANCOSOL has to
broaden its range of financial products in a highly com-
petitive setting, because the solidarity group loan, the
principal product it offered at the start, is no longer
favoured by its clients. Colombia

In light of the fact that BANCOSOL has attained a deg- Colombia is still suffering from a guerrilla war and
ree of institutional maturity, with more than 70,000 repression at the hands government forces. Because of
active clients, SIDI may consider selling its small stake in kidnappings of local elected officials, skyjackings and
BANCOSOL and undertaking a more modest initiative frequent attacks on oil pipelines, foreign investors
(see sidebar 1). avoid the country . Every year, thousands of farmers
leave their lands, fleeing threats of violence, and swell
the ranks of the desplazados who flock to the fringes of
large cities.
Dans quel cadre la SIDI envisage-t-elle la sortie d’un partenariat ?
In what circumstances does SIDI consider pulling out of a partnership?
In a region affected by the economic crisis in Argentina
Under its 2000-2002 plan, SIDI held a discussion on the possibility of lea- and the slump in the US economy, economic activity
ving some partnerships and on turnover of shareholders’ equity. That remains weak, which means more unemployment and a
discussion will continue under its 2003-2006 plan and will culminate in steady fall in the value of the peso. CONSOLIDAR’s 2001
the design and implementation of a withdrawal policy (see Chapter III, figures foreshadowed a nearly balanced situation for
p. 23), as well as a scheme to capitalise on withdrawal experiences.
Although SIDI’s commitments are offered for the long-term, i.e. more
2002, however, the dismal climate in 2002 dashed any
than 10 years, other reasons may arise that call for the withdrawal from hopes of growth. Given these circumstances, the arrival
a partnership at a particular time. Examples of these reasons are : of new investors and an increase in its portfolio to a
- concern surrounding the turnover of SIDI shareholders’ equity for the level able to guarantee its viability are receding. At the
benefit of other institutions, when the partnership has reached a good end of the year, SIDI reinforced its stake in CONSOLIDAR
level of viability and autonomy. by an additional US$ 50,000. CONSOLIDAR’s financing
- the desire to allow an institution to forge other alliances. needs, relating to the credit fund, the expansion of its
- changes in the institution’s vision that may no longer be in step with staff and the purchase of computer equipment, have
SIDI’s own vision. yet to be met.

Sidebar N°1 A joint mission with CORDAID is being planned for the
first quarter of 2003, to discuss with CONSOLIDAR’s
small management team how best to improve its cur-
rent situation.

Chile
Although Chile has continued to enjoy economic stabi-
lity, the country has not been immune to regional com-
plications. The fall in growth has had a particular
3545-SIDI/2003_GB 4/09/03 10:39 Page 15

Ecuador Peru
Ecuador’s rate of inflation in 2002 was less than 10%, After cooperation with CREDINPET was brought to an
the lowest in the last 20 years, and remittances from end, SIDI pursued its partnership with EDAPROSPO, an
Ecuadorians working abroad constituted the second association active in microfinance, health care servi- 15
biggest source of external income, after oil. BANCO ces, the promotion of credit and savings unions and
SOLIDARIO ended the year on a high note, with a microenterprise training (see chapter entitled Focus
portfolio of 70,000 clients worth US$ 99 million. In on New Partners).
February 2002, a new product called My family, my SIDI in particular is backing EDAPROSPO’s individual
country, my return, launched in partnership with the loan programme via a US$ 80,000 loan, which falls
Spanish Confederation of Savings Banks, was a success due in June 2003. Moreover, in keeping with its open
for the bank in targeting Ecuadorian emigrants, who approach to the rural areas, SIDI is planning on expan-
were offered a loan to pay for the trip aboard, a safe ding its activities in Peru by targeting mainly the cen-
and rapid fund transfer system and the management tral macro-region and by contributing to better quali-
of income and savings. ty of financial services in this area, via a range of
players having attained institutional and financial
In 2002, with the support of SIDI, the bank succeeded maturity.
in renewing for another year a US$ 1 million finan-
cing package, granted by the unit trust Nord Sud
Développement. Given its rapid growth, the bank will
most likely need to increase its equity in the near
future. At the continental level
Set up in 1995 for a 10-year period, Costa Rica-based
Uruguay PROFUND is today preparing for its closure, scheduled
in two years’ time. Today’s economic and financial
During a mission carried out in February 2002, SIDI problems in South America, PROFUND’s area of activi-
held a discussion with SAINDESUR, a risk-capital insti- ty, are hampering fund management, in so far as any
tution, on the idea of diversifying to new products, attempt at investment is fraught with difficulties.
such as leasing. SIDI’s comments were well received by PROFUND contributed to the financing of more than
the new staff at SAINDESUR, which would now like to 400,000 microenterprises in 10 countries, which
develop new activities. However, before SAINDESUR taught PROFUND a lot about the ups and downs of
was able to secure the go-ahead from the financial investing in this area. PROFUND has also set an exam-
authorities, Uruguay became insolvent, as a direct ple of strategic and operational management that led
result of the Argentinean financial crisis. to the creation of other funds, on both sides of the
But the crisis also offered some small opportunities in Atlantic.
the export prefinancing niche. With the plan of taking
advantage of such opportunities, SAINDESUR is kee- For its part, LA-CIF, a credit fund in which SIDI increa-
ping its eyes open, but at the same time is taking a sed its initial stake, has continued to grow and attract
cautious stance. SIDI is planning to encourage closer new investors and backers, who at the end of 2002,
ties between SAINDESUR and INDES, in Chile, because contributed to the capital by more than US$ 3 million,
both organisations share a similar macroeconomic and credit lines of more than US$ 10 million.
environment.
In April 2002, SIDI, after receiving a remit from the
Fondation Charles Léopold Mayer (Fondation pour le
Progrès de l’Homme), took part in the formal launch
of Foro-Lac, a continent-wide network bringing toge-
ther representative organisations of rural MFIs in
Latin America and Haiti.

The evolution of regional mechanisms such as PRO-


FUND and LA-CIF has enabled SIDI to count on a real
monitoring of the microfinance sector on this conti-
nent. Furthermore, the start of cooperation with a
Latin American network active in rural financing will
mean that SIDI will enrich its knowledge about rela-
ted problems in this part of the world and will be able
to open the doors to new partners.
Photo : CIRIC

A BANCOSOL client, Bolivia


3545-SIDI/2003_GB 4/09/03 10:39 Page 16

THE
16

MEDITERRANEAN
BASIN In 2002, SIDI broadened its multipartnership approach in Morocco and consolidated its existing partnerships in
the other countries of the region, a priority of its 2000-2002 action plan. Economic integration is made difficult in
the Mediterranean basin and the local economic and political situation is a source of instability. As a result, SIDI
needs to understand local problems and set up supervised support.

The Maghreb The Mashriq


Morocco and Algeria Lebanon
There are two organisations through which SIDI is pur- Despite the worsening local situation, NAJDEH’s loan pro-
suing its activities in Morocco, AMOS, located in the gramme in the Palestinian refugee camps continued to
Middle Atlas mountain range, and AL AMANA, a bench- achieve good results. Handicap International, its long-
mark institution at national level that has 81 branches standing partner, stopped sending subsidies and NAJDEH
employing more than 200 loan officers for its 75,000 acti- attained financial balance two years ago by financing its
ve clients. loans via an equity allocation of US$ 58,000 from
The microfinance sector in Morocco is young and the only Handicap International and a US$ 25,000 credit line from
officially authorized option in the field is through associa- SIDI. At the end of 2002, the loan programme was ser-
tions. That, plus the standardisation of loan products (soli- ving more than 220 clients.
darity groups) makes it difficult to broaden product diver- Also in 2002, NAJDEH and its two partners in the North
sity and introduce governance methods. Nevertheless, AL decided to conduct an external analysis of the program-
AMANA, which is seeking to enlarge its product-range to me to ascertain the impact of the loans on the clients and
include housing loans and solar energy loans, is carrying to draw up a strategy to extend the programme to other
out an ongoing monitoring of client impact and also refugee camps, in particular in Beirut. SIDI wishes to
wants to share its financial profits with the clientele, via a acquire greater knowledge from the various players in
lowering of interest rates. this microfinance sector and in the field of support for
microenterprises as well as in the area of youth access to
AL AMANA is particularly appealing in relation to the the jobs market.
innovations SIDI is encouraging under its new action plan.
It was therefore granted a 220,000 euro loan that was
released in May 2002, to cover its refinancing needs. In
2003 SIDI joined the AL AMANA association and participa- Palestine
ted in its governing bodies, which will set a promising
backdrop for reinforced cooperation. Cooperation with the ACAD, an association that helps
Palestinian populations on the West Bank and the Gaza
AMOS has been a SIDI partner since 1999, but had a lac-
Strip to buy agricultural supplies and create local jobs,
klustre year in 2002, during which its founding president
continued in 2002. The missions conducted with ACAD
departed, and its external technical support was sporadic.
were designed to assert SIDI’s solidarity in the midst of
Nevertheless, AMOS achieved, for the first time, positive
the political crisis, and to examine possible partners-
results, thanks to an increase in its portfolio and to cost
hips. Given the limited room for manoeuvre in this
control. In order to encourage AMOS’s professionalisation,
environment, ACAD will pursue its mission and ensure
SIDI’s support highlighted the need for structuring and
that resources will be forthcoming. ACAD therefore
reinforcing AMOS’ internal capacities, through increased
asked SIDI to see if a guarantee system could be desi-
financial resources and ongoing technical assistance.
gned that would enable it to cover portfolio risks by
Although it was not possible to carry out missions in spreading them as widely as possible.
Algeria, SIDI’s work in 2002 focused on finding resource
people in a context where individual initiative is very res- This region is an ideal setting for SIDI, because it can
tricted. redouble its efforts in financial innovation to support
partners who are experiencing difficult situations and
to look into microfinance associations combining
financial and non-financial services. Moreover, SIDI will
be able to back partners who are opening up to new
fields, such as financing housing, health care, etc., thus
fulfilling the wishes expressed by all the members of
the Solidarity Chain for Financing.
Photo : AL AMANA

Under its next action plan, SIDI will strive to enrich its
knowledge of development problems encountered by
rural populations, Moroccans, Palestinian refugees in
Lebanon as well as young people in Algeria and
Lebanon, with a view to encouraging diverse approa-
ches and broadening partnerships.

An AL AMANA craftsman, Morocco


3545-SIDI/2003_GB 4/09/03 10:39 Page 17

THE CARIBBEAN
SIDI’s actions in the Caribbean are focused on Haiti, a country where the economic and political situation is going
17
from bad to worse and where there is no clear solution on the horizon. With foreign aid deadlocked and the cons-
tant devaluation of the gourde, which make day-to-day life very bleak indeed, SIDI’s partners are deploying huge
efforts to pursue their activities with the disadvantaged populations. SIDI’s actions and its ability to adapt to local
circumstances have been widely acknowledged and requests for partnerships are multiplying. In 2002, SIDI widened
its partner network by setting up cooperation with a crafts association. Furthermore, SIDI, in conjunction with its
allies, will intensify efforts to support a training scheme combining solidarity financing and development.

The leading event of 2002 was the setting up of


IMOFOR, launched by KNPF, with the support of SIDI.
IMOFOR is an itinerant training facility open to anyone
concerned with financing and development. Thanks to
considerable financing from the French Foreign Ministry,
CORDAID and the European Union, IMOFOR now has the
means to function with tailored technical assistance
from SIDI.

KNPF, which stands for the Conseil National pour le


Financement Populaire, grew out of the initiative of

Photo : SIDI
three Haitian organisations (COD-EMH, GRAIFSI and
KOFIP). In 2002, it gained 5 new members, all promoters
of community banks and working in rural areas. Also in
2002, KNPF received support from CCFD, enabling it to Transporting rice by mule, Haiti
hire a permanent coordinator to meet the expectations
of the new members and to map out training schemes. FONHSUD works with local organisations in the region
of Aquin to promote income-generating activities. SIDI
agreed to convert the entire loan granted to FONHSUD
The continued devaluation of the local currency made
into gourdes, the local currency, and to set up a new
things difficult for our partners, some of whom were,
repayment programme. SIDI’s vitally important loan to
however, able to anticipate the problems. Therefore,
FONHSUD helped to refinance solidarity credit unions
while GRAIFSI focused on creating solidarity credit uni-
and savings banks as well as to finance farmers’ organi-
ons, it also sought to make early repayment to SIDI.
sations, in particular collective means of production.
COD-EMH was unable to avoid these difficulties, and
SIDI granted a US$ 100,000 loan to INDEPCO (Institut
reinforced its network of community banks, numbering
National pour le Développement et la Promotion de la
416, bringing together more than 13,000 people.
Couture en Haïti), a federation of small-scale tailors, via
the CCG (Coopérative de Cautionnement et de Gestion).
Because of the poor functioning of some cooperatives,
which were paying 10% to 12% per month on deposits
in US dollars, and because of its commitments to the
state and the agrarian reform, the CCG went through
serious liquidity difficulties.
In 2003, SIDI is planning on backing a restructuring of
CCG, but that will only be possible if the members of
CCG agree to recapitalise and come up with a credible
recovery plan.

SIDI’s activities in Haiti show that SIDI has the capacity


for adapting, as seen in its ongoing support. The aggra-
vated economic and financial situation will require a big
effort from SIDI to convert the current dollar loans into
gourdes, the Haitian currency.
Several new applications for partnerships were put for-
ward in 2002 and should be processed in 2003. The new
members will further enrich partnerships with local
players working towards a solidarity economy and offe-
ring possibilities of exchange of experiences with these
organisations.
In 2003, KNPF is proposing to organise a seminar on
rural financing, as an extension of the activities conduc-
Photo : SIDI

ted by MAIN and in keeping with the priority that SIDI


has accorded this subject.

A mango nursery, Haiti


3545-SIDI/2003_GB 4/09/03 10:39 Page 18

FOCUS ON NEW PARTNERS


18

TOGO WAGES
- individual savings, called HOLA, with a minimum deposit
of 8 euro, a minimum duration of 6 months, yielding 3%
per year
- a type of savings called tontine, in which a common fund
The institutionalisation of an urban project in a is set up and collected daily by itinerant collectors; the mini
thorny context mum daily deposit is 0.3 euro, from which WAGES deducts
one daily contribution each month.
The WAGES institution, a new SIDI partner in Togo, grew In 2002, the total savings outstanding reached 750,000 euro,
out of a project started by CARE International in 1994 and a 132% increase over 2001, which demonstrates the clients’
initially planned for six years. The original aim was to give genuine enthusiasm for this service. Based on these very
the women of Lomé the financial means to develop income- encouraging results, WAGES would now like to consolidate
generating activities and to promote a range of economic its savings policy and its products by means of an evaluation
activities. The suspension of international aid in 1998 in the of its clients’ needs. In addition, WAGES would like to pro-
wake of the contested electoral victory of General Eyadema mote a real savings culture, with the help of a teaching
precipitated the departure of CARE from Togo. The project method developed and disseminated by the loan officers,
was then institutionalised in the form of an association in who are usually the first to come into contact with the
1999, with an initial loan fund of 205,000 euro, and served clients.
more than 5,500 women. Thanks to its intense unity and a
proactive management, the WAGES staff managed to pro- SIDI and its alliances support consolidation targets
long and diversify its financial services by introducing the
collection of savings in 2001. Today, with its 17 loan officers In 2002, WAGES applied for a loan to SIDI, when promised
and 15 savings collectors, WAGES is recognised as a quality financing from donors in the form of credit lines and subsi-
urban institution in the area of loan distribution to disad- dies never materialised, and when a loan from a specialised
vantaged populations. WAGES operates a head office in programme (PUFS) of the Banque Ouest Africaine pour le
Lomé and has two branches, in Tsévié and Sokodé, located Développement fell due. WAGES’ members met SIDI’s quali-
30 km and 150 km from Lomé, respectively. ty and motivation conditions. In addition, WAGES’ had a
clear vision, made the right choices in a difficult period,
Solidarity loans based on prior savings sought to preserve human potential despite a lack of subsi-
dies, and opted to maintain both the quality and quantity
From the outset, based on the principles of group solidarity, of its instruments and extend them over time. Furthermore,
WAGES’ methodology for the granting of loans is founded the involvement of the board of directors, made up of 9
on the following principles : members (3 borrowers’ representatives, 3 from the civil
- the organisation of women’s solidarity groups, of around society, 2 employees and 1 representative from CARE) and
12 members each the fact that the management was very involved and sup-
- the prior establishment of savings amounting to one-third ported by the managerial staff, who were also very motiva-
of the amount applied for ted and cohesive, were all positive aspects during this diffi-
- a progression in the granting of released loan funds, from cult stage of loan project institutionalisation.
300 euro to 3,000 euro The granting of a 150,000-euro loan by SIDI in two instal-
- and an interest rate of 1.5% per month (constant interest) ments, topped up by a 100,000-euro loan from ALTERFIN-
Belgium, released in November 2002, meant that the insti-
WAGES finances the full range of its female clients’ urban tution was able to consolidate its finances. With a view to
and suburban activities. The commercial sector comes in first strengthening WAGES’ institutional and human capacities,
place, at 62%, compared to 22% for farming activities. In SIDI will continue to search for financing and will assist in
the suburban areas, WAGES officers train and support soli- the creation of an information and management system to
darity groups for three months in the fields of savings edu- formalise procedures and look into new savings products.
cation, the day-to-day management of an association and SIDI will also work to ensure that WAGES’ actions are more
how to structure solidarity groups. This methodology, which socially viable by means of impact questionnaires produced
does not require prior savings, helps to reach the most dis- by WAGES on a regular basis.
advantaged populations. The loan amounts vary from 30 to
120 euro and only 2% of the amount of the loan is charged
at the time the loan is granted. WAGES’ portfolio is an indi-
cation of its success: its loans outstanding of 1.1 million euro
at 31 December 2002 serve more than 9,000 active clients in
737 solidarity groups.

Developing collection capacity and securing savings

Although the General Assembly wished to introduce


savings collection in 2000, this did not actually start until
Photo : SIDI

2002. Three types of savings are proposed :


- compulsory loan savings, equal to one-third of the loan
amount, but to which each member contributes in keeping
Training of a WAGES solidarity group, Togo.
with his ability
3545-SIDI/2003_GB 4/09/03 10:39 Page 19

PERU EDAPROSPO
The three loan portfolios at 31 December 2001 illustrate
the diversification of products. The Alcom loan portfolio
involved 140 groups, for a total of 2,400 people,
the Credin individual loan portfolio included 1,000
microentrepreneurs and the loan portfolio of the solidari- 19
ty groups covered 90 groups, totalling 200 people.
A development NGO guided by social values The working staff, comprising 6 loan officers and 12
technicians, handles three complementary financial
The Equipo de Asesoramiento a Actividades Productivas de products, which enable it to reach out to a clientele from
Sectores Populares (EDAPROSPO), involved in the social different social backgrounds. The complementarity of
movement of the 1970s, was created during the big strike these activities with training and support services enables
of 1977 after which many trade unionists lost their jobs. The impoverished women and microentrepreneurs to change
three founders, including a French priest, then began to set their lives for the better.
up small-scale bakeries in the working class areas of Lima in
order to provide jobs to people and enable them to survive. Institutionalise or remain an NGO?
After a request from CCFD, which has been supporting this
partnership for several years, SIDI got to know EDAPROSPO In Peru, the vast majority of NGOs offering financial
in 1998. services have opted to institutionalise, i.e. they have
chosen to become a small-scale finance company (known
EDAPROSPO’s strong base in the working class neighbour- by the Spanish acronym, EDPYMES), supervised by the
hoods of Lima arose out of a strong commitment to solida- banking authorities. This change in structure allows them
rity, transparency, responsibility, fairness and social justice, to gain access to public resources, to collect savings and
innovation and tolerance. Led by a deep-seated vision and broaden their activities.
a community mission, EDAPROSPO offers three types of ser-
vices to its clients : EDAPROSPO is one of the few institutions that has decided
- the promotion of health in poor neighbourhoods not to take that step because it wishes to preserve a broad
- training of microentrepreneurs range of services for its clients, who request financial
- financial services that provide financing for microentre- services in the form of individual loans and non-financial
preneurs and promote credit and savings unions services, such as support and training. EDAPROSPO belie-
ves that the flexible status of an NGO allows it to provide
EDAPROSPO’s activities are concentrated in the densely quality services in both fields at the same time and to keep
populated working class areas of the northern and eastern taxes down to a manageable level.
cones of metropolitan Lima.
The NGO status also means that EDAPROSPO can work
« Prosperidad », a financial service closely tied to with a broadened segment of the market, as shown in the
non-financial activities following sidebar. However, EDAPROSPO is preparing for
the future and is looking into the possibility of merging
EDAPROSPO believes that loans alone cannot ensure the with a similar programme, CREDIVIDA, in order to expand
overall development of a microenterprise, but a loan com- its scope and impact. EDAPROSPO recently opened a
bined with non-financial services can do so. Although today branch in San Juan de Lurigancho, the largest district in
this viewpoint and this type of experience are controversial, the country, located east of Lima, where there is a large
EDAPROSPO has chosen its path and has succeeded in com- demand for loans.
bining microfinance and non-financial services, brought In 2002, SIDI granted a 3-year, US$ 80,000-loan, the capital
together in the Prosperidad programme, which provides of which falls due in June 2003, to finance individual loans.
three different types of products: That time will be used to examine whether the loan
- individual loans, called Credin, to promote self-employ- should be renewed or enlarged, with a view to backing
ment EDAPROSPO’s growth in new product areas, in particular
- the Alcancias Comunales, or Alcoms, which function as the ALCOMS.
community piggy banks. This consists of self-promoting
Analysis of Peru’s financial market
groups of 15 to 30 people who are encouraged to save
in order to develop small economic activities for women according to EDAPROSPO

{{
in the shanty towns and poor areas of Lima.
- lastly, the solidarity groups, whose members can access Traditional Large
the Credin after their 4th loan. microenterprises microenterprise
Origin :
capitalisation
Objective : Medium-sized
profit microenterprise
Banks

{{
Finance
institutions Small
COOPEC microenterprise
EDPYMES
Microenterprises
Loans Developing
Origin :
individual microenterprise
lack of jobs
Photo : EDAPROSPO

Objective : ONG’s
NGOs’ survival Solidarity Emerging
groups microenterprise

Surviving
« Community microenterprise
piggy banks »
Sidebar N°2
A meeting to discuss the community piggy banks, Peru
3545-SIDI/2003_GB 4/09/03 10:39 Page 20

20
DR OF CONGO BAEF
Financing women’s economic activities : the start Supporting an institution during a difficult
of a process… transition

The Convention d’Objectif Grands Lacs, which SIDI The year 2002 was marked by BAEF’s independence
signed in 2001 with the CCFD, provides a promising fra- from COTEDER, which gradually brought to a close its
mework for identifying new partnerships in the region. payment of BAEF’s operational costs. This transition
COTEDER, the Conseil Technique pour le stage was facilitated by a US$ 2,000 subsidy that BAEF’s
Développement Rural, has been active in this region for small staff, comprising 5 people, received from the
many years. Great Lakes Convention.
In the same year, BAEF asked COTEDER for technical
The BAEF, Banque d’Appui à l’Entreprenariat Féminin, and financial support. Before seriously considering the
grew out of two COTEDER programmes that came to a idea of institutionalising, BAEF will have to improve its
close : a support programme for economic activities poor loan situation, including long-standing, large
and, a women’s promotion programme. It had been arrears and a manual record-keeping system that provi-
observed that men have difficulties paying back loans, des only a limited overview of the clients and the port-
and that combining loans and subsidies creates confu- folio. BAEF will have to find the way to achieve finan-
sion in people’s minds. Therefore, the women benefi- cial viability.
ciaries of these programmes wished to develop their SIDI wants to encourage BAEF’s staff in this difficult
own financial instrument. stage and in 2003 will help to computerise the portfolio
Furthermore, in a crisis, it turns out that women are in order to have a clearer and up-to-date view of its
better at business matters than men and tend to make activities.
better use of household income. COTEDER decided to
support this initiative by contributing a special loan Furthermore, BAEF is aware that it needs to diversify its
fund for women’s activities, in order to improve the financial products and to lower the rates of interest it
living conditions of families. The fund is used by BAEF charges. Once the computerisation is in place, new
for start-up capital. Given the increased insecurity in the developments can be considered, such as the promotion
rural areas, BAEF decided to start its loan activities in of solidarity credit unions.
the city of Butembo, in the North Kivu province, in sup-
port of women working in the informal economy.
Taking the first steps towards institutionalisation
The loan methodology is based on local support, with
the following features: BAEF, whose sole shareholder is COTEDER, will have to
draw up an institutionalisation plan in 2003. Besides
- women organise in small solidarity groups SIDI, which may acquire a stake in BAEF’s capital in 2003
- training is provided prior to the granting of loans of around US$ 10,000, BAEF’s clients, now organised by
- prior local enquiries are made to ascertain the borro- sectors of activity, may also buy shares in the bank via a
wer’s activities and character US$ 10,000 fund made available by a German coopera-
- loans are granted progressively, with amounts varying tion programme, GTZ.
from US$ 10 to US$ 650, the average being US$ 130 The role of these clients in BAEF’s future organisation
- the maximum duration is three months. will therefore have to be spelled out. A tripartite part-
nership convention, bringing together COTEDER, GTZ
Rather harsh loan conditions are imposed by BAEF, in and SIDI, will help to clarify their role.
particular high interest rates, because of the concern to
preserve the small amount of capital it has available
(US$ 16,000) in a context where arrears are high, owing
to the war and reigning insecurity.

At 31 December 2002, the outstanding loans amounted


to US$ 21,600 for 164 active clients.
Photo : SIDI

BAEF staff prior to computerisation, DRC


3545-SIDI/2003_GB 4/09/03 10:39 Page 21

REINFORCING FINANCING
IN THE RURAL WORLD
21
SIDI is seeking to shore up financing in rural areas over the forthcoming years. This decision was reached after hea-
ring what our partners had to say, particularly in Africa. During its 2000-2002 plan, SIDI undertook to listen to them,
because the problems were difficult and recent. SIDI then set in motion a number of financing and support activities
that were designed to test the waters to see how this complex issue of rural financing could be handled in Asia,
Africa and in Latin America. Our partners’ insistence and an in-depth inventory of West Africa convinced us of the
need to strengthen our activities in that area. Moreover, the choice was made as well in the wake of questions rai-
sed by our shareholders, who wanted SIDI to make a contribution to rural financing.
Today, more than one billion people in the world survive on less than 1 euro a day, and 75% of them live in rural
areas. Moreover, the capital cities are continuously expanding and there will be more and more poor people in the
cities, precisely because the grim living conditions and the lack of any national policy in the rural areas encourage
people to leave the countryside for the cities. Things would be different if the farmers and craftsmen in the coun-
tryside could produce and sell more, at better prices. Today that is not possible, neither in Africa nor in the rest of
the world.

• The first steps… range of activities and coordinating with organisation and
development programmes focusing on the food sector (rice
In Africa, in the year 2000, SIDI provided financial support to
production) or that finance cash crop (such as coffee) pro-
KOKARI, a credit and savings union that helps farmers in
ducers.
Niger, as well as to UGPM, a producers’ organisation in
Senegal. KOKARI grew out of the institutionalisation of a • Encouraging dialogue between farmers and
former project, and carries out the difficult task of interve- microfinance institutions
ning in most of the regions in Niger, often at distances of In December 2002, SIDI had the task of leading a seminar
1,000 km from the capital city, where its headquarters is organised by the MAIN network in Addis Ababa, which
located. KOKARI provides a range of loans and a training brought together farm organisations and microfinance insti-
programmes tailored to the needs of rural organisations. In tutions. In Latin America, SIDI, along with the Fondation
Asia, SIDI has developed its financing commitments in rural pour le Progrès de l’Homme and other partners, gave sup-
areas with the CCSP credit and savings union network in port to the Foro Latino y del Caribe de Finanzas Rurales (the
Laos and with EMT and HATTHA KAKSEKAR in Cambodia. Latino and Caribbean Rural Financing Forum). Although it
The process continues to forge ahead. grouped mainly national associations of microfinance insti-
• Diversification: farmers’ organisations face the tutions, this Foro Permanente was designed to develop a
financing issue working agenda around this theme in the hope of attrac-
ting as many participants as possible.
During the 2002-2003 farming season in Senegal, SIDI, along
with CORDAID, gave technical and then financial support to
• Backing a rural producers’ organisation
UGIE-EGAS, which was later renamed SAPCA-EGAS, for
groundnut marketing. Unfortunately, the marketing season, In Latin America, the problems relate more to the marketing
which recently came to a close, was not very successful of farm produce, such as coffee. Agricultural development
because of the scant groundnut production, a result of banks are increasingly thin on the ground. Many were poor-
insufficient rainfall and a lack of seeds. In spite of that, the ly managed and were liquidated, ceding their place to the
organisation was able to diversify and become active in mar- commercial banks, usually private ones that support econo-
keting commodities. mic activities in the cities, but very few of them have bran-
ches in the villages. Given that context, cooperatives, which
• Supporting financial products in far-flung rural areas best meet the expectations of rural producers, are enjoying
SIDI is supporting organisations, both with financing and a revival.
technical assistance, that wish to promote self-managed
financial vehicles, such as solidarity credit unions in Senegal, In 2002, SIDI became interested in the Peruvian La Florida
Haiti, Madagascar and in the Great Lakes region, savings Coffee Cooperative, which set up its own financing instru-
and loans in Uganda, etc. These organisations are funded by ment with its savings and loan cooperative. This institution’s
member’s contributions. programme deserves further study because one does not
• Backing family holdings often see small producers in Latin America who are able to
create financial instruments in their own rural environment.
Since 2000, SIDI has been providing technical and, subse-
With its rural financial services programme in the Sierra
quently, financial support to UGPM in Senegal. After assis-
Norte region, BANCO SOLIDARIO, backed by the NGO
ting the organisation of 82 villages into solidarity credit uni-
Fundación Alternativa, intends to increase its rural activities
ons, with financial support from SIDI, UGPM then decided to
and serve 4,000 rural clients by 2004.
explore the financing of family farms, defined as socio-eco-
nomic entities in which a family carries out a range of acti-
During its next action plan, for the 2003-2005 period, SIDI
vities. UGPM’s approach is different from that of banks and
will be reinforcing its support to solidarity financing initiati-
even microfinance institutions, which usually finance an
ves in rural areas on a number of continents. More particu-
individual and a particular purpose of the loan, such as pur-
larly, SIDI will focus its thoughts on the following points:
chase of seeds, labour costs, equipment, etc.
- the building of a financing strategy for rural areas in West
• Buttressing institutional governance in rural areas Africa
An examination of governance is today an essential compo- - the promotion of easy-access savings and loan instruments
nent for ensuring the sustainability of institutions operating adapted to the needs of populations
in rural areas. In Guinea-Conakry, SIDI sits on CGR’s board of - capitalising on the impact of financial services, with their
directors. This institution helps family farms by financing a promoters.
3545-SIDI/2003_GB 4/09/03 10:39 Page 22

SIDI’S INSTITUTIONAL
SIDI’S INSTITUTIONAL ACTIVITIES
ACTIVITIES
22

1. THE SOLIDARITY CHAIN FOR FINANCING

Promoting solidarity savings and investment At the end of 2002, the amount outstanding in the
investment fund, which is managed by the Crédit
The promotion of Faim et Développement investment Coopératif, amounted to 47.5 million euro with 3,500
fund was stepped up thanks to the activities of 20 regio- subscribers, a 4% increase over 2001, despite the down-
nal SIDI/CCFD correspondents, in conjunction with turn in the financial markets in 2002. Furthermore, the
Diocesan Committees. The shared proceeds from the regional correspondents contributed to the increase in
investment fund will help to finance, via the CCFD, SIDI’s the number of subscribers during 2002 (see sidebar 3).
development mission, consisting of monitoring and sup-
porting partners, as well as training and backing regional A large part of SIDI’s capital is still held by CCFD, the
networks. founder and holder of 31% of the shares that, along with
two women’s religious congregations that hold 28%,
guarantee that SIDI’s social aims and its mission will be
The SIDI/CCFD regional correspondents, a link in the Solidarity Chain maintained. Since the capital increase of October 2001,
for Financing the association Epargne Solidarité Développement has
sold more than 1,000 shares to individuals, thereby pro-
Why did I agree to become a SIDI/CCFD correspondent? Not because of my financial skills (I work
in telecommunications), but because during the "Jubilee 2000" I organised, with the support of
moting an increase in the number of people who support
CCFD, a roundtable session on Solidarity Financing that made me want to pursue this type of acti- SIDI’s financing activities through its partners in the field.
vity.
For two years now I have been leading actions that, in my opinion, made this occupation of pro- In 2002, the FINANSOL association, a French solidarity
moting solidarity financing so attractive. I make presentations explaining how to make the best financing network bringing together finance institutions,
of savings as part of a citizen’s commitment to solidarity. I present my experiences to the backers and qualified individuals, renewed the issuing of
Diocesan Committees in CCFD, to trade unions, the Catholic Action movement, to teachers, etc.
its quality label to SIDI, a guarantee of the solidarity com-
I also take part in various events such as association forums and local or regional gatherings in
which the spirit of solidarity is always apparent. ponent and transparency, to the shares of SIDI shares,
those of the Faim et Développement investment fund
and to Eurco Solidarité.
As you can see, the scope of action is broad and requires a lot of personal initiative, but I do not
feel alone. I take part in two annual gatherings of SIDI/CCFD correspondents held in Paris, which
help me to improve my knowledge on solidarity financing and exchange my personal experien-
ces with the 20 other correspondents. My motivations for becoming a promoter of solidarity Graph 6 : Breakdown of SIDI’s capital
financing are founded in my deep conviction of the need to carry out indispensable action at the
right time: at 31 December 2002
- Indispensable action: Disadvantaged people in developing countries aspire for a dignified life.
We can contribute to the support of local people capable of taking the initiative to change their Development
living conditions. Solidarity financing is like an extraordinary lever that fully respects the indivi- European partners solidarity savings
dual’s dignity. 4% 24%
Financial institutions Others
- The right time: I believe that we are beginning to see some alternatives to the ultraliberal eco- 10%
nomic model. I look around me and see that many people want to devote a portion of their 3%
savings to helping the most disadvantaged people. Now is the moment to offer them the solu-
tions put together by CCFD and SIDI, so that they can participate in the building of a world of
greater solidarity. Cong. des Sœurs
auxiliatrices CCFD
18% Cong. des Sœurs 31%
Ursulines de Jésus
Sidebar N°3 Bertrand Desmonts, Vannes 10%

2. INTRODUCING IMPACT ASSESSMENT AND


SOCIAL VIABILITY ANALYSIS
Guided by the choices of its shareholders and solidarity order to answer the questions asked at the SIDI
savers, SIDI sought to have a better understanding of the Workshops by the participants in the Solidarity Chain for
impact of its financial services on the clients. Thanks to Financing (see sidebar n°3).
the support of its majority shareholder, a new function
was introduced in SIDI to create and propose to the part- This new function will help to boost SIDI’s bid to prolong
ners a monitoring/follow-up system to study the impact, the impact of its actions and increase the efficiency of its
both economic and social, of the financing received, in relationships with its partners and clients.
3545-SIDI/2003_GB 4/09/03 10:39 Page 23

Capitalising on the SIDI Workshops of October 2001 practices and experience, also had questions concerning the real impact of
financial services. Their questions related to challenges posed by the “world
The SIDI Workshops were an opportunity for the participants, especially the culture of production and consumerism”; to the development of individua-
savers’ and shareholders’ spokespersons, to ask questions and have their say. lism reinforced by a microcredit system that is excessively targeted on the
Their statements focused on values and principles, such as sharing, respect individual microentrepreneur rather than taking account of the family unit
for cultures and the human dimension that goes with investment choices. and its immediate environment; and to the limits of microcredit when the
These were also underpinned by the idea of social productiveness, a princi- aim is to find the means to finance investment and the processing of farm
ple that informs financial investment. This kind of investment must produce products, etc.
human benefits, such as improved well-being of the beneficiary population
These questions led to proposals for the future. In order to better unders- 23
receiving the financial services.
tand the future, impact studies would shed light on fundamental issues in
relation to the aims pursued. What is the impact of loans on relations bet-
These affirmations and deeply-felt convictions led to questions and propo- ween men and women? Does credit facilitate the participation of women in
sals concerning the impact of financial services on the well-being of the decision-making? What is the impact on savings?
beneficiaries, on their living conditions, on decreasing their vulnerability, Excerpt from the document capitalising on the SIDI Workshops of October
etc. 2001, K. Verhagen, May 2002
The questions from representatives of savers and shareholders in the North
were understood by the partners in the South who, on the basis of their Sidebar N°4

3. ALLIANCES AND THE LEVERAGE EFFECT


ON OUR PARTNERS
In 2002, taking advantage of the trust forged among its SIDI has also mobilised several financing packages for the
alliances with the North, SIDI mobilised additional financing MAIN regional network: HIVOS Netherlands, SOS Faim
to the tune of 280,000 euro (see graph 7). Those funds ena- Luxembourg and Belgium, the CTA (European Union) for a
bled SIDI to support its partners and carry out specific pro- global amount of 100,000 euro, which was added to the
jects (see chapter II), including training for small microen- resources obtained directly by SIDI.
trepreneurs supported by MENGGOS in South Africa, the
implementation of the SIPEM development plan backed by In order to boost this strategy for the partners, a person was
CORDAID, several training sessions and thematic seminars hired to join SIDI’s staff in September 2002. The aim was to
organised by the MAIN network, the training of managerial increase the financial resources for the partners and to rein-
staff in the CCSPs in Laos, etc. force their negotiating capacity with the donors.
Moreover, in continuing the efforts deployed in 2001, SIDI
has pursued its support to partners in the negotiation of Graph 7 : Additional financing sources mobilised
new financing sources. A significant leverage effect, which in 2002
multiplied the financial resources available to the partners,
meant that 1.5 million euro was raised. In 2002, SIDI inter- DGRV MISEREOR MAE
vened with ALTERFIN (Belgium) to grant a direct loan to 8% 34%
CORDAID 4%
WAGES in Togo (76,000 euro) and to Hattha Kaksekar in 13%
Cambodia (100,000 euro), with the MPDF programme of the
World Bank’s International Finance Corporation for the
financing of a technical assistance programme of the Fonds
Coopératif du Laos (50,000 euro) and with the French Fundation GILLES MAE/UE
Nord/Sud Développement for the renewal of a 1 million- 12% 12%
FPH CCFD SOS FAIM
euro loan to Banco Solidario in Ecuador (see graph 8). 4% 9% 4%

1200 tK
Graph 8 : Funds mobilised for our financial
1 000 000
partners in 2002
1000 tK
CORDAID et Entraide et fraternité
Sicav Nord Sud Développement

800 tK
SOS Faim Luxembourg

CRIF/DÉSIR D’HAÏTI

600 tK
CORDAID
Alterfin

400 tK
UE/EBAS
HIVOS

MPDF
CTA

176 225
200 tK 153 850
31 627 30 000 16 000 50 000 50 000 12 759 9 727
0 tK
Financial partners

THE SIDI 2003-2005 ACTION PLAN


The achievements of the 2000-2002 plan demonstrated institutional maturity. SIDI wants to pursue the momentum initiated in
conjunction with its numerous partners, shareholders and alliances that share its vision of a solidarity economy. The 2003-2005 action
plan was drawn up in 2002, thanks to contributions made during the SIDI Workshops of October 2001 from three different sources:
the partners, which put forth proposals, the Board of Directors, which provided elements for guidelines and the staff, which conduc-
ted a collective reflection.
This new 2003-2005 plan will endeavour to:
- Reinforce and diversify partnerships in order to boost the capacity of the working-class economic operators to do business in their
own environment, an often difficult task;
- Undertake financial engineering by working with the partners on financial arrangements that are appropriate to the particular conditions;
- Stimulate and enlarge the Solidarity Chain for Financing
- Act via alliances in order to increase support and financing capacities for our partner.
3545-SIDI/2003_GB 4/09/03 10:39 Page 24

SIDI’S FINANCIAL
SIDI’S FINANCIAL STATEMENTS AS OF 31 DECEMBER 2002

24
STATEMENTS
SIDI BALANCE SHEET AS AT 31 DECEMBER - IN THOUSANDS OF EURO 1 Euro = 6,55957 FF

ASSETS LIABILITIES
2002 2001 2000 2002 2001 2000

Uncalled subscribed capital 441 574


Capital 5320 5320 3354
Net tangible assets 41 37 32 Balance carried forward -397 -410 -461
Net financial assets 2801 2174 1817 Profit / loss for the year 78 13 40
of which shares 2317 1861 1750
of which loans and claims 1055 935 855 Total equities 5001 4923 2933
- Provisions on shares and loans -571 -621 -787
Provisions risks and charges 127 164 129

Loans for activities 516 635 447

Total fixed assets 3282 2785 1849 FID - Internal garantee fund 2592 2592 2592
C.D.C. funds. 313 305
Funds dedicated to Palestine 507 507 507

Claims (net value) 1101 1091 416 Contributions for increase of capital 1015
Other debts 805 797 471
Cash assets 5477 6047 5830

TOTAL 9860 9923 8094 TOTAL 9860 9923 8094

SIDI INCOME STATEMENT AS AT 31 DECEMBER - IN THOUSANDS OF EURO 1 Euro = 6,55957 FF

2002 2001 2000

INCOME TOTAL 1340 1354 1266


Services (CCFD and additional financing) 1315 1343 1204
Other products 25 11 61
CHARGES TOTAL 1492 1400 1291
Current operating charges 548 654 521
Wages and salaries 737 621 570
Depreciation expense 16 15 17
Additional financing transferred to partners 190 109 183
OPERATING PROFIT / LOSS -152 -46 -25
INCOME TOTAL 518 872 445
Income from portfolio (loans and shares) 91 88 94
Income from current assets 67 100 73
Investement securities - FID resources 86 137 62
Exchange rate gains 10 80 77
Provisions reversal 264 467 138
CHARGES TOTAL 362 566 295
Provisions for risks on shares and loans 135 290 206
Interest on loans 29 23 21
Loss on loans 13 160
Conversion rate adjustement 51 91 61
Exchange rate losses 134 2 7
FINANCIAL PROFIT / LOSS 156 306 150
Exceptional income 102 89 14
Exceptional charges 28 273 62
EXCEPTIONAL PROFIT / LOSS 73 -184 -49
Income taxes 63 37
NET PROFIT / LOSS 78 13 40

«HLB SOFIDEEC Agency, external auditor, member of the Paris CRCC, represented by his Chairman, Mr Fouad EL M’GHAZLI,
certified without reservations financial statements of SIDI for the fiscal year ended December 31, 2002.»
3545-SIDI/2003_GB 4/09/03 10:39 Page 25

SIDI’S FINANCIAL SUPPORT TO LOCAL FINANCING SYSTEMS

Gross portfolio as of 31 December 2002 – in thousands of euro 25

Country Partners Equity Loans and TOTAL


Investments claims to at
associated entities 31/12/02
SOUTH AFRICA TEMBEKA 103 103
MADAGASCAR SIPEM 176 176
NIGER KOKARI 29 29
UGANDA CERUDEB 354 354
UGANDA OMIPA 44 44
SENEGAL UGPM 99 99
SENEGAL SAPCA/EGAS 114 114
TOGO WAGES 99 99
GUINEE CRG 18 18
TANZANIA SELFINA 45 45
TANZANIA AKIBA 224 224
Africa 920 385 1305
BOLIVIA BANCOSOL 77 77
CHILE INDES 126 126
COLOMBIA CONSOLIDAR 121 121
COSTA RICA PROFUND 258 258
ECUADOR BANCO SOLIDARIO 165 165
URUGUAY SAINDESUR 109 109
PANAMA LA-CIF 102 102
PERU EDAPROSPO 76 76
Latin America 958 76 1034
CAMBODIA EMT 26 26
CAMBODIA HATTHA KAKSEKAR 17 17
LAOS FONDS COOPERATIF 174 174
VIETNAM CEP 29 29
VIETNAM WUSOP 19 19
Asia 217 48 265
LEBANON NAJDEH 24 24
MOROCCO AMOS 14 14
MOROCCO AL AMANA 220 220
Mediterranean Basin 258 258
HAITI FONHSUD 50 50
HAITI CCG/INDEPCO 95 95
HAITI COD 143 143
Caribbean 288 288
POLAND TISE 111 111
Eastern Europe 111 111

Total Portfolio in t K 2207 1055 3262

% of total 68 32 100

N.B.: the book value shown in this table includes currency differentials.
N.B.: participations in European institutions are not reported in this table
3545-SIDI/2003_GB 4/09/03 10:39 Page 26

ADDRESS
ADDRESS BOOK
BOOK
26

AFRICA
AFRICA
MAIN
BURKINA FASO – URCSONA
BP 171 Tougan
Tèl : (226) 53 41 13
E-mail : wupakwe@fasonet.bf
NIGER – Coopérative KOKARI
Avenue des Zarmakoye
BP 11122 Niamey
Tel/Fax : (227) 75 25 12
SENEGAL – UGPM
B.P. 43 - Mechhé
Tél. : 00 221 955 51 13
Fax : 00 221 955 52 86
E-mail : kokaris@intnet.ne Email : ugpm@sentoo.sn
Abidjan Office - Ivory Coast IVORY COAST – FIDI
c/o FIDI - 04 BP 2237 - ABIDJAN 04 Riviera Golf - Immeuble N'ZI - 2ème UGANDA – CERUDEB TANZANIA - AKIBA Commercial Bank
Addis Abeba Office - Ethiopia étage - App 489 - 04 BP 2237 - Plot 7, Entebbe Road - P.O. Box 1892 - TDFL Building (Phase II)
B.P. 278 - Addis Abeba Abidjan 04 Kampala P.O. Box 669 - Dar es Salaam
Tèl : (225) 22 43 52 23 Tél.: 00 256 41 232 393
Tél. : 00 225 22 43 52 23 Tél. : 00 255 222 11 83 40
Fax : (225) 22 43 61 89 Fax: 256 41 251 273 ou 278
Fax : 00 225 22 43 61 89 Fax : 00 255 222 11 41 73
Email : mainafrica@aol.com / fan-
Email : fidi-ong@globeaccess.net Email : crdb@imul.com Email : Akiba@cats-net.com
taw@telecom.net.et
GUINEA – CREDIT RURAL DE GUINEE UGANDA - OMIPA TOGO – WAGES
SOUTH AFRICA – MENNGOS
45, Castle Street - 3rd Floor - Cape BP 3790 Conakry KABINGO Angle rue Aniko Palako et avenue
Town 801 - PO Box 24121 Tèl : (224) 41 35 71 ou 45 43 38 MBARARA Maman N’Danida
Tél. : 00 27 21 424 1775 Fax : (224) 41 12 78 Tél. : 00 256 48 52 08 77 BP 1339 Lomé
Fax : 00 27 21 424 1841 E-mail : crg@mirinet.net.gn Tèl : (228) 22 54 71
Email : menngos@nweb.co.za SENEGAL - ASPRODEB Fax : (228) 22 78 99
MADAGASCAR – SIPEM 8, boulevard de l'Est X - rue 2 bis - E-mail : wages@cafe.tg
TEMBEKA Immeuble SANTA LOT III – 24, rue Dakar
C/O SOUTH CROSS Naka Rabemanantsoa Antanimena Tél. : 00 221 825 56 65
135 Main Road - 1st Floor - B.P. 2337 B.P. 8616 – Antananarivo 101 Fax : 00 221 824 48 73
Claremont 7740 – Le Cap Tél. : 00 261 20 22 300 98 Email : fkdiop@cyg.sn
Tél : 27 21 683 71 00 Fax : 00 261 20 22 355 34
Fax : 27 21 683 71 03 Email : sipem@dts.mg SENEGAL – SAPCA-EGAS
(Ex UGIE-EGAS)
BURKINA FASO – MUFEDE MADAGASCAR - TITEM Quartier Diamagueune 1
Immeuble Le Walkoye – Avenue de la Lot IVM 7 - Ambodivona BP 1120 M’Bour
résistance du 17 Mai B.P. 1291 - Antananarivo 101 Tèl : (221) 957 49 57 ou 639 26 24
Ouagadougou Tél. : 261 20 22 658 67 Fax : (221) 957 49 07
Tèl : (226) 318 827 Fax : 261 20 22 658 67 E-mail : ugiegas@sentoo.sn
E-mail : mufede@senatrim.bf Email : titem@bow.dts.mg

MEDITERRANEEN BASIN
MOROCCO – AMOS
2, rue 26, Quartier Amalou - Khénifra
MEDITERRANEAN BASIN Tél./Fax : (212) 55 39 43 07
Email : aosmck@iam.net.ma
ALGERIA – TOUIZA LEBANON - ASSOCIATION NAJDEH MOROCCO – AL AMANA
18, rue Abdelaziz Mouzaoui - 16027 P.O. Box 113-6099 – Beyrouth 28 rue Oum Errabiaa, Agdal, Rabat PALESTINIAN TERRITORIES – ACAD
Alger Tél. : 00 961 1 30 20 79 Tèl : (212)37 77 01 41 P.O.Box Al-Beireh – 3816 – Jérusalem
Tél. : 00 213 2 64 99 92 Fax : 00 961 1 70 33 58 Fax : (212) 37 68 67 12 51001
Fax : 00 213 2 61 81 05 Email : najdeh@cyberia.net.lb E-mail : fouad@alamana.org.ma / Site Tél.: 00 972 2 298 93 50 or 51
Email : Touiza.Solidarite@wanadoo.fr : www.alamana.org Fax : 00 972 2 298 93 52
(Marseille) ou touiza@wissal.dz Email : acad@palnet.com

CARIBBEAN
HAITI – GRAIFSI HAITI – KNFP
17, ruelle O, Turgeau - Port-au-Prince c/o COD - Delmas 95 - N° 15, Frères -
CARIBBEAN Tél./Fax : 00 509 245 4819 P.O. Box 6 – Port-au-Prince
Email : Dlustin@hotmail.com Tél. : 00 509 57 74 44
HAITI – COD/EMH HAITI – FONHSUD Fax : 00 509 57 92 28
Delmas 95 - # 15 Frères - P.O.Box 6 - Rue Berne, # 19, Bois Vernat - BP HAITI – CCG/INDEPCO Email : idurandis@cod-emh.org
Port-au-Prince 1041 - Port-au-Prince 13 rue Capois
Tél. : 00 509 257 75 44 Tél. : 00 509 245 42 86 Port au Prince
Fax : 00 509 257 92 28 Fax : 00 509 222 39 38
Email : idurandis@cod-emh.org Email : : fonhsud@workmail.com

ECUADOR – BANCO SOLIDARIO PERU – EDAPROSPO

SOUTH AMERICA
SOUTH AMERICA
BOLIVIA – BANCOSOL
Av. Amazonas 3887 y Corea - Edificio
Grupo Enlace - PBX : 260260
Tél. : 00 593 2 26 85 34
Fax : 00 593 2 26 88 43
Octavio Bernal 598 - Jesús María –
Apartado Postal : 110325 - Lima 11
Tél. : 00 511 463 4173 / 00 511 461
6014
Casilla 13176 - Calle Nicolás Acosta N° COLOMBIA - CONSOLIDAR Email : bsolidario@enlace.fin.ec Fax : 00 511 463 0776
289 Calle 54 # 10-81 - Piso 2nd Email : david@edapr.org.pe
Esq. Cañada Strongest/Plaza San Pedro Santa Fé de Bogotá PERU – LA-CIF
- La Paz Tél. : 00 571 212 10 88 Calle Bolivar # 472 – bureau 702/703 URUGUAY – SAINDESUR
Tél. : 00 591 2 39 28 10 Fax : 00 571 348 14 06 – Miraflores – Lima 18 Bulevar Artigas 1119 - SUBSUELO -
Fax : 00 591 2 39 19 41 Email : consolid@latino.net.co Tél. : 00 511 446 8877 Montevideo
Email : KKoenigsfest@bancosol.com.bo Fax : 00 511 446 8585 Tél./Fax : 00 598 2 402 27 80
COSTA RICA – PROFUND Email : lacifluc@amauta.rcp.net.pe ou Email : indesur@adinet.com.uy
CHILE – INDES P.O.Box 769-1005 - San José de Costa fernandol@cyrano-management.com
Bernardo O’Higgins N° 1468 – Rica
Comuna de Santiago de Chile Tél. : 00 506 220 4122 / 290 2404 /296
Tél./Fax : 00 562 696 09 16 8004
Email : indes@terra.cl Fax : 00 506 290 2345
Email : asilva@intercentro.com

ASIA
ASIA
CAMBODIA – HATTHA KAKSEKAR
Road No 4 Peal Ngek I Village
Phteash Prey Commune –
Sampovmeas District
THAILAND – RCP
2044/21 New Petchburi Road - Khet
Huai Khwang - Bangkok 10310
Tél. : 00 662 321 57 18
VIETNAM - Union des Femmes de
la province de Soctrang
WUSOP
09 Tran Hung Dao
CAMBODIA – EMT Pursat Province 50 m from highway 5 Fax : 00 662 718 07 53 Ward 3
72/74, rue 598 – Boeng Kok II - Toul Tél. : 855 52 951 404 Email : sifudf@mail.gsb.or.th and Ville de Soctrang
Kok Email : Kaksekar@camintel.com trrm@bangkok.com Province de Soctrang
BP 57 - Phnom Penh Tél : Phone : 84 79 82 42 41 - 84 79
Phone: 00 855 23 881 342 LAOS – CCSP VIETNAM – CEP Fund 82 10 - 28 - 84 79 82 22 02
Email: emt@bigpond.com.kh ou 271, rue Nongbone – Ban Phonxay 14, Cach Mang Thang Tam – 8 st - Fax : : 84 79 82 10 28
fred.emt@everyday.com.kh, BP 7437 - Vientiane Dist. 1 - Ho Chi Minh Ville
Tél. : 00 856 21 41 54 57 Tél. : 00 848 822 33 21
Fax : 00 856 21 215 628 via BOX 03 Fax : 00 848 824 56 20
Email : CCSP@laonet.net Email : cep@saigonet.vn

EASTERN EUROPE
POLAND – TISE
UL. Nalewki 8/27 – 00-158 Varsovia
EASTERN EUROPE Tél. : 00 48 22 636 07 40
Fax : 00 48 22 636 29 02
Email : inwestycje@tise.com.pl
3545-SIDI/2003_GB 4/09/03 10:39 Page 27

SUPERVISORY
SUPERVISORY BOARD
BOARD
27
Xavier LAMBLIN
Chairman of the Supervisory Board
Chairman of the CCFD (Catholic Commitee against Hunger and for Development)

Philippe MESNY
Vice-Chairman

Antoon BIERINGS

Jean PERE

Jean-Pierre PLUQUET

Arthur POTOCKI

Association Epargne Solidarité Développement


Represented by Henry KLIPFEL

Caisse Centrale du Crédit Coopératif


Represented by Karol SACHS

Caisse des Dépôts et Consignations


Represented by Hocine TANDJAOUI

Congrégation des Sœurs Auxiliatrices des Ames du Purgatoire


Represented by Sœur Geneviève GUENARD

Congrégation des Ursulines de Jésus


Represented by Sœur Christiane GROSSIN

DIRECTORATE
DIRECTORATE

Christian SCHMITZ
Chairman of the Directorate

Christophe COURTIN
Bernard MAZZASCHI

AUDITOR
AUDITOR

Fouad EL M’GHAZLI
HLB SOFIDEEC
3545-SIDI/2003_GB 4/09/03 10:39 Page 28

INTERNATIONAL SOLIDARITY
FOR DEVELOPMENT AND INVESTMENT
12 rue Guy De La Brosse
75005 PARIS
Tél. 33 (0) 1 40 46 70 00
Fax. 33 (0) 1 46 34 81 18
site web : www.sidi.fr
Photo : CIRIC

Printed on recycled paper

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