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The principality of Monaco develops its cooperation in the micro-finance sector

Wednesday 16th September 2009-

The Principality of Monaco has just signed a new agreement with the Luxembourgish NGO ‘Appui au Développement Autonome’ – ADA (Support for Autonomous Development) specialised in micro-finance, an instrument used by the Monegasque Cooperation in its programmes fighting poverty.

In 2008 the Monegasque Cooperation launched the Monegasque Micro-finance Support Programme designed for small and medium-sized African Micro Finance Institutions (MFI).

The two goals of this programme are to promote access to financial services for the most underprivileged and to provide technical support to MFIs with a strong social impact.

The partnership that has just been put into place with ADA enables Monaco to be associated with with ‘The Rating Initiative’, a support programme for the financial and social rating of MFIs in developing countries. In this way the Principality joins the Government of Luxembourg, the Micro Finance Initiative of Liechtenstein, the Swiss Cooperation Responsibility and the NGO Oxfam Novib, instigators of this Initiative.

After 8 months of being in place, ‘The Rating Initiative’ has already approved 80 ratings, including 38 social ratings. Half of those ratings are for African MFIs.

This partnership reinforces the will of the Prince’s Government to develop financial solidarity within the framework of its cooperation to promote development.

We should not forget that since its launch, the Monegasque Micro-finance Support Programme has led to funding worth 565,000 Euros being allocated to the realisation of the following projects:

· Support programme for the socio-economic integration of people living with HIV/AIDS in Burkina Faso
· Support for access to microcredit for drepanocytosis sufferers in Niger
· Training and professional integration of youngsters in Bamako, Mali
· Access to decent housing for inhabitants of Cape Town, South Africa
· Improvement of living conditions of Massai communities in Kenya

In 2009, priority will be given to the setting up of a new MFI in Burundi offering financial services to guardians of children orphaned by HIV/AIDS.

For more information please contact the Department of External Affairs,
Directorate for International Cooperation (+377 98 98 87 89)
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