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Tuesday, 08 November 2011

ACP-EU Carib-Cap Forum III eyes new models for microfinance

The third Carib-Cap Microfinance Forum will take place in the Bahamas next week, bringing together local microfinance institutions (MFIs) and international specialists in talks focused on a “Caribbean model” for encouraging business growth.

From 13 to 16 November, Caribbean financiers and credit unions will address the theme “The Caribbean model for growth: diversification, regulation, accountability”. Topics such as growing MFI’s with the appropriate technology and the role of commercial banks in the microfinance Industry are on the agenda.

Carib-Cap is a $ 3 million project funded by the Inter-American Development Bank, the Caribbean Development Bank and the European Commission, through ACP/EU MICROFINANCE. It was launched in 2008 to build the capacity of the microfinance sector in the English-speaking Caribbean area, which suffered from “low outreach, high arrear rates, dependency on subsidies and poor regulatory frameworks”.

A study carried out by the programme in 2010 on the Financial Demand in the Caribbean showed that despite the sector’s poor development, there was strong demand for microfinance products such as insurance, flexible and accessible credit, savings or remittance.

As of 2010, 18 Caribbean MFIs underwent an eye-opening Performance Assessment. Ten of them then entered a Capacity Building process consisting in extensive and tailored Technical Assistance. Carib-Cap continues to be a successful regional project of the ACP/EU MICROFINANCE programme.

ACP/EU MICROFINANCE’s Coordinator, Emmanuel Moyart, will attend this week’s forum. He will participate to the Opening Session and will be the Facilitator of a panel on “Challenges of growing MFIs - Arrears, MIS, Risk management” on November 14th.

Source: ACP Secretariat