August 26, 2010 | 1:44 PM
It was a very active week for the international microfinance community. The following articles are all worth checking out. It’s amazing that microfinance is growing so fast and that new operations are being started all over the world, within days of each other.
Ibdaa Microfinance Bank launched in Syria. It hopes to distribute 407,000 loans over the next 5 years through 40 branches. This new MFI will also create another 500 jobs companywide. Read about it in Zawya by clicking here.
In Vietnam, the first official microfinance organization, the TYM, was put into operation by The Vietnam Women’s Union. As reported by Vietnam Business, “The TYM, formerly named the Compassion Fund, has helped more than 80,000 women access basic financial services and escape poverty over the past 18 years”. Its new status allows it to take savings. Read the report by clicking here.
Barclays Bank has been busy investing in Microfinance this week. They invested IRN54.6 Million (around $1.1 Million) microfinance in India. Meanwhile, in Africa, the British bank invested $50 Million dollars in microfinance programs in 10 countries. The funding will go to help around 500,000 people. In both cases Barclays is partnered with CARE International and together are running a program called Banking for Change.
Learn more about this by clicking here for India and here for Africa.
In another interesting story about countries learning about microfinance from each other, Yemen has sent a delegation to the Phillipines to learn about the success of their programs. Read more about it in the Yemen Observer here.
There is a new program started by the International Finance Corporation (IFCA) in the Pacific. It will provide funding for microfinance operations in East Timor, Papua New Guinea, and other Pacific countries. Follow the link here for information about the project and an interview with IFCA Financial Markets Specialist, Deva De Silva from Radio Australia.
Check back next week for more international microfinance news!