MICROCAPITAL BRIEF: International Finance Corporation (IFC) Reports Village Phone Program Has Provided Credit to 6,000 Women, Trained 10,000 in Madagascar, Malawi and Nigeria

International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, recently announced that the Village Phone Program, an initiative IFC launched in 2006 that aims to connect African telecommunications operators with rural entrepreneurs, has helped provide credit to approximately 6,000 women entrepreneurs and trained approximately 10,000 women to set up phone service businesses in Madagascar, Malawi and Nigeria.

The Village Phone Program was established to link telecommunications providers with women entrepreneurs who in turn sell airtime to people in the communities in which they live. The relationship is intended to bring telephone services to rural communities, provide income-generation opportunities to women entrepreneurs and expand the reach of the telecommunication companies.

Cherie Blair, founder of the Cherie Blair Foundation for Women and wife of former Prime Minister of the United Kingdom Tony Blair, commented at a recent event at which the foundation won the Annual IFC CEO Gender Award that the Village Phone Program is “increasing access to finance for women entrepreneurs, reducing gender-based barriers in the investment climate, and improving sustainability in the private sector.” The Cherie Blair Foundation for Women is an outfit designed to help women entrepreneurs in Africa, South Asia and the Middle East build businesses by offering access to technology, networks, finance and business development support [1].

By John Howard-Smith, Research Associate

About International Finance Corporation (IFC): A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries that drive its policies and approve disbursements. In fiscal year 2009, IFC’s new investments totaled USD 14.5 billion.

[1] IFC Press Release: “IFC Village Phone Program Empowers Women in Africa, Wins CEO Gender Award”, http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=8912F7FC3BE54CB68525784D00553EA9

MicroCapital’s Microfinance Universe profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+(IFC)

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