MICROCAPITAL BRIEF: Members of Développement International Desjardins’ Proxfin Issue “Lusaka Declaration” Pledging Increased Access to Finance for Micro-, Small, Medium-sized Enterprises (MSMEs)

Proxfin, a network of the 29 community finance institution partners of Canada’s corporation Développement International Desjardins (DID), recently released the “Lusaka Declaration on the Contribution of Community Finance Institutions towards Increasing Access to Adequate Financing for Small Entrepreneurs” [1]. Stressing the importance of micro-, small and medium-sized enterprises (MSMEs) in job creation and socio-economic development worldwide, the declaration commits its signatories to increasing access to finance for MSMEs by methods including: (1) Developing appropriate financial products; (2) Applying strict credit management standards; (3) Encouraging financial literacy; (4) Respecting principles of microfinance client protection; (5) Collaborating, innovating and using technology; and (6) Advocating for government policies intended to promote small business.

As of 2013, Proxfin comprises institutions from 24 countries across four continents. DID, a subsidiary of Canadian cooperative institution Desjardins Group, provides technical support and investment for developing finance in emerging economies. As of 2012, DID reports total assets of CAD 31.9 million (USD 30.7 million). As of December 2012, Desjardins Group reported total assets of CAD 197 billion (USD 189 billion).

To view the text of the Lusaka Declaration, you may visit: https://www.proxfin.org/index.php?eID=tx_nawsecuredl&pid=17&file=uploads/media/Lusaka_Declaration.pdf&hash=17a986a97f22ab5b3c08b4dd27317d1bf295f6f4

By Nisha Koul, Research Associate

About Proxfin: Proxfin was established in 2006 as a network of the partner institutions of Développement International Desjardins (DID), a Canadian corporation that provides technical support and investment for development finance in emerging economies. The network, coordinated by DID, aims to promote best practices in the field of community finance and help microfinance “move forward so that access to financial services soon becomes a reality for everyone.” As of 2013, Proxfin has 29 member institutions from 24 countries across four continents. DID is a subsidiary of cooperative institution Desjardins Group, which has assets of CAD 197 billion (USD 189 billion) as of December 2012.

About Développement International Desjardins (DID): A subsidiary of Canadian cooperative institution Desjardins Group, Developpement International Desjardins (DID) provides technical support and investment for development finance in emerging economies. As of 2012, DID is assisting projects in approximately 20 nations in Africa, Asia, the Caribbean, Central and Eastern Europe and Latin America. As of the same period, DID reports total assets of CAD 31.9 million (USD 30.7 million). DID coordinates Proxfin, the network constituted of its community finance institutions. Desjardins Group has assets of CAD 197 billion (USD 189 billion) as of December 2012.

Sources and Additional Resources:

[1] Proxfin News, “Proxfin members pledge to improve access to financing for small entrepreneurs,” https://www.proxfin.org/en/pages-speciales/nouvelle-simple-en/?no_cache=1&tx_ttnews[tt_news]=4223

MicroCapital Story, March 21, 2013, “Developpement international Desjardins (DID) Loans $500k to Cambodia Community Savings Federation (CCSF) to Expand Financial Cooperative Sector,” https://www.microcapital.org/microcapital-brief-developpement-international-desjardins-did-loans-500k-to-cambodia-community-savings-federation-ccsf-to-expand-financial-cooperative-sector/

MicroCapital Story, September 21, 2012, “Developpement international Desjardins, Desjardins Fund for Inclusive Finance Loan $1.5m to Fundacion para el Desarollo Integral Espoir of Ecuador,” https://www.microcapital.org/microcapital-brief-developpement-international-desjardins-desjardins-fund-for-inclusive-finance-loan-1-5m-to-fundacion-para-el-desarollo-integral-espoir-of-ecuador-2/

MicroCapital Universe Profile, Proxfin, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Proxfin

MicroCapital Universe Profile, Developpement international Desjardins (DID), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Developpement+International+Desjardins+%28DID%29

MicroCapital Universe Profile, Desjardins Group, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Desjardins+Group

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