The Microfinance Centre (MFC), a network of 95 microfinance providers in Europe and Central Asia, and the UN High Commissioner for Refugees (UNHCR) recently launched a project to support refugees in Europe by helping them become self-reliant via access to microfinance and business services. The partners will build a working group of financial services providers, regulators and other stakeholders “to find practical solutions for addressing financial inclusion barriers faced by refugees.”
Katarzyna Pawlak, the CEO of MFC, stated, “I am very encouraged by our cooperation last year, which already resulted in real help to refugee women in Bulgaria to obtain loans for their income-generating activities from MFC member organizations thanks to the UNHCR interventions and support in the country.”
MFC is an NGO that offers knowledge management, advocacy, technical assistance, and research and development services with the intent to “empower individuals and sustain communities through innovative social finance and microfinance.” MFC members serve approximately 2 million low-income individuals in 36 countries in Europe and Central Asia.
Created in 1950 in Europe, UNHCR aims to “safeguard the rights and well-being of people who have been forced to flee” as well as those in host communities. For example, it provides shelter, protection, healthcare and education to displaced persons while helping them find safe and legal refuge. UNHCR has a budget of USD 8.6 billion for 2022.
By Sheen Gupta, Research Associate
Sources and Additional Resources
MFC press release
https://mfc.org.pl/mfc-joins-forces-with-unhcr-to-enhance-refugees-financial-inclusion/
MFC homepage
https://mfc.org.pl/
UNHCR homepage
https://www.unhcr.org/
UNHCR finances
https://reporting.unhcr.org/budget-expenditure
More MicroCapital news on serving refugees
https://www.microcapital.org/?s=refugees
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
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