2005 / 11 : ­1.2 .1.­ () . 11 . & - . .(1990 ) 2015 28 . 14 .2015 . 19901975 (). 1982-1983 0.35 . 2.2002-20030.24 35 . 3 . 50 . . .(1 ) . . 4 . . 5 . 31 . 1979- 31 . 10 2000-2001 1981 6 : www.cgap.org 1 ) ( . 2001 1980 1961 57 69 79 67 76 56 15 28 50 ( ) 19 34 48 . " ) : . .2003 (" : . . . . . ( ) " ) 1990 1986 1.6 " ( 1991 176 .1995 . 9 7 410 2.9 1990 1986 . 8 .1995 1991 . . . . . . ( ) ­ . . . 2 . ( ) . . 12. . . . ( ) . ) .( 2002 2001 ( ) . 10.(Centenary) . ) . ) ( ­ 12 1998 3 ( 90 . ) 1999 . .( . ­ ­ . . ­ . 11. 10 ­ . . 3 . : . . . : . . . . . : . : . . ( ) . ­ 13. . : . . ­ : ­ . () . ­ ­ : . . 4 . - - ­ . ­ . . . " ( ) " . . : . . ­ . . . : . . . ­ ­ . . . : . ­ . . . . . 5 . 2003 - 2002 ) 80 ( . . . . ( ) (USAID) ( ­ . . . . . . 14. . - ­ : . (30) (80) . . 5 2 ( ) . ( ) 2002 1998 11 42 45 36 . 25 32 35 ( ) 29 . 36 40 . . : . . " ) 1998 (" ") : ­ .2002 (" ­ . ( ) . .( ) . 16. . ( ) . . . ( 40) ( 42) .( 32) . . 15 - . . ( ) . 7 ) . 1984 ( ( ) 350 ( ) 57 - . ) :( ) .( . ( ) . 17. . . - ( ) - . .( ) . . 1988 . 18. 19. - . - . ­ - . 8 Cajalos Andes) . (and PRODEM 20.(Financiera Calpiá) . : . ( ) . . . ­ ) ­ ) ( - ­ ) ( . 21.( ) ) ( ( . ­ ) ( ­ . . . . ( ) . ( ) ­ . .( ) . . . . 9 ( ) . . `` .(1 ) .( ) . . ( ) . (Centenary) . . ­ ­ . 7500 . . 22. . . . . ­ . . 10 - 1 ­ - * : ( ) ( ) ) ( ) ( / ( ) ) * ( . . 11 ­ . ) 23. ( . - . ­ . ) 27. 24. ( ) ( . 28. . . ( ) . . . . 25. .( ) .( ) 26. . . . 29. : . ­ ­ " " . ­ . 12 .( ) . . . . 73 . . 33. . 86 861 2002 . 2003 / 34. 30 ( 240500) 17.8 197) 14.6 31. .( 1966 ( 39) 2.9 10 . . . ( ) / . 5 600 2003 5.8 () 6.2 ( ) 90 2000 35 32. 73 31 1996 ( ) . 80 95 .( ) . 1987 85 36. ) .( ( ) 2002 577500 1999 210 . 767 129 13 6 518 2002 ) 315 37.( 8 ) 38 .( ­ - . . . . : 39. . 10-25 . . - . 25 ­ ( ) .(2 ) ­ : 2 ­ 2000 1994 1999 1998 . 2000-2001 . . . . 2001 1998 . 2001 2002 . . 16.3 ( ) 2002 / . . 8 ( 30 ) 13 .2002 " " : 14 . . - ­ . ) 40.( . . . 41. : . . . ) ( ) .( . .( ) 42. . 1995 . . . . . 15 . . 1999 19) .( ) ) ­ 30 ( 3.5 ( 44. ­ 2003 . . . ­ " "" - . " . ) . 45.( ) .( / / . . / 60 . 30 ) 43.( 46. -2000- 2001 . 16 ) . ) ( " " ) .( ( . . ) . .(1 ) - .( ) 47 . ( ­ 48. . ) . .( . 2001 - 1991 / ) 1 ) 800 700 600 500 400 300 200 100 ­ 0 Dec-99 Feb-0 Apr-00 Jun-00Aug-00Oct-00Dec-00 Feb-01 Apr-01 Jun-01Aug-01Oct-01Dec-01 .ACDI/VOCA) 2002) : 17 . ­ ­ . . . .( ) . ( ) . 49. ) . ( . ) .( . . ( ) . ­ ( ) . ­ ( ) . . .( ) . . . 18 18 . (3 ) ( 6-18) . .( 15 ) ( 3 ) ) 1999 .( 50 29 50. ( ) 52( ) ) . .( ­ ) ­ 6 :( 11 51 . . . . . - ­ ) . ( ­ : 3 . ( Prithvinagar) . ( 0.6) . . . . . . . " & ) Wehnert and Shakya, "Are SFCLs Viable Microfinance Organizations?" : ) Staschen, "Financial Technology of Small Farmer Cooperatives Ltd. (SFCLs) 2001 (" .2001 (" " 19 53. . . . .(4 ) . 54. ) ( . .( ) " " ( ) . 2002 ) . .( :(CECAM) : 4 150 ( ) . 1800 2001 .( ) : . 450 ( 20 40) ( ) ... . . ­ ­ . ( ) ",Wampfler and Mercoiret, "Microfinance and Producers' Organizations:Roles and Partnerships in the Context of Liberalization" 2002 : -Agriculture Invest" : 2001 (" : " & ) ") "Term Financing in Agriculture" : 2004 (" ") "ment Sourcebook 2004 .2003 (" 20 : 15 . 55.2003 . . . .( ) . ) . .( 56.( ) - ­ - . -( ) . . 2002 . . : . / ­ . . ( ) . . .( ) 2003 . 48 ­ 30 2001 57. 21 / 58. ) : ) ( .( . 91 59.2003 - 2001 530 ( ) 61. () ( ) " " . . ( ) . . . 60. ) .(5 ) ) ) ( ( . ( . . ­ ­ . ( ) ( ) 400 . 62. 15.5 22 :" " : 5 ( ) ( ) . 1990 . .( ) 200 ) 80 .( . . .(bar code) . . 15 . . 40 " & ) ",Alvarado and Charmel, "The Rapid Rise of Supermarkets in Costa Rica : 2003 (" " ) 2002 (" (outgrowers) 200 . . 270 63 .2002-2003 . " " . . ) (5 () 64. . 5 . 65 . . . ) ) ( .( . . .( ) 23 ( ) 67. ) .( . . ­ ­ . . . "" ( ) ) ( "Banco Wiese" . " " . 66. 2002-2003 ( ) ( ) 68. : 2.5 . 1.5 3 1998 69. . ( ) . . ( ) ( ) ­ (MSSL) . 24 : : 6 ( ) (MSSL) . ) ( ) 100 ( 350 ) 15 . ( . 500 ( 3 ) ­ (ICICI) " " ) . ( " " (" ") ( ) 1.5 . . 45 2004 . . 5600 2003 ( ) 2002 (" " ) : . ) (Trisan) 1987 ( .(6 ) (7 ) ) ( ) " .( " ( ) 6 : ( ) . : . . . . . ( ) . . . . . .( ) 70 25 : : 7 1987 ( ) (Trisan) (1992 ) . . : ( 30 ) (Agrimax) " " .( ) (Maxicuenta) "" . . . 4.7 3600 1999 1999 : ) . 25 . .1999 2200 ( 15 2004 ( ) / 14 2001 9 . . 2002 2002 : " & ) ",The Case of Financiera Trisan 2001 (" " ) ",Wenner, "Making Rural Finance Work .2000 (" : : :8 ( ) ( ) "" . . . 98 50 ( ) " " 100 (CRM Farm) " " (. ) . 70 . 6 . . . . . " & ) "Gordon and Goodland, "Production Credit for African Small-Holders : " ) ",Ruotsi, "Agricultural Marketing Companies as Sources of Smallholder Credit 2000 (" .2003 (" . ) . ( ( ) . 26 . 2 74.(2 ) . 47% 31% / ) 22% ( ) .( Rodríguez-Meza, cited in Buchenau and Hidalgo, : "Servicios financieros privados en al area rural de America .Latina: situación y perspectivas," 2002 () . ) 71 .( . . . : . . . 700 : . 8 1998 75. 10 72. () . . 2 ) 28 73 . .( 40 : 35 . 27 : : 9 ­ ­ . . . . . 2002 / .2001 / . 140 1700 . . . 70 60 . 300 . : " ) "(Pearce, "Pro-Poor Innovation Challenge Case Study--Constanta (Georgia : .2002 (( ) ­ ( ("" " ") 76.() . 5 ) ( 1.5 . 77. " " ( ) . 78. ( 260) .(9 ) . " ( ) " . " " . 10) . Xuu) " " . ( (" ") (Nuu Ndavi ) 28 : : 10 . 20 2000 . : . . ( ) . .. . ( ) . . . -Coetzee, Kabbucho, and Mnjama, "Understand 2003 (" : " ) ",Agricultural Lending : (" " & & ) ",ing the Re-birth of Equity Building Society in Kenya Craig and Goodwin-Groen, "Donors as Silent Partners in MFI Product Development: MicroSave-Africa and the Equity 2002 : " - & ) ",Building Society in Kenya " ) ",EBS, "Mobile Banking Experience 2003 (" - .2001 (" " ) ",(PlaNet Rating, "Equity Building Society (EBS 2003 (" 13 12 29 2004 26 83.(10 ) 79 .( 200) 10 80 . . 300 . 84. 500 81. (FEDECACES) . . 22 2002 82. . . . : ( ) . ( ) 2002 . ( ) ­ ­ 29 ( ) ( ) . . . . . . 20 : . . . ) . ( ­ ­ ­ . 800 10 / . 7 20 . 85. : . . (" ") " " " " " . " " " 800 . 86. . ( ) ­ ­ / ­ ( ) . . " " 30 . . . 88 . (CVECAs) . ­ . 9 ­ 89. . . . .(11 ) CAREC"87" ) - (CIDR . . : "" : 11 ­ "" 160 . 1993 " " 5 " " . 30 5500 .2002 / ( 13 ) 770 ( / 550 ) "" () ­ . ) . .( 10 . - - 12.50 39 18 .( 7 10 ) . 7 . ( ) . " ) "Hirschland, "Savings Operations for Very Small or Remote Depositors: Some Strategies : Allen, "CARE International's Village Savings and Loan Programmes in Africa: 2003 (" : : " ) "Microfinance for the Rural Poor that Works .2002 (" 31 . ) 10 5 " " . .( () " & " . . 90. . 98 . 20 . 91. 10 5 ­ ( ) . ­ . . .( ) "" . "" 12 . ( 20-40 ) " " . " 30 ." 2003 . 500 . . . " " 2003 ) ( 100 . 32 :(CLUSA) : 12 ( ) . " " *. 7 30 . . . 300 2001 **. ( ) . . 800 . . . ) 860 26 2003 . 2003 ." " V&M Grain ") 136 " " Export Marketing ") ) (GAPI) "" 24 . .( . * . (" : " ) "?Pearce, "Buyer and Supplier Credit to Farmers: do Donors Have to Pay** " ) ",de Vletter, "A Review of Three Successful Rural Finance Cases in Mozambique : ­ ( ) " : ) "CLUSA, "Quarterly Report, April-June 2003 2003 (" . ("2003 ( ) . ­ ) ­ .( . . 10 "" . 93.(CVECA) ­ ( ) . . " " 92. (SCULT) 2000 94 . . 33 ­ .(13 ) (Cresol) (SICREDI) . ( ) ( ) . . . ) . 95 . ( . . :(CRESOL) (SICREDI) : 13 . . . . .( " " ) : . Bansicredi . .( ) ( ) Cedula de Producto Rural instrument" - 3.9 - " " ." . - ( ) - . ) ( ) . " " ( . ( ) . . . ( ­ " ) BNDES .( ) 2003 (" : " ) " :Branch, "Credit Union Rural Finance : (Raiffeisen ) " " ) O cooperativismo de crédito no Brasil" 2003" www.dgrv.org : " " . 34 . 30 99. . . ( ) . 96. . . . ( ) : . ( ) . . . 30 . / 97. . ( ) 98. ( ) . ( ) 100. . ) . ( ) .( 35 . -(KNCU) 11 . . . " " ) . (CRDB . .( ) . . 101. . ­ ­ . . . : . : . ­ ­ ­ . . ) ­ ­ .( . . 36 . . ­ ­ 16.4) 2003 . ( 104.( 16.3) 102. ( ) . . . ­ . . " " . - . 103. . . ) . ( . ­ ­ . ­ .( ) . ­ 37 . . . " " . 107. 105. . 1999 " ­ " 106 . .(7 ) 25 108. 2200 .(14 ) 2001 . . 1.7 .( ) . 2001 3 2002 12 109. 21 :"Omnia Small Scale" : 14 ( ) "Omnia Small Scale" ) . . (Omnia) .( .(Omnia) . (Omnia) . 300 ­ ­ . 80 (Omnia) . ( ) . " ) "Ruotsi, "Agricultural Marketing Companies as Sources of Smallholder Credit : 2003 (" 38 . . . . . . .( 40 ) 30 110. . 10 ­ ­ 1974 80 . 5 50 . 585 ) ( . . 112. . . . . . : 1983 . 80 (Banco Agrario) 7 111. . 39 . 5 ( ) . 14 113. 26 . . . - ­ . 35 . 69 23 ) 4 ( . . 42 ( ) ( ) 1996 . . 45 .1991 59 ­ 114. ( ) - . . . . . . . . 40 . . . . . . ( ) . ( ) . ­ ­ . ( ) . ­ - . . . . . . . 41 . . . . : . " . " . . . . - - . . ­ . ­ .( ) . . . . ( ) . ( ) . . 42 ( ) . .( . . ) . 43 Endnotes Gonzalez-Vega, "Innovative Approaches to Rural Lending: Fi- nanciera Calpiá in El Salvador, " 2000. 1 IFAD, Rural Poverty Report 2001: The Challenge of Ending 20 Financiera Calpiá has recently converted to a bank, Banco Rural Poverty; and World Bank, Rural Finance Services: Im- ProCredit. In January 2005, Caja los Andes (legally, a "private plementing the Bank's Strategy to Reach the Rural Poor, financial fund") also converted to a bank--Banco los Andes 2003. The most recent World Bank data ("Global Monitoring ProCredit. In this paper, the original names will be used be- Report 2005") indicate that this number has fallen to 1.1 billion. cause the research was conducted while both were under their previous legal forms and names. 2 Here aid is measured as a share of average gross national in- come (GNI) for members of the Development Assistance 21 Wright, Microfinance Systems: Designing Quality Financial Committee (DAC) of the Organisation for Economic Co-op- Services for the Poor, 2000. eration and Development (OECD). See OECD, "2003 OECD 22 Pearce and Reinsch, "EDPYME Confianza, Peru," 2005. Development Co-operation Report: Statistical Annex." 23 Ayee, "Centenary Rural Development Bank: Agricultural 3 IFAD, Rural Poverty Report 2001. Lending," 2002. 4 DFID, "The Importance of Financial Sector Development for 24 Shrader, "Sustainable Expansion Strategies," 2003; CGAP re- Growth and Poverty Reduction," 2004. searcher correspondence with Richard Reynolds (World Vi- 5 Von Pischke, Finance at the Frontier: Debt Capacity and the sion) and Sabina Bina (EKI finance director) during 2003; EKI Role of Credit in the Private Economy, 1991. "Financial Statements, 31-12-2002." 6 World Bank, Implementing the Bank's Strategy to Reach the 25 Buchenau, 2003, "Innovative Products and Adaptations for Rural Poor, 2003. Rural Finance," 2003. 7 "Sector loans" were used to assist borrowing countries to re- 26 Interviews with Banco del Estado management team by au- form financial markets (introducing market-based interest thor (Christen), 1997­98. rates and more banking competition, and strengthening reg- 27 See, for example, Adams and Fitchett, Informal Finance in ulatory frameworks, for example), and were not directed to- Low-Income Countries, 1992. wards agricultural lending. 28 Sebstad and Cohen, Microfinance Risk Management and 8 Wenner, "Lessons Learned in Rural Finance: The Experience Poverty, 2001. of the Inter-American Development Bank," 2002. 29 See Rutherford, The Poor and Their Money, 2000. 9 FAO, "Crop and Food Supply Assessment Mission to Malawi," 2003. 30 BAAC is included here due to its massive scale, although its state-owned character clouds its sustainability. 10 Ayee,"Centenary Rural Development Bank: Agricultural Lend- ing," 2002. 31 The diversity referred to here relates particularly to the intro- duction of savings services. BAAC's lending operations are 11 Onumah, "Improving Access to Rural Finance through Reg- still dominated by agriculture, if less so than previously. ulated Warehouse Receipt Systems in Africa," 2003. 32 These data come from BAAC's Annual Report 2002, citing 12 Varangis et al, "Dealing with the Coffee Crisis in Central data from Thailand's National Statistics Office. Clients re- America," 2003. ceived credit from BAAC either directly or through coopera- 13 The main exceptions are certain types of credit arrangements tives and associations. Note that BAAC's fiscal year runs from between farmers and agricultural processors or traders, in April to March. The data here are for fiscal 2002 and as of 31 which loan repayments are deducted from the prices paid for March 2003, unless otherwise stated. the resulting production. 33 Wehnert and Shakya, "Are SFCLs Viable Microfinance Orga- 14 The visits, conducted by consultants contracted by CGAP, nizations? A Comprehensive Financial Analysis of 33 SFCLs," involved institutions and programs in Bolivia, India, Kenya, 2001; Siebel, "Agricultural Development Bank Reform," 2001. Mozambique, Peru, and Uganda. 34 The performance of many SFCLs has recently suffered due 15 Haggblade et al, "Strategies for Stimulating Poverty-Alleviat- to Maoist activities. ing Growth in the Rural Non-farm Economy in Developing 35 The term "savings and loan cooperatives" here is used inter- Countries," 2002. changeably with "credit unions." 16 Hulme and Mosley, "Finance for the Poor or the Poorest?" 1997. 36 Bittencourt, "O cooperativismo de crédito no Brasil," 2003; 17 Robinson, The Microfinance Revolution, Volume 2: Lessons Cresol reports. from Indonesia, 180­82. 37 CGAP research (including communications with SICREDI and 18 One exception is the credit arrangement between farmers DGRV); DGRV web site, www.dgrv.org. and agricultural processors or traders in which loan repay- 38 Pearce, Goodland, and Mulder, "Investments in Rural Finance ments are deducted from the prices paid for the resulting for Agriculture: Overview," 2004; Ayee, "Centenary Rural De- production. velopment Bank (CERUDEB): Agricultural Lending," 2002. 19 Navajas, "The Process of Adapting Lending Technology: 39 Pearce and Reinsch, "Caja los Andes, Bolivia," 2005. Financiera Calpiá in Rural El Salvador,"1999; Navajas and 44 Endnotes continued 40 Christen and Vogel, "The Importance of Domestic Resource 64 It is probable that less specialized traders may offer loans for Mobilization in Averting Financial Crisis: The Case of Credit other purposes. Unions in Honduras," 1984. 65 Shepherd, "Financing of Agricultural Marketing: The Asian 41 Rubio, "EDPYME Confianza," 2002; Pearce and Reinsch, Experience," 2004. "EDPYME Confianza, Peru," 2005. 66 Ruotsi, "Agricultural Marketing Companies as Sources of 42 Buchenau, "Financing Small Farmers in Latin America," Smallholder Credit: Experiences, Insights, and Potential 1997. Donor Role," 2003; CLUSA , "Quarterly Report, April-June 2003"; de Vletter, "A Review of Three Successful Rural Fi- 43 Lee, "Client Based Market Research: The Case of PRO- nance Cases in Mozambique," 2003. DEM," 2000; Rubio, "EDPYME Confianza," 2002. 67 Pearce, "Buyer and Supplier Credit to Farmers: Do Donors 44 Rubio, "EDPYME Confianza," 2002; Pearce and Reinsch, Have a Role to Play?" 2003. "EDPYME Confianza, Peru," 2005. 68 After the bank's merger with a European bank, its involvement 45 Lee, "Client Based Market Research: The Case of PRODEM," 2000. was discontinued and CES Solidaridad set up a microfinance 46 Ayee, "Centenary Rural Development Bank (CERUDEB): institution to provide the financing instead. Agricultural Lending," 2002. 69 Alvarado, Galarza, and Cajavica, "El Linking ONG--Banco del 47 This institution's technical partner, ACDI/VOCA, developed CES Solidaridad de Chiclayo," 2000; Wenner, Alvarado, and a portfolio diversification strategy to address this issue, and Galarza, "Promising Practices in Rural Finance: Experiences provided technical assistance to implement the strategy. from Latin America and the Caribbean," 2003. 48 See Westley, "Equipment Leasing and Lending: A Guide for 70 Point-of-sale devices are used for payments and disburse- Microfinance," 2003, for a fuller discussion of the asset-lia- ments and located at retail outlets. bility management implications of term lending. 71 Pearce, "Buyer and Supplier Credit to Farmers: Do Donors 49 FAO, "Term Financing in Agriculture: A Review of Relevant Have a Role to Play?" 2003. Experiences," 2003. 72 IFAD (2003). For more information on savings rates, see Ary- 50 FAO, "Term Financing in Agriculture." Changes in institutional eetey and Udry, 2000. loan classification after 1999 obscure the more recent pro- 73 Wenner and Proenza, 2000. portion of term loans. 74 Rodriguez-Meza, as cited in Buchenau and Hidalgo (2002). 51 BAAC annual reports; Haberberger et al, "The Challenge of Sustainable Outreach: The case of Bank for Agriculture and 75 www.studentsoftheworld.info/infopays/rank/densite2.html; Agricultural Cooperatives (BAAC)," 2003. World Bank, World Development Indicators 2001. 52 FAO, "Term Financing in Agriculture," 2003. 76 CGAP provided a Pro-Poor Innovation Challenge grant of US $50,000 to support two microbanks that are piloting remit- 53 Westley, "Equipment Leasing and Lending: A Guide for Micro- tance services, as well as working with migrants in California finance," 2003 on the remittance-sending side. 54 See FAO, "Term Financing in Agriculture," 2003. 77 This is a significant percentage of savings, given that remit- 55 Ayee, "DFCU Leasing," 2002. tances usually average between $100 and $250. 56 Westley, "Equipment Leasing and Lending: A Guide for Mi- 78 AMUCSS (Asociación Mexicana de Uniones de Crédito del crofinance," 2003 Sector Social) reports; CGAP research and field visit by au- thor (Pearce), October 2003. 57 IFC, "Leasing in Central Asia," 2003); USAID, . "Leasing: An Overview from the IFC," 2003. 79 World Bank, "Workers' Remittances: An Importance and Sta- ble Source of External Development Finance," 2003. 58 Smith, Stockbridge, and Lohano, "Facilitating the Provision of Farm Credit: The Role of Interlocking Transactions be- 80 Sanders, "Migrant Remittances to Developing Countries. A tween Traders and Zamindars in Crop Marketing Systems in Scoping Study: Overview and Introduction to Issues for Pro- Sindh," 1999. Poor Financial Services," 2003. 59 Gore, "Rural Trade Finance in Southern Africa," 2003. 81 Orozco, "Remittances, the Rural Sector, and Policy Options in Latin America," 2003. 60 Shepherd, "Financing of Agricultural Marketing: The Asian Experience," 2004. 82 Ibid. 61 This type of arrangement is also referred to as "interlocking" 83 Pearce and Reinsch, "Equity Building Society, Kenya," 2005. because it provides inputs on credit on the basis of the bor- 84 World Bank, Agriculture Investment Sourcebook, 2004. rower's expected harvest. 85 Rubio, "Fondo Financiero Privado PRODEM S.A.," 2003; 62 Ruotsi, "Agricultural Marketing Companies as Sources of Whelan and Echange LLC , "Automated Teller Machine Tech- Smallholder Credit: Experiences, Insights, and Potential nology," 2003. Donor Role," 2003. 86 Informal interview by author (Pearce) with Juan Rosás, Direc- 63 Ibid. tor of International Institutions for La Caixa, December 2003; 45 Endnotes continued see also Banco Solidario (2003) [need citation--missing from 100 International markets are able to pool risk globally, enabling biblio]; Sanders, "Migrant Remittances to Developing Coun- hedging contracts to be more accessibly priced. tries: A Scoping Study: Overview and Introduction to Issues 101 Bryla et al, "The Use of Price and Weather Risk Manage- for Pro-Poor Financial Services," 2003; Quesada, "Profitable ment Instruments," 2003; Mwakalukwa, "Price Risk Man- Solidarity: An Ecuadorian Bank with Social Aims and Healthy agement and Access to Credit," 2003. Profits," 2003. 102 See, for example, Donald, Credit for Small Farmers in De- 87 CAREC is the acronym in French for "Support Center for Net- veloping Countries, 1976; Von Pischke, Adams, and Don- work Savings and Loan Banks." ald, Rural Financial Markets in Developing Countries, 1983; 88 Wampfler and Mercoiret, "Microfinance and Producers' Or- and Von Pischke, Finance at the Frontier: Debt Capacity and ganizations: Roles and Partnerships in the Context of Liber- the Role of Credit in the Private Economy, 1991. alization," 2001; Wampfler, "Coordination et Pérennisation 103 Although evidence is mixed, and suggests that the largest des Services autour du Financement de l'Agriculture Famil- effect may be import displacement (rather than affecting do- iale dans la zone Office du Niger (Mali)," 2003; CGAP re- mestic agricultural production). See Lowder, Southgate, and searcher correspondence with Renée Chao-Béroff of CIDR, Rodriguez-Meza (2004 (forthcoming) [need full citation, 2004. missing from biblio] and DiGiacomo, "U.S. Foreign Agricul- 89 CGAP correspondence with GTZ Nepal, 2003; Staschen, "Fi- tural Policy," 1996. nancial Technology of Small Farmer Cooperatives, Ltd. (SF- 104 EWG farm subsidy database, www.ewg.org/farm/region- CLs): Products and Innovations," 2001. summary.php?fips=00000); OECD, "2003 OECD Develop- 90 Hirschland, "Serving Small Rural Depositors: Proximity, In- ment Co-operation Report: Statistical Annex," 2003. novations, and Trade-Offs," 2003. 105 Christen, "Take the Money and Run," 1984. 91 de Vletter, "A Review of Three Successful Rural Finance 106 See, for example, Vogel, "Rural Financial Markets: Implica- Cases in Mozambique," 2003; Pearce, "Buyer and Supplier tions of Low Delinquency Rates," 1981. Credit to Farmers: Do Donors Have a Role to Play?" 2003; Ruotsi, "Agricultural Marketing Companies as Sources of 107 Vogel, "Rural Financial Markets: Implications of Low Delin- Smallholder Credit: Experiences, Insights, and Potential quency Rates," 1981. Donor Role," 2003. 108 Email exchange between CGAP researcher and Charles 92 Pearce, Goodland, and Mulder, "Investments in Rural Fi- Spalding, Director of Trisan, December 2002; Wenner and nance for Agriculture: Overview," 2004. Quiros, "An Agricultural Credit Card Innovation: The Case of Financiera Trisan," 2000. 93 Pearce and Helms, "Financial Services Associations: The Story So Far," 2001. 109 BAAC annual reports; Haberberger et al, "The Challenge of Sustainable Outreach: The case of Bank for Agriculture and 94 Chao-Beroff et al, "A Comparative Analysis of Member- Agricultural Cooperatives (BAAC)," 2003. Based Microfinance Institutions in East and West Africa," 2000. 110 See, for example, Gonzales-Vega, "Arguments for Interest 95 Adapted from Pearce, Goodland, and Mulder, "Investments Rate Reform," 1983. in Rural Finance for Agriculture: Overview," 2004. 111 Adams, Gonzalez-Vega, and Von Pischke, Crédito agricola 96 Not surprisingly, members manage their own savings more y desarrollo rural: la nueva vision, 1987. carefully than external-sourced money. 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