Public Disclosure Authorized 34124 !" Occasional Paper 11 2005 8 !"#$%&'()*+,- !"#$%& Public Disclosure Authorized MANAGING RISKS AND DESIGNING PRODUCTS FOR AGRICULTURAL MICROFINANCE: FEATURES OF AN EMERGING MODEL ! !"# ! "#$%&' Robert 12 !"#$%&'#()*+,- 1 3/4 ! !"#$ Peck Christen !"# 1 !"#$%&'()* !"#$%&'(")*+, Public Disclosure Authorized DFID Douglas Pearce !" !" !"#$%&'()*+,-./012 !"#$%& IFAD Joao Pedro Azevedo Amitabh !"#$% !"#$%&'()*+,-./012 Brar Myka Reinsch CGAP ! !"#$%&' MDGs !"#$%&'()*+ !"#$%&'()* CGAP George Ayeee !"# !"#$%&'()*+ !"#$%&' 2015 Frank Rubio Fion de Vletter !1 !"#$%&'( 1990 !"# !"#$%&' !"#$%&'()*+, !"#$% !"#$%&'()* 28% 14% !"#$%&'( 2015 CGAP !"#$%&'() ! !"# R i c h a r d !"#$%&'()*+,-. Meyer J.D. von Pischke Mark !"#$%&'( 1975 1990 !"#$%& !"#$ Wenner !"# $%& CGAP Richard !"#$ !"#$%&'( !"#$%&' 1982-1983 Rosenberg Brigit Helms !"#$ !"!#$%&' 0.35% 2002-2003 0.24%2 !"#$% !"#$%&'()&*+,-./01 80 !" Public Disclosure Authorized 3 20 90 CGAP 31 !"#$%&' !" !"#$ 35% !"#!$%&'()*+,-./012345678 !1 CGAP www.cgap.org !"#$ 50% !"#$%&'()*+,-./0 1%&234567089:;< ! 40 !"#$%&'()*+,-./0 4 ! !"#$%&'()$*+,-./0123$45 5 ! !" !"#$%&'()*+,-./01234 !"#$%&'()* !"#$%&'()* 1 1 !"#$%&'()*#+ !"#$%& ! !"#$% !"#$ !"#$%&'()*+, !"#$% !"#$% !"# $%&'()* 1961 1980 2001 TV SV RT TS ST RS !"#$ RM OU NR !"#$ !" #$% ! !"#$ QU PQ NV !"# !"#$%&$'() ! Buchenau, Innovative Products and Adaptations for Rural !"#$% !"#$ %&' Finance 2003 !"#$% !"#$%&'( ) 1979-1981 !"#$%&'() !"#$%& FAO 2003 !"# 31% 2000-2001 !"#$%&'()*+, ! !"#$ 10% 6 !"#$%&'( !"#$%&'()*+ !"#$%&'()* !"#$%& 17.6 !"#$%& !"#$ !"#$%&'()*+,-#$./0 !"#$%&'( 9 !"#$%& !"#$% !" #$%&'()* !"#$%&'()*+,-./01#2 !"#$%&'() !"#$%&' ! !"#$%& !"#$% !"#$%&'()*+,-. !" !"#$%&'"()"*+,-./01 IDB 7 !"#$% ! !"#$%&'()*+,$%- ! 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"#$ !" !"#$ 4 !"#$%&'()*+,- !"# !"#$%&'() !"#$% !"#$%"&'()* !"#$%&'()*+,-%./0 !"#$%& !"#$%& !"#$%&'()* !"#$ ! !"#$%&'( ! !"# !"#$%&'()*+,- 2002 2003 CGAP !"#$ !"#$%&'()*+,-./0 IFAD !" 80 !"# !"#$%&'( !"#$ %&' !"#$%&'( !"#$%&'( !"# $ %&' !"#$ !"#$%&'()*+, CGAP !"#$%&'()*+,-. !"#$%&'()*+,-. !" !"#$%&'()*+,- !"# !" !"#$%&'()*+,- !"#$%&'()*+ !" !"#$%& FAO !"# !"#$%&'()*+ !"#$% GTZ !"# USAID !"#$%&'()* World Bank !"#$%&' !"#$%&'() 1 !"#$%&'() *+,-./0 !" #$%& !"#$ !"#$%&' !" !"#$%&'()*+,-./0123 !"#$%&'()*+,-.!/0 !"#$%&'()* !"#$%& !"#$%&'#()*+, !"# !" !"#$%&'()*+,-. !"#$%&'()* !"#$%& ! !"#$%&'()* !"#$%& !"#$%&'()* !"#$ !"#$%& !"#$%&'$() !"#$"%&'() !"#$%& !"#$%&'()*+, ! !"#$%&'()*%+, 14 ! !"#$ !"#$%&'()*+ !"#$%&' !"#$%&'() !"#$% !"#$%& !"#$% !"#$% !"# !"#$%&$'()*+,-./ !" !"#$ %& '()* !"#$ CGAP ! 80 !"#$%&' !"#$%&'()$*+,-./012 ! !"#$ 30 !"#$% !"#$%&' !"#$%&' !"#$%&'()*+,-. !" !"#$%&'()* !"#$%& !"#$%& !"#$%&'()* !"#$%&'()*+, !"#$ ! !"#$!%&'()!*+$, !"#$%&'()*+,-. !" ! !"#$%&'()*+ ! !"#$ !"#$ !"#$%&'()*+, ! !"#$%&'()*+,- !" !"#$%&'()*+,-. !"#$%&'()*+,-./ !"#$%&'()%*+, !"#$%&'( !"#$%& !"#$%&'()*+, -./ !"# !"#$%& !"#$ 5 !"#$%&'()*+,-./01 2 !"#$% !"#$%&'()*+,-./012 !"#$%& !"#$%&'()*+,-./ !"#$% 1998 !"# 2002 !" !"#$% !"#$ !"#$%&'( )*+ ),-. !"#$%&'( !"# $%&' QO NN !"#$%&' 15 !"#$%& ! 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FAO, "The State of Food and Agriculture," 1998; Haggblade et al, "Strategies for Stimulating Poverty-Alleviating Growth in the Rural Non- !"#$% 16 farm Economy in Developing Countries," 2002. !"#$%&'()*+ , ! !" !"#$% !"#$%& ! !"#$%&'()$ ! !"# !"#$%&'()*+,- 42% 40% !"# 32% ! !"#$%&'()*+,-./ !"#$%&'()*+,-./01 !"# !"#$%&'()*+ !"#$% !"#$%&'()*+ !"#$%&'()*+,-./012 !"#$%&'()*+,-.$/-0 !"#$%&'()*+, !"#$%& !"#$%&'()*+,-./01 !"#$%&'(!)*+,-./ !"#$%&'()* 1984 ! !"#$%&'( 18 !"#$ !"# BRI !"#$%&'() !"#$%&'()*+),-./01 !"#$%&'( 350 !"#$% !"#$%&'()*+,-. !"#$% !" !"# !"#$%&'()*+,-./0123 !"#$ 57% !"# !"#$%& !"#$%&' !" !"#$%&'()*+,-. !"#$%&' !"#$%&'() !"#$ !"# !" !"#$%&'()*+,#-./0 !"#$%&'(%)*+, !"#$%& !"#$% !"#$%&'() !"# 17 !"#$% &'() !"#$%&'()* +,-./012 !"#$%&'( !"#$%#&' !"#$%&'()*+,-./0 !"#$%&'() !"#$ !"#$%&'()*+,-.,/012 !"#$%&' !""#$%&'( !"#$%&'( !"#$% 6 !"#$%&'()*+", !"#$%&'()*+,-./ !"#$%&'( !"#$% !"#$%&'()*+,-./,01 !" !"#$%&'() !" !"#$%&' !"#$%& !"#$ !"#$ !"#$% !"#$%&' !"#$%&'() !"#$%&'()*+,&-./ !"#$%&' !"#$ %&'( !"# !"#$%&'()*+ !"#$%!"& ' ! ! !"#$%&'()*+*, !"#$%&'()*+,-./ !"#$%&'()*+,-./0 !"#$%& !"#$%& ! !"#$ IPC !"#$%&'( !"#$%&'( !" !"#$%&'()*+,-. !" !"#$% &'()*+, !"#$%&'()*+,- !!" !"#$%&'()*+,-./01 !"#$%&'(IPC !"#$%& !"#$%&'()*+,-./01 !"#$"%&'()*+,(%-./ !"#$ !"#$%&'($)*+ !" 1988 ! Financiera Calpia !"#$%& !"#$% !"#$%&'()*+,-./0123 !"#$%&'()*+,$-./0 !"#$%&'()*+, -$./ !"#$%&'()*+,-./0 !"# !"#$%&!'() !"#$%&'()*+,-./0 !"#$% !"#$%&'()*+ !"#$%&'()*+ ,- !"#$%&'()*+,-./01 !"#$%&'()*+,- !" !"#$%&'()*+,-./01 19 !"#$%&'( )*$+,-.$/ !"#$%&'()*+,-. ! !"#$%&'()*+,- !"#$%#&!'()*+,-./ !"#$% !"# !"#$% !"#$%&'()*(+,-./012 !" #$%&'( !"# !"#$%&'()*+,-./0123 ! !"# ! !"#$ !" !"#$%&'(Caja los Andes !"# !"#$21 !"#$ PRODEM !"#$ Financiera Calpia 20 !"# !"#$%&'!()*+, !"#$%&'()*+,-.()/ !"# !"#$%&'( !" #$ !"#$%&'()*+,- ! !" ! !"#$ !"# !"#$%& !"#$ !"# !"#$%&'()*+,-. !" !"#$%&' !"#$%&'() !"# !"#$%&'()*+ !"#$% !"#$%&' !"#$%&'()*+ , !" !"#$%%&'()*+,-./012 !"#$%&'()* !"#$ !"#$% !"#$%&'()*+ ! !"#$%& !"#$% ! !"#$%&'()$*+,-. !"#$%&'()* !" ! !" !"#$ !"#$%& 7 !"#$%&'()*+,-./01 2 ! !"#$%&'()* !" !"#$%&'()*+ !"# !" !"#$%&'()*+,- !"#$%&'()*+ !"#$% !"#$%&'()*+,-./0123 !"# $%&'( !"#$% !"#$%&'!() !1 !"# !"#$%&'()*+,-./0# !"#$%& !"#$ ! !"#$%& '()*+,-./ !"# !"#$%&'()*+,- !"#$%&'()*+, !"#$ !"# !"#$%&'()*+,% ! !" !"#$%&'() !"# $% !"#$%&'()* !"#$%&'()*+,-. !"#$%&'()*+ !"#$% !" # !"#$%&'() !"#$%&'()*+,-. ! !" Caja los Andes !"# !"#$%&'() !"#$%&' !"#$%&'()* +,- !"#$%&'()*+,-./0 12 !"#$%&'()*+ !"# !"# 7500 !"#$%&'(&) *+,-./ !"# !$%&'()*+,#-./0 22 2 !"#$%&'()*+,&-. !"#$%&'()*+, !"#$%& '()*+,-./ !"#$%&'()*+,-./01 !"#$%&' ! !"#$% !"#$%&'()*%+,- !"#$%&'()*+,-./0123 !"#$%&'() !"#$%&' !" #$!"%&' !"#$%& !"#$%&'()*+, #-"./0 !"#$%&'()*+,-./&01 !"#$%&'()*+,-./ ! !"#$%&'()*+,-./0123 !"#$%&'( )*+,-./01 !"#$%& '()*+,-./01! !"#$%&'()*+,-./01 !"#$%& !"#$%&'()* !"#$%&' !"#$%&'() !"#$%&'( )*+,-./012 !"#$%&'#()*#$+ !" !"#$%&' !"#$%&' !"#$%&'( !"#$%!&' !"#$%& !"#$%&' !" !"#$%&'()*+,-. !"#$%&'()*+,-( !" !"#$%&'( !"#$%& !"#$%& !"#$%&'( !"#$% !"#$%&'( !" !"#$%&'() !" ! 23 !"#$%"&'()*+# !"#$%&'()*+,-./01 !"#$%&'()*EKI Economic Credit !"#$%&'() !"#$%&' Institution, EKI !"# !"#$% !"#$%&'()*+,-./$%&' !" !"#$%&' ( ! 8 1 !"#$%&'!"#()* !"# !"# !"# !" ! !"#$%&'(#)*+,-./01 !"#$%&'(# !"#$%&'()*+,-.+/0 !"#$%&'()*+,-./012345 !"#$%&'()*+,-./!$%&012 !"# !"#$%&"#'()*+,& !"#!$%&'( !"#$% !"#$%&'( !"#$%& !'()*+ !"#$%&'()*+,-./ !"#$%&'()(*+,-./ !"#$%&'() !"#$%&'()* !"#$%&'()*+,-. !"#$ !"#$%&'() G !"#$%&'()* !"#$%&'() !"#$%&'()*+ !"#$%&' !"#$%&'()*+ !"#$%&'()*+,-./012345 !"#$% &' !"#$%&'( !"# !"#$% !"#$%&'()*+ !"#$%&' !"#$%& !"#$%& !"#$%&'( !"#$ !" !"#$%&'()*+, !"#$%& !"#$% ! "#$% !"#$% !" !"#$ !"#$%&'()*+,-./0123456 !"#$%&'()#*+ !" ! !"#$%&' !"#$%&'()*+,-# !"#$%& !"#$%&'()*(+ !"#$% !"#$%&'()*+,-. !"#$%&'()*+, !"#$%&'()*+,-./01 !" !"#$%&' !"#$%"&' !"# ! !"#$%&'() !"#$%&'() !"#$%&' * !"#$%&'()*+,-./ !"#$%&'()*+ !"#$%&'()*+,-./01 !"#$%&'()*+,-./ 012 !"#$%&'( !"#$%&' ! !"#$%&'()*+,-). !"#$%&'()*+,-. !EKI !"#$%&'()*+ !"#$%&'()*+,-./012 !" !"#$%&' 24 !"#$Calpia !"#$%&'() !"#$%&'()*+,-./0 ! !"#$%&'()*+,-./ 9 !"#$%&'()*+ !"#$ ! !"#$%&' !"#$%&'( !"#$%&'()*+,-./01 !"#$%&'()*+,- !" !"#$%& ROSCA ! ! 25 Banco del Estado !" !"#$ 29 !"#$%& ! !"#$%&'()*+,-./0 1 !"#$%&'( !"#$%& 26 !"#$%&'()* !"#$%&' ( !"#$%& !"#$%&'()*+#$,-./0 !"#$% "&'()*+ !" !"#$%&'()*+,-./0123 !"#$ ! !"#$%&' !"#$%&'()* !" ! 3 !"# !"#$%&'()* !" !"#$%&'()* !"# !"#$%&'()*+,-(./ !"#$%&'()* ! !"#$ !"#$%&'( ! !"#$%&'()*+,-&./&01 !"#$%& !"#$% !" !"# !"#$ !"#$%&'()*+,- !" !" #$%&'()*+,-. ! !"#$%&' !"#$%&'(# !"#$%&'()*+,-./0 !"#$%&!'() !"# !"#$%&'()'*+,-./ !"# !"#$%&'()*+,- (BAAC)30, !"#$%&'%()*+,- ! !"#$%&"'()*+,-. !"# $%&'()*+,-*./0 !"#$% !"#$%&'()*+ 31 BAAC 1966 !"#$% !"#$%&' !"#$ !"#$%&'()*+ !"#$%&'()*+*,-./0 !"#$%&' !"#$%&'()*+,-./012# 2003 3 BAAC ! 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" !"#$%&'()*+, !"#$%!&'() !"#$ !"#$ !"#$ ! ! !"#$%&'() !"#$% !"#$ !"#$ !"#$%&' !" !" !"#$(SFCLs) !"#$%&'()* !"#$%& !"#$%&'()*+, -$./0 !"#$ !"#$% !"#$%&'()* !"#$ !"#$%&'()*+, !"#$ !"#$!"%&' !"#$% 10 ! !"#$% !"#$% !" #$%&' SICREDI !"# 0.5 1.0 !"#$%&'()*+ 1999 21 !" 2002 57. !"#$%&' ! 7.3 75 129 ! 767 ! 2002 !"#$%&'() !"#$% SICREDI !"# 5.18 ! !"#$ !"#$%&'()*+ 3.15 !" 8% 37 !"# 33 !"#$%& !' !"# !"#$%&'()*+,- !" !"#$%&'()*+,- Anandavan 2002 7 ! 861 !"#$%&'() !"#$%& 86% 34 2003 7 ! ! !"# !"#$% &' 1,780 24.05 !" !" !"#$ !"#$%&'()* !" 1,460 19.7 !" !"#$ !"#$%&'() !" 290 3.9 ! !"# $%&'()*+,-./01 !"#$%&'("#) !" !"#$ 10 !"#$%&'()*+,- !"#$%&'()*+,-. ! 4 !" !"#$%&'()*!+, !"#$% !"# Cooperativas de Credito Rural com !"#$%&'( !"#$%& Interacao Solidaria (Cresol) !"#$%& !"#$%&'()*&+,-./01 !"#$ ! 1996 5 ! 35 !"#$%&'()*+,-. !" 2000 !"#$%& 73 !"# 3.1 !"#$%&'()*+,%&-./01 !"#$ !"#$%&'() !" Confianza !"#$ 95% !"#$%&'()*+,- !"# !" 25% !"#$ ! !"#$%85% !"#$% Caja los Andes 6% !"#$%&'( 50% !"#$%&' 36 !"# !"# Calpia !"#$%&'( 2 Caja Rural San Martin !"#$% 1994 2000 Caja Rural San Martin !"#$%&'(#$) !"#!$%&'()* 1998 1999 !"#$%&'()* +,-./012 !"#$%&'()* !"#$ !"# !"#$%& !"#$ 2000 2001 !"#$%&'()*+,-./0 !"#$%& '( !"#$ % !"#$%&'()*+,-./!01 !" Caja Rural San Martin !"#$%&' 1998 2001 !"#$%&'()*+,-. !"#$%&2001 Caja Rural San Martin !"#$%&'() !"#$%&'()*+ 2002 ! !"#$%&'()*+,+- !"#$% !&'()*+,#$-./ !"#$%&'()*+,- !"#$ !"#$ !"#$ !% !"#$%&'() Caja Rural San Martin !"#$%&'()*+, 2002 11 !"# 1,630 ! 13,000 !" 30 !" !"# 8% ! Rubio Caja Rural San Martin 2002. 11 ! !"#$%&'( )*+,38 !"# !"#$%&'()'*%+,-./ !"#$%&'()*+,-./01 !"#$%&'()*+,*-./012 !"#$% !"#$%&'()*& ! "#$%&'()*+,- !" !"#$%&'( !"#$ ! Caja Andes PRODEM !" Calpia !"#$%&'()*+,-./0123 !"#$%&'()*+,-./0123 !"# !"#$ !"#$%& !"#$%&' ()*+, !"# !" !"#$%&'( !"# !" Caja los Andes !"#$ !"#$%&'()*+,-. !" 2 2 !"#$%&'( !"# !"#$ !"#$%&'( 39 !"#$% !"#$%&'() !"#$%&'()*+% !, - !"#$%&'()*%+ !"#$ !"#$%&'"#()* 10 25% !"#$%&'()*+,-. !" !"#$%&'"( !" !"#$%&'()*+,-./0 !"#$%&!'()*+,-./ !"# !"#$%&'()*+,- !"#$%#&'()*+,-. ! !"#$%& '()*+,-. !"#$ Caja Rural San Martin !" !"#$% !"#$%&'()*+,-.(/0 !"#$%&'()*+,-./01 !"#$%&'()*+,-./01 !"#$%& !"#$%&'()* !" #$%&' !"#$%&'( !"#$%&'()*+, !"#$ !"#$%&'()*+,-./ !"# !"#$%&' !"#$%&'() !"#$%&'() !"#$%&' !"#$% !"#$%&'(&) !"#$%&'()*+,-.40 !"#$%&'( !"#$%&' ()*+,' -.+, 20 90 !"# !" Caja los !"# !"#$%&'()*+, Andes !"#$%&%'()*++,- Confianza !"#$%&'()* !"#$%&'()*+,-./012 !" !"#$%&'( !"# !"#$Caja los Andes !"#$% !"#$%&' 41 !"#$ %&'()*+,-.#/0 5 !"#$% !"#$%&' ! !"#$%&'()*+,-.!/ % !"#$%&'()*+,-./0 ! 42 !"# Caja los Andes !"#$%&'()* !"#$! %&'()*+ ! !"#$%&'()*+ ,-. ! !"#$%&'( !"#$%&'( !"#$%&'()*+1995 Caja los ! !"#$%&' !"#$% Andes Cochabamba Punata !"# !"#$%&'()*+,-. $/01 !"# !"#$%&$'() !"#$%& !"#$ !"#$ !"#$%&'()*+,-. !" 12 ! !"#$%&'()*+,-. Confianza !"#$ !% ! 30 !"#$%&' !"#$%&' !" #$%&'!"#$ ()* 3. !"#$%&'Caja los Andes !" 5% !"#$%&'( 44 ! "#$%& !"#$%&'()#*+, !"#$ !"#$%&'()*+,-./ !" #$ !"#$%&'()*+ MIS ! !"# ! !"#$%&'( !"#$%&' !" !"#$% !" !"#$% !"#$%&'() !"#$%&'()*+, MIS !"#$%&'()* !" ! PRODEM !"#$%&' !"#$%&'()*+,-./0 !"# !"#$%&'( Caja los Andes !"#$%&'( )*+ !"#$%&'()*+, !"# !"#$%&'()*+ !"#$%& '( 45 !"#$%&'()*+, !"#$%&'()*+,-./&0 FRODEM !"#$%&'()*+, ! !"#$%&'()*+,-. !" !" !" !"#$%&'()*+,-. !"#$%&'()*+,-'./ !"#$%& !"#$%&'()* !"#$%&'PRODEM !"#$% !"#$%&'()*+$%,-. !" !"#$% !"# !"#$%&'()*+,-./01*2 !"#$%&'()* !"# !"# 90 !"#$%&'() ! !"#$%&'() !"#$ !"#$ 46 !"#$%&'( ! !"#$ 2 5 !"# 6 !" !"#$%&'() !"#$%&'()*+, !"#$ !"#$%&'()*+%,-./0 PRODEM !"#$%& '() *+% !"#$%&'()* !"#$% 60% !"#$%&'()*+ ! !"#$%&'()*+, !"#$%&'() 3 0 % !"#$%&'()*+, !" PRODEM !"#$%&'()*+,-43 ! !"#$%&'()*+, !Confianza 2000 2001 !" !"#$%&'()*+$,- !" !"#$ !"#$% !"#$ !"#$ %&'"( !"# 3 !"# !"#$"%&'()* !"#$%&'()* !"#$% Confianza !"#$%&'()*+, ! 1 !"#$%&' !"#$%&'()*+,- !"# !"#$%&'(")%*+*,-. !"#$%&'()*+,- !"#$%&'( 47 Confianza 1999 !"#$%&' ! !"#$%&'( !"#$%& !"#$%&'()*+ !"#$% !"#$%&'()*+,-./ ! !"#$%&'()*+,-./0 !"#$%&'()*+, !"#$ !"#$%&'(')* 19% 2003 !"#$%&'()!*+,-./, 13 1 ! !"#$%&'( )* 1991 12 2001 12 800 700 600 500 ! 400 300 200 100 12 10 12 10 12 2 4 6 8 2 4 6 8 99 00 00 00 00 00 00 01 01 01 01 01 01 19 20 20 20 20 20 20 20 20 20 20 20 20 ! ! ACDI/VOCA 2002. !"#$% !&'()*+,-./0 !"#$ !"#$%&'()*+ !"#$% !"##$%&'() !"#$%&'( !"#$%& ! !"#$%&'(!)*+,-./0 !"#$%&'()*+,-./01 !"# !"#$%&"'(!) !"#$%&'()*+,-./0 !"#$%&' !"# $% ! !"# $%&'() !"#$% !"#$ %&' !"#$% !"#$%&'()*+, !"#$%&'()*+',-./012 !"#$%&'()*+,-./0123 !"# !"#$%&'()*+,- ! !"#$%&'()*+,-./ !"#$%& !"#$ !"#$%& !"#$%&'()* ! !"#$ !"# !"#$ !"#$%&'() !" !"#$%&'()*+,-) !"#$%&'( !"#$% !"# !"#$% 48 !"#$%&'()*+,-./0*1 !"#$%&'()*+,- ! !"#$%&'() ! ! " ! BAAC !"#$% !"#$%&' ! !" !"#$%&'(BAAC !"#$% !"#$ %&'() !"#$% !"# !"#$ !"#$ !"#$%& !"#$%&'()*'+, !"# !"# $%&'()*+#, !-./ ! BAAC !"#$% !"#$%&'( !""#$%&'!()*+,-./ !"#$%&' !"#$%& !"#$%&'()*+,-. !" !" BAAC !"#$%&'()* !"#$"%&' !"#$ ! 14 !"#$%&'()* +%,-.)(/ CGAP !"#$ %&'()'*+, !"# !"#$%&'()*+,- !"#$%&"' !"#$%&'( !"#$!"%&'()* !"#$%&'()*+,- !"# !"# !"#$%&!'()*+, !BAAC !"#$%&'()*+, !"#$%& !"#$%&'( !BAAC !"#$ 6-18 ! !"#$%&' !"#$%#&'( !3 ! 15 1999 !"#$% !"#$% !" BAAC !"#$%"#&' 29% !"#$%&'%()*+,- 50% 50 FAO !"#$%& '()*+ BAAC !"#$%&'()*+,-. 49 !"#$%&'() !"#$%&' !"#$%&'()*+%,- !"#$%&'()*+,-. !" !"#$%&'()* !"#$%& !" !"#$%&'()*+,-. !" !"#$%&'()*+, !"BAAC !"# $%&'(!" !"#$%&'()*+,-./0 12 !" !"#$%&'()!"* !"#$ !"#$%&'() 6% !"#$%& 11%51 !"#$ !"#$% !"#$%&'()*+ !" !"#$%&'()*+,- !"#$%&'() !"#$%&' BAAC !"# !"#$%&'()* !"#$%&'()*+,-./0 !"#$%&'()*+,-./$0&- !"#$%&'()*+,-./012 !"#$%&'()*+,-./01 !"#$%&' !"#$%&'() !"#$%&'()*+,-.!/0 !"#$%&'()*+,-.)/0 !"#$%&'()*+,-./01234 !"#$%&'()*+,-. !"#$%& !"#$%&'( !"#$%&'()*+,-./012 !"#$%&' !" 18 !" !"#$%&'()* ! ! !"#$%&' 3 !"#$%&'() !"#$%&'()*+ !" Sana 3 !"#$$% &'()*+,-. SFCL Prithvinagar !"#$%&' !"#$%&'()*+,-./ 01 !"#$%& !" !"# !"#$%&'()*+,- !"#$%&'() !"#$%& 0.6 !"#$%&'()* !"#$%& !"#$!%#&'(")*+,-./01 !" #!$% &'()*+,-. !"#$%&'() !" !"#$%&'()*+ !"#$%&'&()*+ !" !"#$%&'()!*+, Bhumistan SFCL !"#$%&'()%*+, !"# !"# !$%&'()*+ !"#$%& !"#$%&'( !"#$%&'()*+,-#. !"#$%&'()* !"#$%&'( ! Wehnert and Shakya, "Are SFCLs Viable Microfinance Organizations?" 2001; Staschen, "Financial Technology of Small Farmer Cooperatives, Ltd. (SFCLs)", 2001. 15 Kisan Bikas !"# ! !"#$%&'()* !"# !"# !"#$%&'()*+,- !"#$"%&'( !"#$%&'( !"#$%&'( !"#$%&' !"#$% !"#$% !"#$%&'()*+ !"# 52 !"#$%&'( !"#$%&'()"*+, !"# !"#$%&'( !"#$%&'( !"#$ !"#$%!&'()*' !"#$%& !"#$% !"#$%&'()*+ !"#$%&'()*+ !" !"#$%&'()*+, !" !"#$%&'() * !"# !"#$%&'( )"#$*+,-. ! !"#$%& 53 !"# !"#$% !"# !"#$%&'()*+,-./01 !"#$%&'()*+#,-./012 !"#$%&'()*+!,-). !"#$%& !"#$ !"#$%&'()*+ !" !"#$% !"#$%&'()*+ !"#$%&' !"#$%&'() !"#$%&' () *+, !"#$ !4 !"#$%&'()*+,-./01 !"#$%&'()*+,-. !"#$%&'()*+ !"#$% !"#$%&'()*+,-./01 !"#$%&'()*+,-./ ! !"#$%&'()*+,-./0 !"#$ !"#$%&'( 54 !"#$%&'()*+, -. !"# !"#$%&'()*+, !"#$%&'()*+,-./01 !"# !"#$%&'()*+, !"#$%&'()* !"# ! !"#$%&' !" #$%&'( 2002 !"#$%& DFCU !"#$%&'()*+,-./-01 !"# !"#$%&'()*+,- 4 ! CECAM !"#$%& CECAM !"!#$%&'( 150 !"#$%&'()*++,-. !"#$%&'()*+ !" !"#$%&'()* !" !"#$%&'() !"# !" 2001 1800 !" !"# 450 CECAM !"#$%&'()*+,-./01 !"#$%&'()*(+,-. !"#$%&'("#)*+,-. 20% 40% ! "#$%&'() !"#$%&'()*+, CECAM !"#$%&'()*+,-. !"#$%&'()*+,-. CECAM ! !"#$%&' !"#$%&'()*+,-&./0123456789&:; !"#$%&' ! !"#$% ! Wampfler and Mercoiret, "Microfinance and Producers Organizations: Roles and Partnerships in the Context of Liberalization" 2001; Would Bank, Agriculture Investment Sourcebook, 2004; FAO, "Term Financing in Agriculture," 2003. 16 !""#$%&'() 100 !"# !"#$%&'()*+ ! "# !"#$%&'()*+ !" ! !" !"#$%&' !"#$%&'( 2003 !"#$% !"#$%& !"#$%&'"() 15% 55 !"#$%&'()*+, !"#$%& ! " ! !"#$%&'()*+,- ! !"#$%&'( !"#$%&'( !"#$ !" !"#$%&'()*+,- !"#$%&'( !"#$% !" !"#$%&'())*+,-./ !"#$% !"# !"# !"#$%&'()*+, -./ !"#$%&'()* !"#$%& !"#$%&'()*+,-./01* ! !"#$% !"#$%#& !"# !"#"$%&'() !"#$%&'( !"#$%& !" !"#$%&'() !"#$%&'()*'+,- !" !"#$%&'()*(+ !"# !"#$%& !"#$%&' 56 !"# !"#$ !"#$%&'()* !"# !"#$%&'()*+,-./ !"#$%& !" #$%&' !"#$%&'()*+$"#,- !"#$%& !"#$%&'() !"#$%&'()*+ !"#"$$%&'( ! !" 2002 ! !"#$% !"#$% !"#$%&'( !"#$%&' !"#$%&'() !"#$%&'() !"#$%&' !"#$% &' ! !"#$%& !"#$% !"#$%&'()*+,-. !" !"#$%&'()* !"#$%&'()'* !"#$% !"#$%&' !"#$%&'() !"#$% !"#$%&'()*+ !"#$%& !"#Sindh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ortifruti CSU !"#$%&' Corporacion de Supermercados Unidos (CSU) !"#$%&'()*+ !"#$%&'()*+, !"#$%&'$()*+,-./01 CSU !"#$%&'()) Hortifruti !"#$%&'( 1990 Hortifruti !"#$% &'!( ! Hortifruti !"#$%&'()*+,$- !"#$ 200 !"# !"#$% ! Hortifruti80% !"#$%&'()*+, !"#$%&'()* + !"#$ 70% !" Hortifruti !"#$%& !" #$%"&'()*+,"-./01 !" !"#$%& !"#$ Hrotifruti !"#$ %&'()*+, !" #$%&' !"#$%&'( ) Hortifruti !"#$%&'()*+&,-./0123456%37819 !"#$%& !"#$Hortifruti !"#$%&'()*+,-./!)*01+ 15% !"#$%&'( !"#$%&' !"#$%&'()*+, 40% ! Alvarado and Charmel, "The Rapid Rise of Supermarkets in Costa Rica," 2002; Berdigue et al, "The Rise of Supermarkets in Cental America, " 2003. 18 !"#$% 2003 !"#$%& 270, !"#$%&'() !"#$%&' 000 !"#$ 200 !"#$%& 63 !"# !"#$%&' !"# !"#$%&'( !" !"#$%& !"#$%&'()*+, -+. !"#$%&'()* !"#$ !"#$%& !"#$%&'()* !"#$%&'()*+,-./0 !" !"#$%&'() ! !" !"#$%&'()*+,- !"#$%&'()*+,-./(0 !"#$%&'()*+,-./01 !"#$%&' !"#$ 64 !" !"#$%&'()*+ ! !"#$%&'()*+,-./ !"#$%&'()*+,-./*012 !"#$%&'()*+,-./Cheetah 5%65 !"#$%&'()*+,-. !"#$%&'()*+, !" !"# !"# !"#$% !"# !"#$%&'()*+,-./01 !"#$%&'( !"# $%&' !"# !"#$%&'()*+,- !"# $%&'( !"#$2002 !"#$%&'() !"#$ 2003 !"#$%&'()*+, 66 !"#$%&'() !"#$%& !"#$%&#' !"#$%&'( !"#$!% !&'()**+, !"#$%&'()* !"#$%& ! !"#$%&'(#)*+,-. ! !"#$%&'()*+ !"#$% !" #$ %&'()*+,-. !"#$%&'()*+,-./01 !"# !"#$%&' ()* !"#$%"&'()*+,-./"0 !"#$%&'()*+, !"# !"#$ !"#$ %&'() !"#$%&'()*+,- !"# !"#$%& ! !"#$%&'( !"#$%&' !"#$%&'()* !"# !"#$%&' Hortifruti !"# !"#$ !"# !" !" Hortifruti !"#$%& !"# !" !"#$%&'() !"#$% ! !"#$%&'()*+ !"#$%&'(Hortifruti ! !"#$%&'( !"#$%& !"#$%&' !"#$%&'()*+,-./0- !" !"#$%&'()*+,- !"#$ !"#$%&' !" !"#$%&'()*+,-.&/01 !"#$%&' !"#$%& !"#$%&'()*+,-./ !"#$%& 67 !"#$%&'( !"#$ ! !"#$% !"#$%&'()*+,) -.*/0 !"# !"#$%&'()*+, !" !"#$!%&'()*+,- !"#$%&'()*+ !"#$%&'()*+, ! !"#$%&'(#)*+,# !-./ !"#$ % !"#$ !"# !"#$%&#'( )*+, !"#$%&'()*+, -./ 19 !" !"#$%&'() MSSL !"#$%&'()*#+, !"#$%&'()*+,- ! MSSL !"#$%&'(!")*+ !"#$%&'()*+,)-./012 !" !"#$% Banco Wiese !"#$% CES Solidaridad !"#$%& Banco !"#$%&'()*+,-./01 Wiese ! !"#$CES Solidaridad !"#$%&'()*+,-./ !"#$%&'()*'+,-./012 Mahidra Shubhlabh !"# 68 Banco Wiese !"#$%& CES ! "#$%&'() !"# Solidaridad !"#$% 2.5% ! !"#$% !"# MSSL !" !"#$%&'(#) 1.5% !" !"#$%&'()* !"#$ !"#$%&' 1998 Banco Wiese !"#$%&'() !"#$%&' !"#$%& 300 69 !" !"#$%&'() !"#$%&'$()*+, !" #$%&' !"#$ !"#$%&'()* !"#$%& !"#$%&'" ! !"#$%&'()*&+,-. !" #$%!&'()*+ !"# !"# $%& !" #$%& ' !"#$%&'70 !"#$%&'( !"#$%&'( !"#$%&'( 1987 !"#$%&'()*+ Trisan !" Mahindra Shubhlabh MSSL !"#$%&' 7 !"#$ !"#$%& !"#$%&'()* ! !"#$% !"#$% !"#$%&' !6 !" #$%&'()*+,-./01 6 !" MSSL ICICI !"# !"#$%&'()*+,-./0123 !"#$%&'()*+,-.%&/ !"#$%& !"#$%&' !" !" # 6 Mahidra Shubhlabh !"# !" #$%&'() Mahidra Shubhlabh MSSL Mahidra Mahidra !"#$%&'()*+ !" !" !" #$%&' !"#$%&'(%)*+,-./'0123%4+5 ! !"#$ !"#$%&'( !"# !" !"# !"#$%& !"#$% 15,000 350 100,000 3000 !"#$ 500 ! !"#$%&'(MSSL !"#$%& !"# ICICI !"#$%& 'MSSL ! !"#$%&'()*+,-. !"#$%&' !"#$%&'() !"#$%&'()* MSSL ICICI !"#$ !" !"#$%&'()*+,- !" MSSL !"#$% !"# !"#$%&'( )*+,-./0123 !"#$%&MSSL !"#$% 1.5% ! !"#$%&'()*&'+,-(./02004 MSSL 45 !"#$%&'() 5, 600 ! ! Hess, "Innovative Financial Services for India," 2002; correspondence between author (Pearce) and Kairas Vakharia, CEO of Mahindra Shubhlabh, 2003; CGAP data. 20 7 !" Financiera Trisan !"#$%& '()*+ 1987 !"#$%&'()* Trisan !" Financiera Trisan !"#$% !"#$% !"#$ !"#$% !"#$%&'()*+,-Financiera Trisan !"#$% 1992 !"#$%&'() *+,-./0123456Financiera Trisan !"#$%& !" Agrimax !"#$%&'#()*+,%-./ !"# 30 !" Maxicuenta ! !"#$%&'()*+ !"#$%&'() * !"#$%&'()*+,-./ 0 !"# ! ! !"#$ !"# Trisan !"#$!%&'()*+$!,-./0123/456 1999 Trisan !"#$%& 3600 Afrimax !"#$ 470 ! !" Trisan !"#$%&' 1999 !"#$%&'()*+,-./01 !"#$% Trisan !"#$%& !"#$%&'( !"#$%&'()*+, !" 25% 2004 ! 15% 1999 ! 2200 !"#$ ! Agrimax !"# $%& !"#$ !"# $%&'()*+, Trisan !" !" !"#$%&'( Visa ! " !"#$%&'( !"#$ 2001 9% 2002 9 14% !"#$%&'()*+"#$,-./01 !: CGAP ! Trisan ! Charles Spalding 2002 !"#$% see also Wenner, "Making Rural Finance Work," 2001; and Wenner and Quiros, "An Agricultural Credit Card Innovation: The Case of Financiera Trisan," 2000. 8 !"#$%&'( !"#$%&'$( ! Cottco Cottco !"#$%&'()(*+ !"#$%&'()*+,-%./01234567'($01 Cottco !"#$%&'()*+,-./0 !"#$%& !" !"# $%&'() !"#$ 50,000 ! 98% CRM CRM !"#$%&'( ) !"#$%& 70 !"#$ !"#$%&'()*+ !"# $% !"#$%&'( !"#$% 100% !"#$%&'( !"#$%&' !"#$%&'()*+, 6% CRM !"#$%&'()*+,-./01!2 *+345 ! ! CRM !" !"#$%"&'()*+ !"#$%&'( !"#$%&'() !" !"#$%&'()*+,-./0123456789'3:; !CRM !"#$% !"#$%&'( )*+,-./ 01234*56 !: Gordon and Goodland, "Production Credit for African Small-Holders" 2000; Ruotsi, "Agricultural Marketing Companies as Sources of Smallholder Credit" 2003. !"# !"#$%&'() ! !"#$%&'() !"#$%&' !"#$%&'$()*+,- !" ! !8 !"#$%&' ! !"#$%&'() !"# !"#$%&'()*+,-./012 !"# !"#$ !"#$%&'(% !"#$%&'( !" !#$%& !"# !"#$%&'()*+ !,- !"#$ %&'()*+,-./ !"#$%&'()*+$,-.$/01 !"#$%&'()*+,-+./0 21 2 !"#$%&'()*+ !"#$%&'()*+,- !"# !" !"# !"#$%&'( !"#$%&'() 2% !" 28% !"#$%&' 40% 73 !"#$% 35% !"#$%&' !" 47 !"#$%&'()*&+,- !" !"# 31 !"#$%&'() !"# ! 22 !"# 2 74 !"#$%&'()*+,-./01 !"#$%&'()*+,-./0 ! Rodr guez-Meza, cited in Buchenau and Hidalgo, Servicios !" #$%&'()*+,-. financieros privados en al area rural de America Latina: situaci n y perspectivas, 2002. !"#$ !"#$%&'() !"#$%&'() ! "#$%&' !"#$%& !"#$% !" !"#$ !"#$%& !"#$%&'()* !"#$!% !"#$%&'()*+ !"#$% !"#$%&'()*+,-./ ! !"#$%&'()*+,-./0!"1 !"#$%& !"#$%&'( !"# !"# $%&'()*+, !"# !"#$%&'() !"#$% !"# !"#$%&'()*+,- !"#$%&'()*+,-. !" !"#$%&'()*+,-. ! "#$%&'( !"#$%&' !"#$%&'( !"#$%& !"# 1000 !"#$%&'( !"#$%&'()* !"#$%& 300 !"#$ !"#$%&'( !"#$%&'()*+, ! !" 700 !"#$%&'( ) !" !"#$%&'()*+, !"#$%&'() !"# !" !"#$%&'()*$+ , !"#$ 900 !"#"$% ! " !"#$%&'()*+,- !"#$%&'( 10 75 71 !"# $%&'( )*+(,- !"# !"#$%&'() !"#$%&'()*+,-. !" #$%&'( !"#$%&' !"# !"#$%&'()*+,- 7 !"#$ !"#$%& !"# !"#$%&'()*+,- !"# !"#$%&'() !"#$% !"#$%&'()*+,- ! !"#$%&'()*+,- !"#$%&'( !"#$%&'()*+,-. !" !"#1998 !"#$ !"#$ !"#$%&'()*+,-./01 !"#$ !" 8% !"#$% !"#$%&'()* !"#$$% !"#$%&'( 72 !"# !" !"#$%& '( ! 22 !"# !" !"# !"#$ 1.50 77 !"#$ Xuu !"#$%&'()* Nuu Ndavi !"#$ !"#$%&' !"#$%& / !"#$%&'() !"# !"#$% 260 " ! !"#$%&'()*+,-. !" !"#$%&'( 78 Xuu Nuu Ndavi !"#$%&'()* !"# !"#$%&'()*+,-./012. !"#$%&'()*+,-./0123 !"#$%&'()*+%&, -. !" 9 !" !"#$%&'()*+,-. !"#$%& WOCCU ! !"#$%&'() !"#$ !"# IRNet !"#$% Vigo !"#$%& !"#$%& ! !IRNet !"#$%&'()*!+ Oaxaca !"#$%&'()*+,-. !" !"#$%&'()*+,IRNet !"#$%&'()*+,-./0 ! 1000 !"#$%& 10 !"#$%&'( San Juan Mixtepec !"#!$%&'()*"#+! 13% !"#$%&'()*+ !"#$% 200 !"#$%&'( 26 79 !"#$%&' ! Xuu Nuu Ndavi IRNet !"#$%&'WOCCU IRNet !"#$ !"# !"#$ 10% !"# 80 !"#$%& Tlaxiaco !" !"#$%&'()*+,-./01 Banorte Banamex !"#$%&' 76 !"#$%&'() !"#$%&' !"#$%&'()*+,-./0 San Jose de Matas !"#$% 500, !5 !" 6 !"#$ ! 000 !"#$%&'()*+,-. !"#$%& !"#$ !"#$ 81 FEDECACES !"#$%&'()* !"#$%&'()*+,-%./01 ! !"#$%&'()*&+,- 9 Constanta !"#$%&'()*+,- Constanta !"#$%&'()*+ !"#$%&'()*+,'-./01234567 ! !"#$%&'()Constanta !"#$%&!"'()*+,-./ !"#$%&'()*+, ! Constanta !"#$%&'()*+,-./0 !"#$%&'()*+,- !"#$%& !"# !"#$%&'()*+",-./"012345 MIS Constanta !"#$%&'( !"#$%& !"#$%&'()*+,-Constanta !"#$%&'()*+,-./0123 !" !"#$%& Constanta !"#$% 2001 10 !"#$%&'()* 2002 5 !"#$%&'()* 1,700 !"# 14 !"#$% !"#$%&'()*+,-. !"#$%&'()* !"#$%&'() * !"#$%&'() !"#$%&'()* Constanta !"# $%&'( !"#$%&'()*+,-./0) !"# Khashuri !"#$%& Constanta !"#$%&'()* !" 60 !" ! 70 Constanta !"#$%&'( !"#$%&' !"#$%&'() 300 ! !"#$ !: Pearce, "Pro-Poor Innovation Challenge Case Study--Constanta (Georgia)," 2002. 23 10 Equity Building Society !" 2000 ! Equity Building Society !" 20 !"#$%&'()*+,-./012 !"#$%&'() !"#$%&'( !" !"#$% !"#$%&'( !"#$%&'()*+,-. !"#$ ! !"#$%&'()*+,-./01 !" !"#$% !"#$%&'()*+,-. !"#$%&'()* !"#$%&'()*+,-./01 !"#$%&'()* !"#$%&'()*+ ,-./0 GSM !"#$%& !"#$%& !"#$%&' !"#$%&'()*+,-,./0 !"#$ !"#$%&'($) VHF !"#$% !: Ayee, "Equity Building Society (EBS): Agricultural Lending," 2003; Coetzee, Kabbucho, and Mnjama, "Understanding the Rebirth of Equity Building Society in Kenya," 2002; Craig and Goodwin-Groen, "Donors as Silent Partners in MFI Product Development: MicroSave-Africa and the Equity Building Society in Kenya," 2003; EBS, "Mobile Banking Experience," 2003; PlaNet Rating, "Equity Building Society (EBS)," 2001. !"#$%&'()*+,-./01 !"# !"#$%&'(2002 FEDECACES !"#$%&'()*+ !"# !"#$%&' 2,200 !"#$% 82 !"#$%&'() !"#$%&' !"#$%&'()*+, !"#$ !"#$%&' !"#$% !"# ! ! !"#$%&'() !"#$% !"# PDA !"#$%&"'() !"#$%&'( !"#$%& !"# !"# $%&'() !"#$%&'( )*+ !" ! !"#$%&'&( !"# !"#$%&'()*+ ,-./0 !"#$%&'()*+,- !"# 2000 ! Equity Building Society !"#$%& '#()*+, !"#$%&'() !"#$ !"#PRODEM ! 20 ! !"#$% !"#$%&'()*+ !"#$% &'() !"#$ % !"#$%& !"#$%&' 2004 !"#$%&'()*+,&-. !"#$%& 29 !" 12,000 !"# $%&' !"#$!"%& !"#$ ! 10 83 !"#$%&'()*+ !"#$% 20 90 !" !"#$%& !"#"$%&'()*+$%, !"#$% !"#$%&'()*+ ! !"#$%&'()*+,-./ !" #$% !"#$%&'() !"#$%& !"# 800,000 !"#$% 300,000 !"#$%& !"#$ 10 !"#$%& !"# 84 !"#$ ! 7 !"#$PRODEM !"#$%& !"#$%&'() !"#$%&' !" 20,000 !"#$%&'85 ! !"#$%&'()*+',- !"# !"#$%&'()*+ !"#$%&#'()*+,-!./'0 !"#$%&'()*+,$-./Banco !"#$% Solidario !"#$%&'()*+,#- 24 !"#$%&'()*%+,-./0 !"#$%&'()*+,-./01 !" #$ !"# La Caixa Caja !"#$%"& !"# Madrid Caja Murcia, !"# Banca Sella !"#$ !"#$%&'() *+ !"#$%&' 800 !"#$% !"#$%&'()*+ ! !"# Banco Solidario !" !"#$%&'()!*+,-./0 ! 100 !"# 86 !"#$%&'()*+,-./ ! !"#$%&'()*+,-./01 !"#$%&' ()*+ !"#$%&'()*+, ! Banco del Estado !"#$% !"#$%&' !"#$%&'()*+,- !"#$%&'()* !" !"#$%&'() !"#$%&' CVECAs !"# $%&'()* !"#$%&'()*+,(-./ !"#$%&$'()*+, !"#$%&' !"#$%&' Niono CVECAs 9,000 !" !"#$%&'#()*+,-./01 !"# !"#$%& !"#$% !"#$%& !"#$%&'( CVECAs !"#$% !"#$%&' !"#$%& !"#$%&'()* !"#$ CVECA !"#$ !"# !"#$%& !"#$ !"#$ ! CAREC 87 ! !"#$%&'()* !"#$% !"#$%&'()* !"#$% !"#$%&'()*+#,%- CAREC !"#$%&'()* CIDR !"#$%&'()*+,-./ !"#$ !"#$%& !"#$%&'()* CVECAs !"#$%&'()*+, !"#$%&'( !"#$%&'( !"#$%&'()*+,- ! !"# $%&'()*+,-. !"#$%&'( )CVECAs ! !"#$%& !"#$%&'()* !"# $%&'()*+,-./0 !"#$% !"CVECA !"#$%&'()88 !"#$%&'()*+,-./0* 8 !" SFCLs !"#$%&' SFCLs !"# $%&%$'()* !"#$%&'()*+,-./0 !"# 89 !"#$%&'() !"#$%&'()*+,- ! !"#$%&'()*+,-./01 !"#$%&' 11 !"# ! !"#$%&'()*+(&, !"#$%& '()*+,-. ! !"#$%&'(%&)*+ !"# !"#$% !"#$ !"# !"#$% !"#$%&'()*+ !"#$%&'()*+,-(./0 !"#$%&'()*+, ! !" !"#$ !" !" !"# $!"%& !"#$%&' !"#$%&'()*+ !"#$% !"#$%&'()* !"# 25 11 CARE !"#$%&'(() *+,-./01 CARE !"#$%&'( !"#$%&'()*+,-./'0 1993 !"#$ Matu Masa Dubara MMD !"#$%&'()*+,-./01 !"160,000 !"#$%& 5,500 ! !"#$%&'() !"#$ 30 ! 2002 6 !" Kupfuma Ishungu 770 !"# !" 13% !"#$% & 5,000 CARE !"#$%&'( !"#$ !"#$%&'()*+,-. 550 !"#$% ! !"#$%&'()*+,-./012345*67"89:;< !"#$%&'()* !"#$%&'()*+ !"#$%&' !"#$%&'()*+,"-./ !"#$%& !"#$ !"#$%&'( !" !"# $%&'( !"#$%&'()"* !"#$%&' ! 10% !"#$%&' ( ) !"# !"#$%&'() !"# !"#$ ! !"#$%&'()* + !"#$% !"#$%&'()*+,-./012 18 39 !" !"#$%&'( 12.5 !" 7 !"#$%!"&'()* ! 10 7 !"# $ !"#$ CARE !"#$%&'()*+,-./012 !"#$%&#'() !"#$%&'()* ! !"#$%&'()*+,-./ !: Hirschland, "Savings Operations for Very Small or Remote Depositors: Some Strategies," 2003; Allen, "CARE International's Village Savings and Loan Programmes in Africa: Microfinance for the Rural Poor that Works," 2002. !"#$%&'()*+,'-./* !"#$%& !"#$%&'() !" !"#$%&'()*++,- CANAM !"#$%&'()*+, !" !"#$%&'()*+,-. !"#$%&'()* !"#$ !"#$% 90 !"#$ 2003 !"#$ 100% !"#$ !%&'()*+, !" ! !"#$%&'()*+,-./ !" 6 !" !"#$%& !"#$%&CANAM !"#$%&'()*+,-+./01. !5 10% ! !"#$ !"#$%&' !"#$%&'() !"#$%&'( !"#$%&'( V&M !"#$%&$'()*+,- !"#$%&'()*+,-./01 !"#$%&'()*$+,-. ! ! !"# 20 90 ! !"#$% 98% !"#$%&'( !"#$%&'()*+,-./0+12 !"#$%&'() *+,&- ./0 !"#$ Mocotex !"#$%& !"#$% 20 ! !"# Lomaco Montepuez Balama Namuno !"#$%&'()*+,- !"# !"#$%&' !"# 20 40 !"#$% !"#$%&' ! 91 CANAM !"# 30,000 5,000 10,000 !"#$%&'()*+,-2003 ! ! !"#$%& !" 500,000 !"#$%& ! !"#$%&!'()*+),-./ !"#$%&'() )*+ !"# !"#$% !"#$!%&'()* !"#$% !"#$%&'($) !"# !"#$%&'()*+ 26 !"#$%&'()*+,-./0 12 !"#$%&'("#)*+,-./0 !"#$%&'()*+,-./0 !"#$%&'()*+,-./0123 !" # 12 !"#$%&!' !"#$%&'()*"#+,-. !"#$%&'()*+,-./0112 !"#$%&'()*+,-./0 !"# CLUSA !"#$%&'() !"#$% !"#$%&'()*+, !" !"#$%&'()*+,-. !" !"#$%&'()*+,-./01 !"# !"#$%&'()*+ !"#$%&'()*+ !"#$% !"#$%&' 92 !"#$% !"#$%& !"#$%&'()*+,-./01 !" !"#$%&'()*+, !"#$%&'()*+,-./, ! !"#$%&'() !"#$% !"#$%&'()*+,-!. !"#$%& !"#$%&'()*+,-./0123 ! !"#$%& !"#$ !"#$%& !"#$%&'()* !"#$%&'( !"#$%&'( !"#$%&'()*+,-. ! !"# !"#$%&'() ! !"#$% 12 !"# $ CLUSA !"#$%&'()*+ Agriflora Agriflora !"#$%&'()*+,!-./0)123-.45 ! 3,000 ! 7,000 !"#$% * !"#$%&'() !"#$%&'()*+,CLUSA Agriflora !"#$ ! !"#$%&'()*+,-./0123456748 !"#$%&'()*+#,-./0 !"# Agriflora !"#$%&'()*+, !"#$%&'()*+ !"#$%& !"#$%&'()*+,-./0122001 Agriflora 8 !" 300 !"#$%&' ** !"#$%&'()*+, CLUSA 20 90 !"#$%&'()*+,-./01234CLUSA !"#$%&'()*# !"#$% Nampula Niassa Cabo Delgado !"#$ % 800 !"#$%&'CLUSA !"#$% !" !" !" !"#$%&'()*+,%-./ !"#$%&' !"#$%&'()*+,CLUSA !"#$%& !"#$%&'() !"#$% !" !"#$%&'()*+,-./01 !"#$%&' CLUSA !"#$%&' 2003 !CLUSA 860 !" !"#$% & 26,000 !"#$%& 2003 CLUSA 6 !" !"# Export Marketing V&M !" ! !"#$%&'()*+ 136,000 ! !"CLUSA !"#$% 24 !"# GAPI !"#$%&'()*+,- !" * !"#$%Agriflora !"#$%&' !"#$%& !"#$%&'()*+,-./ !"#$%& ** Pearce, "Buyer and Supplier Credit to Farmers: do Donors Have to Pay?" 2003 !: de Vletter, "A Review of Three Successful Rural Finance Cases in Mozambique," 2003; CLUSA, "Quarterly Report, April-June 2003"; CGAP research. 27 13 SICREDI CRESOL !"#$%&'()*+ SICREDI !"#$%&'()*+,-. !"#$%&'()*+,- !"#$%&'()* !" SICREDI !"# !"#$%&'()*+, !"#$%&' !"#$%& !"#$%& !"#$%&'()SICREDI !"#$%&'()*+,-./ !"#$%& !" !"#$%&'() PROAGRO !"#$%&'()*++,- ./012(345$6 SICREDI !"#$%&'(!)* !"#$%&' !"#$%&'()* !&+, ! !"#$%&'()*+,-./0123 !"#$%&'()*+,-./0%12SICREDI !"#$% !" !"#$%& !"# Bansicredi !"#$%&'( !"#$ !"# !"#$ !" ! !"#$%& ' Cedula de Producto Rural ! !"#$%&' !"#$% SICREDI PROAGRO !"#$%& !"#$ !"#$% 3.9% !"#$%&'( ) Cresol !"#$%&'()*+ !"#$% SICREDI !" !"#$%&'()*+, Cresol !"#$%&'( !"#$%&'()*+, !"#$%& !"#$%&' !"( Cresol !"#$%& Cresol-Baser !" Cresol Baser !" !"#$Cresol !"#$%&'( !" !"#$% !"#$%&'()*+,- ./01 234 !"#$%&'()* + !"#$%&'() !"#$%&'() *Cresol !"#$% !"#$%& !"#$%&'()*+,"#-./0#123 PRONAF Cresol !"#$ !: Branch, "Credit Union Rural Finance: Sicredi Brazil," 2003; CGAP research (including communications with SICREDI and DGRV (German Cooperative and Raiffeisen Confederation); DGRV reports and web site, www.dgrv.org; Bittencourt, "O cooperativismo de credito no Brasil," 2003; and Cresol financial reports. !"#$ !"#$%&' !"#$%&SICREDI !"#$%& !"##$ ! !"#$ !"#$%&'()*+ !"#$% ! 10 CVECA !"#$%&' !"# !"#$%&'()* !"#$ 93 !"# !"#$ !"#$% !"#$%&'()* !"#$%&'()*+ ,-!./0 !"#$%&'()*+,%-./012 !"#$%&'()* !"# !"#$ SCLULT !"#$%&'()*+, !"#$%&'() !"#$ !"#$%& '()*+,-./012 !"#$%&'()*+,#-,./0 !"#$%&' 2000 !" !"#$%& !""#$%&'( !"#$%& 94 !"#$%& ! !"#$ !"#$%&'()*+,-./0 ! !"#$%&'()* !"#$%& !" SICREDI Cresol !"#$%&'()*+,--./01 !13 SICREDI !"#$%&'() !"#$%&'()*+ ,!--./ ! !"#$%&' !"#$ !"#$%& !"#$%&'() !"#$%&' ()* !"#$ 95 ! !"#$%&'()* !" ! !"#$%&'()*+,( 28 !"#$%&'(%)*+,"-./!0 !"#$%&'( !"#$%&'( !"#$%&'()*+,-./0$ !"#$%&'() !"#$ ! !"#$%&'()* !" !"#$%&'()%*+, !"# !"#$%&'()*+ !"#$% !" !" !"#$ !"#$%& !"#$%&'()* !"#$%&' ()*+, !"# !" ! "#$%&'()* !"#$%&'() *(+ !"# !"#$%&' 96 !"#$%&' !"#$%&' !"#$%&'() !"#$%&'()*+,-./0 !"#$ !"#$%&'()*+ !"#$%&'()% * !"#$ !"#$%&'()*+,-./01 !"#$%&'() !"#$% !"#$%&'%()*+,- ./ !" !"#$%&'()*+,-$./01 !"#$%&'()*+,-.&/ 9 !"#$%&'()*+,-./012 !"#$%&'()*+,-$ !"#$ !"#$%&'()*# !"#$%&'()*+,-./01 !" !"#$%&'()*+,- !"#$%&'()*+ ,-./ ! !"#$%&' !"# !"#$%&'()*+, !"#$ !"#$%&'()*+,-./01100 !"#$%&'()*+,-./0 !"#"$%&'()*+,- ! !"#$%&'()*+,-30%97 !"#$ !"#$% !" ! !"#$%&'()*+,-./0 !" #$% 20 90 ! 7 !"#$%&'()*+ !"#$ !"#$%&'()&*+,-. ! !"#$%&' ()*+,-. !"# !"#$%&' 98 KNCU !"#$%&'()*+,-) !" !"#$%&'( ! ! !"#$%&!"' 11% !"#$%& !"#$%&'()* !" ! !"#$%&'() !"# !"# $%&' !" !" !"#$%&' !"# !"#$%&' !" !"#$ !"#$%&'()*+,-./0"# !"#$%&'()*+, !"#$ !"#$%&'()*+ CRDB !"#$%&'( !"#$%& !"#$%&'( !"# ! !" !"#$%&'()*+ !"#$%&'()*+,-./0 !"#$%&'() "*+,-.30% !"#$%&'()*+, -./ !"#$% &' 99 !"#$%& KNCU !"#$%&'()*+,- !"#$ !"#$%&'()*+ !"#$%& '()*+,- 101 !"#$%& !"#$% !"#$%&'()*+,-$.&/ !"#$ %&'()*+,- !"#$%&'()*+,-. !" !"#$%&'()*+,- ! !"#$%&'()*+,-%)./01 !"#!$%&'()*(+ !"# !"#$%&'() *+ !" 29 ! "#$%&'() *+,-./ !"#$% !"#$%&'()* !"#$%&'()*+, !"#$ !"#$ !"#$%&'() !"#$%&'()*+,-./012 !"#$%&'()*+,-./&01 !"#$%&'() !"#$%& !"#$% !"#$%&'()!* !"#$%&'()*+,- !"#$%&' ()*+,-./01 !"#$%&'()*+,-./ 012 !"#$%&'() !"#$%& !"#$%&'()*+,- !"#$%&'()* !"#$%&'()*+,-./01 20 70 !" !"#$ !"#$%&'( )*+,-./012 !"#$%&'()*+, !"# !"#$%&'()*+,-. !" !"#$%&'()*+,-./012 !"#$%&"'()*+,-. !"#$ 102 !"#$%&'()* !"#$%&'()*+, !"#$%&'()*+%+,-./0 KNCU CRDB !"#$%&'( !"#$%&'()*+,-./0 (CRMG) !"#$% !"#$ !"#$%&'() !"#$%&'( !"#$%& !"#$%&'()*+,- !"#$%&'() CRDB !"# !"#$%&'()*+,-./ !"#$%&'()*+,-CRMG !"#$%&'()*+&,-./0 !"#$%&'()*+ ,-./012 !"#$%&'()* +, !"!#$%&'()*+,-./ !"# ! !"#$% ! !"#$%&'()*+%,-./ !"#$%&' !"#$%&'( !"#$%&' !"#$%&'( !"# !"#$%&'() # !"# !"#$%&'()* 103 !"#$%&'()*+,- !"#$%&'()*+ ! !"#$%&'()*+,-./012 !"# !"#$%&'()*+, !"#$ !"#$%&'()*+ !" !"#$%&'()*+,- !"# !"#$%& '() !"#$ !"#$%& !"#$%&'() !" !" !"#$%& !"#$ !"#$%&'()*+ !"#$%& !"#$%&'() !"#$%& !"#$%&'()*+,-./0 !"#$%&'( !"#$%&' 10 !"#$%&'()$*+,-. !" !"#$%&'() ! !"#$%&'()*+, !"#$%&'( )*+,-. !"#$% !"#$%&'()* !"# $%"& !"#$%&' !" #$%&'()*+,"- !"#$%&'( !"#$%&' !"#$%&'()*+2003 !" !"#$%&'()*+,-./01+ 164 ! !"#$%&'() 30 !"# 163 ! 104 !"#$%&'(% ! !"# !"#$% !"# ! !"# !"#$ %&'()*+,-. !"#$%&'()*+,-./0 !"#$% !"#$%&' !" !"#$%&'()* ! !"# !"#$%&'"(!)* !"#$%& 20 60 70 ! !"# $%&'()*+,- !"#$%&'()*+(,-./01 !"#$%&'( 105 !"#$%&'()&*+,-./ !"# !"#$%&'()* !"#$ !"#$%&'()*+ !"#$%&'()*+ !"#$ !"#$% !"#$%&' ! !"#$%&'()* 106 !"# !"# !"#$%&'()*+, !"#$%&'()*+,-. /01 !"#$%!& ! !"#$% !"#$%&'()*#+, !"#$%&'() *"+ ! 14 !"#$%&'() 20 80 ! !"#$%&' !"#$%&' !"#$% !"#$#%&' !"#$%&' !"#$%&'()*+,-./01 !"#$%&'()*+ !"#$ !"#$%&'()*+ !" !"#$%&'( !"# !" !"#$%&'()*+, ! !"#$ ! !"#$ !"#$%&'()* !"# !"# !"#$ !" !"#$%&' !"#$%&'()*+,-./ !"#$% &'()*+,-./01 !"#$%&'()*+,-./ !"#$%&'()*+,-.(/ !"#$ !"#$%&'()*+ !"#$% !"#$%& ! !"#$%&'()*+,-. !"#$%&'()* !"# ! !"#$% !"#$ !"#$%& !"#$%&'( !"#$%&'()*+,-.%/012 !"#$%&' !"#$%&'() !"#$%&'() 107 14 Omnia Small Scale !"#$%&'()*+ Omnia Small Scale !"#$%&'()*+ Omnia ! !"#$%&'()*+,-. !" !"#$%&'()*+ 3 !" #$%& !" Omnia !"#$%&'() !"#$%&' !"#$%&'() !"#$%&'()*+,-./0 Omnia !"# !" Omnia !"#$%&'()*+,-./01.2345678 !"#$%&'()*+ !"#$%&' !"# 300,000 !" !"#$ 80% Omnia !"#$%&'( !"#$%&'()*+,-. !"#$%&'()*+,-./0123 !"#$%&'()* !"#$%& '()*+,-.Omnia !"#$%&'( !"#$%&'()*+,-. !: Ruotsi, "Agricultural Marketing Companies as Sources of Smallholder Credit," 2003. 31 !"#$%&'()*+,--./ !"#$%&'()*+ ,-. !" !"#$1999 !"#$ !"#$ !"#$%&'()*+ !!"#$%&'()*+,-./01 !"#$% &'()*+ ,-./0 !"Financiera Trisan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inanciera Calpi in Rural El Salvador, 1999; Navajas and Gonzalez-Vega, Innovative Approaches to Rural 1 IFAD, Rural Poverty Report 2001: The Challenge of Lending: Financiera Calpi in El Salvador, 2000. Ending Rural Poverty; and World Bank, Rural Finance 20 Financiera Calpi !"#$%&' Banco Services: Implementing the Bank s Strategy to Reach ProCredit 2005 1 Caja los Andes !" the Rural Poor,2003. The most recent World Bank data !"#!$ % !"#$%&' ( Global Monitoring Report 2005 ) indicate that this Banco los Andes ProCredit !" ! number has fallen to 1.1 billion. !"#$%& !"#$%&'()* 2 ! !"#$%&' OECD ! !"#$%& '!( DAC !" #$%(GNI) ! 21 Wright, Microfinance Systems: Designing Quality !" OECD, 2003 OECD Development Financial Services for the Poor, 2000. Co-operation Report: Statistical Annex. 22 Pearce and Reinsch, EDPYME Confianza, Peru, 3 IFAD, Rural Poverty Report 2001. 2005. 4 DFID, The Importance of Financial Sector Develop- 23 Ayee, Centenary Rural Development Bank: Agricul- ment for Growth and Poverty Reduction, 2004. tural Lending, 2002. 5 Von Pischke, Finance at the Frontier: Debt Capacity and 24 Shrader, Sustainable Expansion Strategies, 2003; the Role of Credit in the Private Economy, 1991. CGAP researcher correspondence with Richard 6 World Bank, Implementing the Bank s Strategy to Reynolds (World Vision) and Sabina Bina (EKI fi- Reach the Rural Poor, 2003. n a n c e director) d u r i n g 2 0 0 3 ; E K I F i n a n c i a l Statements, 31-12-2002. 7 !"# !"#$%&'( !"# 25 !"#$%&' !"#$%&'() Buchenau, 2003, Innovative Products and Adapta- !"#$% !"#$%&'( tions for Rural Finance, 2003. 26 8 Wenner, Lessons Learned in Rural Finance: The Interviews with Banco del Estado management team by Experience of the Inter-American Development Bank, author (Christen), 1997-98. 2002. 27 See, for example, Adams and Fitchett, Informal Finance 9 FAO, Crop and Food Supply Assessment Mission to in Low-Income Countries, 1992. Malawi, 2003. 28 Sebstad and Cohen, Microfinance Risk Management and 10 Ayee, Centenary Rural Development Bank: Agricul- Poverty, 2001. tural Lending, 2002. 29 See Rutherford, The Poor and Their Money, 2000. 11 Onumah, Improving Access to Rural Finance through 30 BAAC !"#$%&'()*#+ Regulated Warehouse Receipt Systems in Africa, 2003. !"#$ !"#$ 12 Varangis et al, Dealing with the Coffee Crisis in 31 ! !"#$%&'() BAAC Central America, 2003. ! "#$%&'()* !"#$% 13 !"#$%&'()*+ !"#$%" ! !"#$% !"#$%& !"# 32 !"# BAAC2002 !"# ! !"#$%&'( !!"#$%&'( !"#$ BAAC 14 CGAP !"# $%&'()*+,- !" !"#$%&'()*+,- ! !"#$%&'()*"+ !"BAAC !"#$ 4 !3 !"#$ !"# 2002 ! 2003 15 3 31 Haggblade et al, Strategies for Stimulating Poverty- 33 Alleviating Growth in the Rural Non-farm Economy in Wehnert and Shakya, Are SFCLs Viable Microfinance Developing Countries, 2002. Organizations? A Comprehensive Financial Analysis 16 of 33 SFCLs, 2001; Siebel, Agricultural Develop- Hulme and Mosley, Finance for the Poor or the ment Bank Reform, 2001. Poorest? 1997. 17 34 !"#$%& SFCL !"# Robinson, The Microfinance Revolution, Volume 2: Lessons from Indonesia, 180-82. 35 !"#$ !"# ! 18 !"#$%&$'()*+,-*./01 36 !"#$ !"#$%&'() Bittencourt, O cooperativismo de cr dito no Brasil, ! 2003; Cresol reports. 37 19 Navajas, The Process of Adapting Lending Technology: CGAP research (including communications with SICREDI 36 60 and DGRV); DGRV web site, www.dgrv.org. Shepherd, Financing of Agricultural Marketing: The 38 Pearce, Goodland, and Mulder, Investments in Rural Asian Experience, 2004. Finance for Agriculture: Overview, 2004; Ayee, 61 !"#$% !"#$ !"#$% Centenary Rural Development Bank (CERUDEB): !"#$%&'()*+,-. / Agricultural Lending, 2002. 62 Ruotsi, Agricultural Marketing Companies as Sources 39 Pearce and Reinsch, Caja los Andes, Bolivia, 2005. of Smallholder Credit: Experiences, Insights, and Po- 40 Christen and Vogel, The Importance of Domestic tential Donor Role, 2003. 63 Resource Mobilization in Averting Financial Crisis: Ibid. The Case of Credit Unions in Honduras, 1984. 64 !"#$%&'()*+,-./0)123 41 Rubio, EDPYME Confianza, 2002; Pearce and Reinsch, EDPYME Confianza, Peru, 2005. 65 Shepherd, Financing of Agricultural Marketing: The 42 Buchenau, Financing Small Farmers in Latin America, Asian Experience, 2004. 1997. 66 Ruotsi, Agricultural Marketing Companies as Sources 43 Lee, Client Based Market Research: The Case of of Smallholder Credit: Experiences, Insights, and Po- PRODEM, 2000; Rubio, EDPYME Confianza, tential Donor Role, 2003; CLUSA , Quarterly 2002. Report, April-June 2003 ; de Vletter, A Review of 44 Rubio, EDPYME Confianza, 2002; Pearce and Three Successful Rural Finance Cases in Mozambique, Reinsch, EDPYME Confianza, Peru, 2005. 2003. 67 45 Lee, Client Based Market Research: The Case of Pearce, Buyer and Supplier Credit to Farmers: Do PRODEM, 2000. Donors Have a Role to Play? 2003. 46 Ayee, Centenary Rural Development Bank 68 !"#$%& !'()* !"#$% (CERUDEB): Agricultural Lending, 2002. !" CES Solidaridad !"#$% !" #$ 47 !"#$%&'ACDI/VOCA !"#$ 69 !"#$%&'()* !"#$%& Alvarado, Galarza, and Cajavica, El Linking ONG !"# Banco del CES Solidaridad de Chiclayo, 2000; Wenner, Alvarado, and Galarza, Promising Prac- 48 See Westley, Equipment Leasing and Lending: A tices in Rural Finance: Experiences from Latin America Guide for Microfinance, 2003, for a fuller discussion and the Caribbean, 2003. of the asset-liability management implications of term lending. 70 !"#$%&"'#()*+,-./012 ! 49 FAO, Term Financing in Agriculture: A Review of 71 Relevant Experiences, 2003. Pearce, Buyer and Supplier Credit to Farmers: Do Donors Have a Role to Play? 2003. 50 FAO, Term Financing in Agriculture. Changes in 72 institutional loan classification after 1999 obscure the IFAD (2003). For more information on savings rates, see more recent proportion of term loans. Aryeetey and Udry, 2000. 73 51 BAAC annual reports; Haberberger et al, The Challenge Wenner and Proenza, 2000. 74 of Sustainable Outreach: The case of Bank for Agriculture Rodriguez-Meza, as cited in Buchenau and Hidalgo and Agricultural Cooperatives (BAAC), 2003. (2002). 52 75 FAO, Term Financing in Agriculture, 2003. www.studentsoftheworld.info/infopays/rank/densite2. 53 Westley, Equipment Leasing and Lending: A Guide html; World Bank, World Development Indicators 2001. for Microfinance, 2003 76 CGAP !"#$5 !"#$%&'() 54 See FAO, Term Financing in Agriculture, 2003. ! !"#$%&'()*+,-%. !"#$%&'()*+,-./0.12 55 Ayee, DFCU Leasing, 2002. 56 Westley, Equipment Leasing and Lending: A Guide 77 !"#$%& 100 200 !"#$ for Microfinance, 2003. !"#$% 57 IFC, Leasing in Central Asia, 2003); USAID, . 78 AMUCSS (Asociaci n Mexicana de Uniones de Cr dito Leasing: An Overview from the IFC, 2003. del Sector Social) reports; CGAP research and field 58 Smith, Stockbridge, and Lohano, Facilitating the visit by author (Pearce), October 2003. Provision of Farm Credit: The Role of Interlocking 79 World Bank, Workers Remittances: An Importance Transactions between Traders and Zamindars in Crop and Stable Source of External Development Finance, Marketing Systems in Sindh, 1999. 2003. 59 Gore, Rural Trade Finance in Southern Africa, 2003. 80 Sanders, Migrant Remittances to Developing Countries. 37 97 A Scoping Study: Overview and Introducti on to Issues Yaron, Rural Finance: Issues, Design, and Best for Pro- Poor Financial Services, 2003. Practices, 1998. 81 98 Orozco, Remittances, the Rural Sector, and Policy Skees, Hazell, and Miranda, New Approaches to Crop Options in Latin America, 2003. Yield Insurance in Developing Countries, 1999. 82 99 Ibid. Ibid. 83 Pearce and Reinsch, Equity Building Society, Kenya, 100 !"#$%&'()*+,-. !" 2005. !"#$ %& 84 101 World Bank, Agriculture Investment Sourcebook, 2004. Bryla et al, The Use of Price and Weather Risk 85 Rubio, Fondo Financiero Privado PRODEM S.A., Management Instruments, 2003; Mwakalukwa, Pri 2003; Whelan and Echange LLC , Automated Teller ce Risk Management and Access to Credit, 2003. 102 Machine Technology, 2003. See, for example, Donald, Credit for Small Farmers in 86 Informal interview by author (Pearce) with Juan Ros s, Developing Countries, 1976; Von Pischke, Adams, Director of International Institutions for La Caixa, and Donald, Rural Financial Markets in Developing December 2003; see also Banco Solidario (2003) [need Countries, 1983; and Von Pischke, Finance at the citation missing from biblio]; Sanders, Migrant Frontier: Debt Capacity and the Role of Credit in the Remittances to Developing Countries: A Scoping Study: Private Economy, 1991. Overview and Introduction to Issues for Pro-Poor Fi- 103 !"#$ !"#$%&'()*+," nancial Services, 2003; Quesada, Profitable !"#$%&'()* + Lowder, Solidarity: An Ecuadorian Bank with Social Aims and Southgate, and Rodriguez-Meza (2004 (forthcoming) Healthy Profits, 2003. [need full citation, missing from biblio] and DiGiacomo, 87 CAREC is the acronym in French for Support Center U.S. Foreign Agricultural Policy, 1996. 104 for Network Savings and Loan Banks. EWG farm subsidy database, www.ewg.org/farm/ 88 Wampfler and Mercoiret, Microfinance and Producers regionsummary. php?fips=00000); OECD, 2003 Organizations: Roles and Partnerships in the Context OECD Development Co-operation Report: Statistical of Liberalization, 2001; Wampfler, Coordination et Annex, 2003. 105 P rennisation des Services autour du Financement de Christen, Take the Money and Run, 1984. l Agriculture Familiale dans la zone Office du Niger 106 See, for example, Vogel, Rural Financial Markets: (Mali), 2003; CGAP researcher correspondence with Implications of Low Delinquency Rates, 1981. R nee Chao-B roff of CIDR, 2004. 107 89 Vogel, Rural Financial Markets: Implications of Low CGAP correspondence with GTZ Nepal, 2003; Staschen, Delinquency Rates, 1981. Financial Technology of Small Farmer Cooperatives, 108 Ltd. (SFCLs): Products and Innovations, 2001. Email exchange between CGAP researcher and Charles 90 Spalding, Director of Trisan, December 2002; Wenner Hirschland, Serving Small Rural Depositors: Proximity, and Quiros, An Agricultural Credit Card Innovation: Innovations, and Trade-Offs, 2003. The Case of Financiera Trisan, 2000. 91 de Vletter, A Review of Three Successful Rural 109 BAAC annual reports; Haberberger et al, The Challenge Finance Cases in Mozambique, 2003; Pearce, Buyer of Sustainable Outreach: The case of Bank for Agriculture and Supplier Credit to Farmers: Do Donors Have a and Agricultural Cooperatives (BAAC), 2003. Role to Play? 2003; Ruotsi, Agricultural Marketing 110 Companies as Sources of Smallholder Credit: See, for example, Gonzales-Vega, Arguments for Experiences, Insights, and Potential Donor Role, 2003. Interest Rate Reform, 1983. 111 92 Pearce, Goodland, and Mulder, Investments in Rural Adams, Gonzalez-Vega, and Von Pischke, Cr dito Finance for Agriculture: Overview, 2004. agricola y desarrollo rural: la nueva vision, 1987. 112 93 Pearce and Helms, Financial Services Associations: Vogel, The Impact of Subsidized Credit on Income The Story So Far, 2001 Distribution in Costa Rica , 1984. 113 94 Chao-Beroff et al, A Comparative Analysis of Wenner, Lessons Learned in Rural Finance: The Member- Based Microfinance Institutions in East and Experience of the Inter-American Development Bank , West Africa, 2000. 2002. 114 95 Adapted from Pearce, Goodland, and Mulder, Khandker and Faruqee, The Impact of Farm Credit in Investments in Rural Finance for Agriculture: Pakistan, 1998. Overview, 2004. 96 !"#$%&'() !*+,-&./01 !"#$%& !"#$%&'()*+ ! !"#$ !"#$%&'() 38 ! ACDI/VOCA. Quarterly Institutional Summary: SEED-Georgia. Rural Finance and Enterprise Development Unit, Washington, DC, 2002. . Bulgaria Agribusiness Support Project. Washington, DC, 2003. www.acdivoca.org/acdivoca/acdiweb2.nsf/ whatwedo/ bulgariaasp?opendocument. Adams, D. W., and D. Fitchett. Informal Finance in Low-Income Countries. Boulder, Colo.: Westview Press, 1992. Adams, D. W., C. Gonzalez-Vega, and J. D. Von Pischke. Cr dito agricola y desarrollo rural: la nueva vision. Columbus, Ohio: The Ohio State University, 1987. Asian Development Bank. Project Performance Audit Report on the Agricultural Development Project. PPA: NEP161354. Manila, the Philippines: ADB, 1997. Allen, H. CARE International s Village Savings and Loan Programmes in Africa: Microfinance for the Rural Poor that Works. Tanzania:CARE International, 2002. Alvarado, I., and K. Charmel. The Rapid Rise of Supermarkets in Costa Rica: Impact on Horticultural Markets. Development PolicyReview 20, no. 4 (2002): 473-85. Alvarado, J., F. Galarza, and J. Cajavica. El Linking ONG Banco del CES Solidaridad de Chiclayo. 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