November 12, 2006
No. 133
The Honourable Peter MacKay, Minister of Foreign Affairs and Minister for the Atlantic
Canada Opportunities Agency, and the Honourable Josée Verner, Minister of
International Cooperation and Minister for La Francophonie and Official Languages,
today announced more than $40 million to help poor people in developing countries
access formal financial services to improve their own economic and social well-being.
The announcement was made at the 2006 Global Microcredit Summit in Halifax.
“Around the world, the power of microfinance is transforming lives,” said Minister
MacKay. “It is leading to better prospects for families and communities—improved
health, education and local economies—by giving people an opportunity to have a
stake in their futures and countries. Canada’s new government is a leader in
microfinancing in Afghanistan, which is part of our efforts to foster self-reliance.
Microcredit is helping Afghans build the road to freedom and democracy.”
“Canada supports microfinance as an important tool for development,” said Minister
Verner. “It gives poor people, especially women, the opportunity to access essential
financial services such as savings accounts and micro-loans, so that they can start and
build their own businesses, and thereby provide for themselves and their families.”
Today’s funding will be provided to three partners whose programs have already been
achieving significant results:
• Développement international Desjardins: $19.85 million for programs that
strengthen community financial sectors in 25 developing countries in Africa, Asia
and Latin America. An additional $1.3 million is being provided for financial and
technical assistance that will rebuild tsunami-affected regions, in partnership with
SANASA (Thrift and Credit Co-operative Movement in Sri Lanka).
• Canadian Co-operative Association: $19.5 million for programs to support the
development of credit unions and cooperatives in less developed countries.
• Oxfam-Québec: close to $150,000 for microenterprise institutions in Burkina
Faso and Benin, and $145,000 to improve microfinance services in Nicaragua,
particularly for women.
For more information on Canada’s microfinance programs, please visit the CIDA
website at http://www.acdi-cida.gc.ca.
- 30 -
A backgrounder is attached.
For further information, media representatives may contact:
Foreign Affairs Media Relations Office
Foreign Affairs and International Trade Canada
613-995-1874
http://www.international.gc.ca
Media Relations Office
Canadian International Development Agency
819-953-6534
info@acdi-cida.gc.ca
http://www.cida.gc.ca
Backgrounder
CANADA’S NEW GOVERNMENT ANNOUNCES OVER $40 MILLION
FOR MICROFINANCE PROJECTS IN THE DEVELOPING WORLD
On November 12, 2006, at the Global Microcredit Summit in Halifax, Nova Scotia,
Canada’s new government announced over $40 million in funding to three Canadian
non-governmental organizations with a proven track record in microfinancing initiatives.
Développement international Desjardins (DID)
http://www.did.qc.ca/
• $19.85 million to enhance access to financial services for the poor living in 25
countries in Africa, Asia and Latin America, and for outreach activities in
Canada. Working with local partners, DID will focus on reducing poverty through
increased access to financial services, especially for women. This initiative builds
on 35 years of cooperation between the Canadian International Development
Agency (CIDA) and DID. Institutions supported by CIDA and DID currently offer
financial services that meet the needs of over 3 million people and have over
6,000 employees, some $750 million in savings and assets of about $1 billion.
• $1.3 million in support for the SANASA Co-operative Network’s post-tsunami
reconstruction and development efforts in Sri Lanka, which include construction
and operation of four community centres, and construction of houses and
playgrounds; lending and credit line services for the most vulnerable; and
reconstruction of financial data lost during the tsunami. The project will help 75 to
80 credit unions to restart their operations in the districts of Hambantota and
Batticaloa. Among the SANASA federation groups are 8,440 primary financial
cooperatives with 858,125 members.
Canadian Co-operative Association
http://www.coopscanada.coop/
• $19.5 million to the continuing work of the program entitled Sustainable
Livelihoods through Cooperatives. Among its activities, the program is
developing and strengthening community-owned financial cooperatives to
increase the self-reliance of communities, increasing food self-sufficiency and
access to markets, and helping to develop locally controlled services to respond
to the health, housing and educational needs of poor communities in 17
countries in Africa, Central Asia and South America.
Oxfam-Québec
http://www.oxfam.qc.ca/
• Close to $150,000 for microenterprise institutions in Burkina Faso and Benin.
Aimed at youth aged 18 to 35, the initiative will increase employment
opportunities for youth in these countries through the creation of microenterprise
institutions. The project will also facilitate networking in the field of
entrepreneurship among youth organizations in Benin, Burkina Faso and
Quebec. In Burkina Faso, the project will work with two partner organizations and
will target approximately 200 youth, while in Benin, the project will work with 15
youth support groups and will target approximately 1,000 youth.
• $145,000 to Oxfam-Québec to improve microfinance services in the department
of Estelí, Nicaragua, particularly for women. This initiative will improve access to
financial services, increase agricultural productivity and improve living conditions
for workers. Approximately 50 farming families (especially those with female
heads of household) in the municipalities of Congeda and San Juan de Limay
will be reached by this project.
For further information on Canada’s microfinance programs, please visit the CIDA
website at http://www.acdi-cida.gc.ca.
