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Rural Microfinance Development Support Project
Because of high unemployment rates in Cameroon’s cities, an increasing number of young people choose to stay in rural areas and make a livelihood in agriculture and other sectors. Without access to financial services, many of these young people are unable to start and sustain productive activities. By providing support to rural microfinance institutions the project will help improve access to financial services for poor people. In the project area, which includes parts of provinces in the northern and east-central parts of the country, the incidence of poverty is relatively high. The poor rural people in the target group include:
The project will also support the area’s existing network of microfinance institutions (MFIs) with the aim of strengthening the institutions’ capacity to provide financial services to the target groups. Both managers and clients of the MFIs will receive training to foster good governance and accountability for performance and results. The overall goal is to reduce poverty, increase the incomes of poor rural people and improve their livelihoods. The principal aim of the project is to improve and ensure sustainability of access to efficient financial services by improving the microfinance environment and by consolidating and expanding the network of rural MFIs. Another aim is to improve the policy and institutional framework relative to rural financial services. IFAD will supervise the project directly and will will work closely with other development partners, including government-funded MFI networks and projects, and with projects funded by other donors, particularly the European Union, the Islamic Development Bank and the Agencie Française de Développement. The benefits the project is expected to produce include:
Source: IFAD |
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