Over the last 30 years, microfinance has had an enormous impact on rural development. Groundbreaking institutions and models have emerged that are expanding financial services in new directions, using technology and innovations to serve more clients in increasingly remote communities, and offering them an ever-wider range of products.
But even with these dramatic gains, the vast majority of poor men and women still do not have reliable, secure ways to save money, protect and build assets, or transfer funds. In fact, the most basic formal financial services reach only ten per cent of rural communities.
Platform for agricultural risk management (PARM)
- The Platform for Agricultural Risk Management (PARM), an outcome of the G8 and G20discussions on food security and agricultural growth, is a four year initiative focusing initially in Sub-Saharan Africa (SSA) and currently supported by the Agence Française de Développement (AFD), the European Commission(EC), the Government of Italy, the New Partnership for Africa's Development (NEPAD) and IFAD.
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Financing facility for remittances (FFR)
- IFAD’s US$28 million multi-donor Financing Facility for Remittances (FFR), increases economic opportunities for the rural poor through the support and development of innovative, cost-effective, and easily accessible international and/or domestic remittance services.
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