Microfinance report

7/30/2019 Microfinance report

1/24


2/24

@BWV@VSVC IJ DSW@BCWW OLBLECOCBV ~ 4


3/24

VCTO TCXITV

Wsdo`vvcf vi; W`t Wmlt`|sc Lpsd`

Wsdo`vvcf dp; Wsb`n Asolt4880/


4/24

NCVVCT IJ VTLBWO@VVLN

Ot"Wmlt`|sc LpsdÒt"Wmlt`|sc Lpsd`

Gistwc @bwvtsgvitGistwc @bwvtsgvit

@bwv`vsvc ij Dsw`bcww Olblecocbv -@iDO)@bwv`vsvc ij Dsw`bcww Olblecocbv -@iDO)

AltlgmÀltlgm`

Tcwxcgvcf W`t.

@ lo xnclwcf vi xtcwcbv pis op Tcxitv ib O`gti j`blbg`be um`gm

`w vmc tcwsnv ij vmc uita gioxncvcf lv vmc @iDO"

@b lggitflbgc vi pist lwwèbcf vlwa. @ mlzc vt`cf op nczcn dcwv vi

gizct lnn vmc bcgcwwltp lwxcgvw lw gioxtcmcbw`zcnp lw xiww`dnc" @

lo mibitcf vi wsdo`v vm`w tcxitv vi pis"

@ mixc vmlv op uita u`nn dc `b lggitflbgc vi vmc tc|s`tcocbvw.

lbf @ mixc vmlv pis u`nn lxxtcg`lvc op uita" @ lo vmlbajsn vi pis

jit pist gibv`bsisw es`flbgc lbf wsxxitv" Giox`n`be vm`w tcwcltgm

tcxitv ulw l vtsc ncltb`be c}xct`cbgc lbf @ mixc vmlv vm`w

abiuncfec u`nn dcbcj`v oc `b vmc pcltw vi gioc"

Pistw vtsnp.

Wsb`n AsoltWsb`n Asolt



5/24


6/24

@BVTIFSGV@IB

Umlv `w O`gti J`blbg`be9

O`gti j`blbg`be oclbw wolnn w`{c nilbw" Vmc it`e`bw ij o`gti

j`blbg`be glb dc vtlgcf vi Cstixc" Vmc nlvc b`bcvccbvm gcbvstp

wlu diio`be ij gtcf`v giixctlv`zcw vi mcnx niuct `bgioc etisxw

vmtisem gtcf`v" Vmc giixctlv`zcw etcu vi wctzc


7/24

xtiz`wìb ij wsdw`f`{cf fibit jsbf`be" L nltec xtixitvìb ij OJ@w

`bgnsfc xizctvp tcfsgvìb `b vmc`t O`wwìb. lbf fibit jsbf`be `w

lnniglvcf vi o`gtij`blbgc ib vm`w dlw`w" Lv vmc oiwv dlw`g nczcn

vmctc `w l bccf vi sbfctwvlbf lbf òxtizc vmc òxlgv ij OJ@w lw l

acp xtco`wc vi wsggcwwjsn xizctvp tcfsgvìb"

Izct vòc. o`gtij`blbgc mlw gioc vi `bgnsfc l dtilfct tlbec ij

wctz`gcw -gtcf`v. wlz`bew. `bwstlbgc. cvg") lw uc mlzc gioc vi

tcln`{c vmlv vmc xiit lbf vmc zctp xiit vmlv nlga lggcww vi

vtlf`vìbln jitoln j`blbg`ln `bwv`vsvìbw tc|s`tc l zlt`cvp ij j`blbg`ln

xtifsgvw"

Vtlf`vìblnnp o`gtij`blbgc ulw jigswcf ib xtiz`f`be l zctp

wvlbfltf`{cf gtcf`v xtifsgv" Vmc xiit. kswv nàc lbpibc cnwc. bccf

l f`zctwc tlbec ij j`blbg`ln `bwvtsocbvw vi dc ldnc vi ds`nf lwwcvw.

wvld`n`{c gibwsoxvìb lbf xtivcgv vmcowcnzcw lel`bwv t`waw" Vmsw.

uc wcc l dtilfcb`be ij vmc gibgcxv ij o`gtij`blbgc dcglswc ist

gsttcbv gmlnncbec `w vi j`bf cjj`g`cbv lbf tcn`ldnc ulpw ij xtiz`f`be

l t`gmct ocbs ij o`gtij`blbgc xtifsgvw"

Vmc vpx`gln o`gtij`blbgc gn`cbvw ltc niu/`bgioc xctwibw vmlv fi

biv mlzc lggcww vi jitoln j`blbg`ln `bwv`vsvìbw" O`gtij`blbgcgn cbvw ltc vpx`glnnp wcnj/coxnipcf. ijvcb miswcminf/dlwcf

cbvtcxtcbcstw"

@b tstln ltclw. wolnn jltoctw lbf xcvvp vtlfctw

@b tstln ltclw. vmcp ltc swslnnp wolnn jltoctw lbf ivmctw umi ltc

cbelecf `b wolnn `bgioc/ecbctlv`be lgv z`v`cw wsgm lw jiif

xtigcww`be lbf xcvvp vtlfc

@b Stdlb ltclw. oitc f`zctwc

@b stdlb ltclw. o`gtij`blbgc lgv`z`v`cw ltc oitc f`zctwc lbf

`bgnsfc wmixaccxctw. wctz`gc xtiz`fctw. ltv`wlbw. wvtccv zcbfitw.



8/24

cvg" O`gtij`blbgc gn`cbvw ltc xiit lbf zsnbctldnc bib/xiit umi

mlzc l tcnlv`zcnp wvldnc wistgc ij `bgioc"

Sbfct/wctzcf dp vmc jitoln lbf `bjitoln j`blbg`ln

wctz`gcwLggcww vi gibzcbvìbln jitoln j`blbg`ln `bwv`vsvìbw. jit olbp

tclwibw. `w `bzctwcnp tcnlvcf vi `bgioc; vmc xiitct pis ltc vmc ncww

nàcnp vmlv pis mlzc lggcww" Ib vmc ivmct mlbf. vmc gmlbgcw ltc

vmlv. vmc xiitct pis ltc. vmc oitc c}xcbw`zc it ibctisw `bjitoln

j`blbg`ln lttlbecocbvw" Oitcizct. `bjitoln lttlbecocbvw olp biv

ws`vldnp occv gctvl`b j`blbg`ln wctz`gc bccfw it olp c}gnsfc pis

lbpulp" @bf`z`fslnw `b vm`w c}gnsfcf lbf sbfct/wctzcf oltacv

wceocbv ltc vmc gn`cbvw ij o`gtij`blbgc"

Etisx/dlwcf dlba`be ocvmif

Vmc xiit ficw biv mlzc lfc|slvc ginnlvctln vi wcgstc vmc gtcf`v"

@bwvclf ij vla`be ginnlvctln. OJ@w swcw etisx%w wmltcf

tcwxibw`d`n`vp vi cbwstc tcxlpocbvw" Vm`w dlba`be vcgmbiniep `w

wiocvòcw glnncf $Win`flt`vp Etisx$ `b vmc glwc ij 4/


9/24

Isvtclgm ocgmlb`wo

@b itfct vi tclgm l nltec bsodct ij vmc xiit xcixnc. OJ@w òxiwc

ol}òso `bgioc vmtcwminfw it nò`v vmc ol}òso loisbv ij

nilbw tcnlv`zcnp wolnn" @bvctcwv tlvcw ltc f`jjctcbv`lvcf dp nilb

w`{c. fstlvìb. t`wa nczcn. xctwibbcn gmltlgvct`wv`gw lbf tcxlpocbv

xctjitolbgc"

Tcxlpocbv @bgcbv`zcw

Swslnnp OJ@w òxiwc `bvcbw`zc wsxctz`wìb. sw`be xcct etisx

occv`bew" Lnwi OJ@w ijjct `bgcbv`zcw jit vmc dittiuctw vi tcxlp

vmtisem tcdlvcw lbf xtietcww`zc ncbf`be" OJ@ wvljj `w lnwi

tcultfcf lggitf`be vi vmc tcxlpocbv tlvì" Gswvioctw lbf OJ@

wvljj ltc e`zcb `bvcbw`zc vtl`b`be xtietlow

Uitnf m`wvitp ij o`gtij`blbgc lbf uitnf

itelb`{lvìbw

O`gtij`blbgc `w vmc bcucwv fltn`be ij l`f gioosb`v`cw" Fibitw ltc

clect vi xtiz`fc jsbfw jit vmcwc wgmcocw" Oitc vmlb


10/24

vivln nilbw f`wdstwcf `b Lw`l. 4< xctgcbv `b Nlv`b Loct`gl lbf 7

xctgcbv `b Ljt`gl"

@b Wisvm Lw`l oiwv ij vmc c}g`vcocbv `w dlwcf ib vmc jloc ij l

jcu ij vmc dcwv o`gti/j`blbgc itelb`{lv`ibw" Vmcwc `bgnsfc

Etloccb Dlba. Dlbenlfcwm Tstln Lfzlbgcocbv Gioo`vvcc

-DTLE) `b Dlbenlfcwm" Clgm ij vmcwc tclgmcw o nn`ibw ij

fcxiw`vitw lbf dittiuctw" Olkit`vp loibe vmco ltc uiocb" Oitc

vmlb


11/24

xctgcbv ij vivln dlba ocodctwm`x lbf tcgc`zc =8 xctgcbv ij vivln

ncbf`be)" Lnibe u`vm nilbw. vmcp tcgc`zc vtl`b`be `b olvctbln

mclnvm. bsvt`v`ib. lbf gm`nfgltc lw xltv ij vmc Dlba%w

gioxtcmcbw`zc wig`ln fczcnixocbv xtietlo"

Wvltvcf `b


12/24

gizctlec ij vmc xtietlo `w zctp nò`vcf" Czcb `j czctp dittiuct `b

vmc o`gti gtcf`v xtietlo ij vmc itelb`{lvìb `w gibw`fctcf xiit.

`vw vivln gizctlec ij vmc xiit `b vmc gisbvtp `w kswv 8"44 xctgcbv ij

vmc vivln xiit `b vmc gisbvtp"

@j vmc cbv`tc bcvuita ij BEIw. umi ltc xtiz`f`be o`gtij`blbgc

`b vmc gisbvtp. `w vlacb `bvi lggisbv. vmc vivln bsodct ij vmc`t

dittiuctw `w mltfnp ibc o`nnìb" @v `w kswv ldizc vmc 4 xctgcbv ij

vmc xiit wcgvìb ij vmc xixsnlvìb `b vmc gisbvtp" Vmctcjitc. vmc

gizctlec ij o`gti j`blbg`be wgmcocw `w zctp niu `b vmc gisbvtp"

Xizctvp lbf sbcoxnipocbv ltc ib vmc t`wc `b Xla`wvlb uitwcb`be

vmc o`wctp ij vmc xiit lbf cwxcg`lnnp uiocb" Msolb

Fczcnixocbv Tcxitv ij Wisvm Lw`l mlw nlocbvcf vmlv $vmc

gmlbecw um`gm ltc tc|s`tcf `b Xla`wvlb lv vmc Olgti nczcn

ltc vmc zctp gmlbecw vmlv vmc tsn`be etisxw ltc nàcnp vi

tcw`wv; jit c}loxnc. nlbf tcjitow$ Vmc eizctbocbv mlw

jl`ncf vi xtiz`fc `bwv`vsvìbln gtcf`v vi vmc xiit `b vmc xlwv" Wig`ln

wljcvp bcvw ltc lnoiwv bib/c}`wvcbv" Gmlbe`be wigì/cgibio`g

gibf`vìbw ltc tcfsg`be vmc gmlbgcw ij `bjitoln gtcf`v" Vmc

xctw`wvcbgc ij xizctvp `b Xla`wvlb `w tiivcf `b wigì xin`v`gln`bc|sln`v`cw" @b wsgm wig`cv`cw. `bf`z`fsln dlwcf ncbf`be glb

$xctxcvslvc lbf tc`bjitgc vmc c}`wv`be wigì/cgibio`g `bc|s`v`cw

lbf lggcww vi wgltgc j`blbg`ln tcwistgcw$" Sbfct vmcwc

g`tgsowvlbgcw vmctc `w l f`tc bccf ij ncltb`be jtio vmc xtizcb

Etisx dlwcf ncbf`be ij Etloccb Dlba" Vmc w`{c lbf oifln`v`cw

glb dc wmlxcf lggitf`be vi vmc nigln wigìxin`v`gln jlgvitw

wsttisbf`be vmc xizctvp"

Vmc c}`wvcbgc ij u`fcwxtclf xizctvp `b vmc o`fwv ij enidln

xtiwxct`vp `w sbfcb`ldnp vmc oiwv wctìsw gmlnncbec gibjtibv`be

vmc uitnf viflp" @b l wò`nlt zc`b. vmc cltn`ct Wstzcp tcjcttcf vi

@BWV@VSVC IJ DSW@BCWW OLBLECOCBV ~


13/24

xizctvp tcfsgvìb lw vmc fcgnltcf eiln ij lnn fczcnixocbv xnlbw

`b Xla`wvlb lbf xizctvp tcfsgvìb lv vmc gcbvct ij vm`bew" Vmsw

xizctvp dc`be enidln `b blvstc lbf wgixc. `v fcolbfw enidln

winsvìb lbf ldwinzcw Xla`wvlb ij lbp tcwxibw`d`n vp" @v `w nàc

wlp`be vmlv `v `w jit vmc uitnf vi lgv lbf tcoizc xizctvp jtio

Xla`wvlb" @b tcjctcbgc vi Oibvcttcp Gibjctcbgc mcnf `b Oltgm

4884 `b Oc}`gi. vmlv clgm fczcnix`be gisbvtp `w xtòlt`np

tcwxibw`dnc jit ecbctlv`be etiuvm lbf tcfsg`be xizctvp

vmtisem wisbf olgti/cgibio`g xin`g`cw lbf eiif

eizctblbgc"

Xizctvp `w lxxlnn`be. MGT bivu`vmwvlbf`be" Uitnf Dlba Msolb

Xizctvp ib fczcnix`be gisbvt`cw. `b


14/24

glnit`g dlwcf xizctvp mlw `b jlgv fisdncf jtio


15/24

Xtietlo -BTWX). Wltmlf Tstln Wsxxitv Xtietlo -WTWX). Itlbe`

X niv Xtikcgv -IXX). WSBE@ Fczcnixocbv Jisbflvìbw. Alwmj

Jisbflvìb -Alwmj). W`bfm Let`gsnvstln * Jitcwvtp Uitactw

Giixctlv`zc Itelb`{lvìb -WLUJGI). Vmltfccx Tstln

Fczcnixocbv Xtietlo -VTFX)" Oitcizct wioc `bvctblvìbln fibit

lecbg`cw nàc I]JLO lbf Wlzc vmc Gm`nftcb Jsbf -WGJ) lnwi

xtiz`fc xtiz`f`be o`gtij`blbgc vmtisem `bvctocf`ltp BEIw `b

f`jjctcbv xltvw ij vmc gisbvtp"

Vmc ol`b `bvcbvìb lbf idkcgv`zc ij vmc BEIw vi xtiz`fc

o`gtigtcf`v lbf eizctbocbvw xtixiwcf xnlb vi cwvldn`wm vmc OJG

`w vi tcfsgc xizctvp vmtisem vmc òxtizcf lggcww ij o`gti

j`blbg`be vi xiit `b vmc gisbvtp"

Jit lggcww vi gtcf`v tcn`lbgc mlw dccb xnlgcf ib Xla`wvlb Xizctvp

Lnncz`lvìb Jsbf -XXLJ). Let`gsnvstln Fczcnixocbv Dlba ij

Xla`wvlb -LFDX). J`twv Uiocb Dlba -JUD). Vmc Blvìbln Tstln

Wsxxitv Xtietlooc -BTWX). lbf vmc eizctbocbv"

XXLJ ulw wcv sx u`vm lb cbfiuocbv ij SW&


16/24

eizctbocbvw" Miu osgm ij vm`w ulw wxcbv lbf `j wi `b umlv

olbbct mlw biv dccb tcxitvcf"

Kswv`j`glvìb ij o`gtij`blbgc b Xla`wvlbVmc oltacv jit o`gtij`blbgc lgv`z`v`cw `b Xla`wvlb `w zctp jctv`nc lw

lnn o`gtij`blbgc itelb`{lvìbw ltc gizct`be ibc o`nnìb gn`cbvw.

um`gm `w ncww vmlb vui xctgcbv xixsnlvìb ij bccfp xcixnc jit vm`w

wctz`gc" Vm`w `w l oiwv cjjcgv`zc oifcn vi cnò`blvc xizctvp lbf `v

mlw lb cjjcgv`zc gmltlgvct `b izctlnn vmc uitnf jit vmc wsdkcgv

Xla`wvlb `w l xiit gisbvtp lbf c}vtcocnp bccfp jit vmcwc vpxcw ij

lgv`z`v`cw" Wi. eizctbocbv ij Xla`wvlb mlw eiif lxxtilgm jit vmccwvldn`wmocbv ij o`gti j`blbgc `bwv`vsvcw lbf itelb`{lvìbw jit

o`gtij`blbgc lgv`z`v`cw"

Ij gistwc. vm`w `w l eiif glswc vi gmlbec vmc n`jcwvpnc ij

vmiswlbfw xiit jlo`n`cw dp l tclwibldnc wpwvco ij o`gtij`blbgc

lbf `v mlw lb lvvtlgv`zc c}xiwstc vi gibzctv vmc ixctlvìbw `bvi l

giooctg`ln dlba"

Miu vi cwvldn`wm l o`gtij`blbgc

itelb`{lvìb

O`gtij`blbgc itelb`{lvìb glb dc cwvldn`wmcf sbfct Wig`cv`cw Lgv

it Gioxlb`cw Lgv lw l bib/ xtij`vldnc itelb`{lvìb" @v bccfw bi

lbp wxcg`ln tc|s`tcocbvw it xtc |sln`j glvìb" @v uitaw nàc lb

itf`bltp j`to it BEI" Dsv vmc oiwv òxitvlbv wsdkcgv `w `vw

uita`be xiw`vìb lw l j`blbg`ln `bwv`vsvc dcglswc l j`blbg`ln`bwv`vsvc lnulpw mlw wvtibe oib`vit`be jito Fibitw lbf Lsf`vitw"

L j`blbg`ln BEI glbv dclt lbp vpxc ij o`ww gioo`vocbv jtio `vw

`bbct it isvct w`fc" @v wmisnf bccf vi cwvldn`wm l wvtibe oib`vit`be



17/24

lbf ixctlvìbln bcvuita" @v wmisnf mlzc l gioxncvc fcwèbcf

wpwvco jit tcwcltgm lbf etiuvm"

J`blbg`ln xtikcgvìb lbf Ltgm`cLw `b ecbctln vtcbfw. O`gtij`blbgc Itelb`{lvìbw uita lw l bib/

xtij`vldnc lbf bib/eizctbocbvln itelb`{lvìb -BEI)" Vmc

w`vslvìb sbfct o`gtij`blbgc `w lw ib wloc xlvvctb lw l j`blbg`ln

`bwv`vsvc" Etlbvw. fiblvìbw lbf gtcf`v n`bcw ltc vmc dlw`g wistgc

jit vmc uita`be ij l O`gtij`blbgc BEI dsv `v mlw l wstxt`wc tlvc ij

etiuvm lbf mlw cbisem cbctep jit wstz`zln u`vmisv lbp wistgc it

etlbv" Vmc oiwv òxitvlbv `w `vw uita`be. `v `w wloc u`vm dlba`be

lbf j`blbg`ln `bwv`vsvcw" Wi. l o`gti j`blbgc BEI it j`to glb clw`np

wstz`zc u`vmisv fiblvìb it fibit gmltlgvct"

Lbivmct lfzlbvlec `w vmc gibzctwìb `bvi l giooctg`ln Dlba" Lw

olbp O`gti J`blbgc BEIw vtlbwjcttcf `bvi dlba dcglswc vmcp glb

ecbctlvc cbisem wistgcw lbf wpwvco vi gmlbec vmc`t wmlxc jit l

wvtibe wswvl`bcf xiw`vìb ij l Dlba"

Vcgmb`gln wvtsgvstc ij jsbfw f`wvt`dsvìb lbftcgizctp

O`gti/j`blbg`be ocgmlb`wo mlw olbp gioxltlv`zc lfzlbvlecw

vmcb vmc jitoln dlba ncbf`be jit nltec bsodct ij wolnn w`{c ij

nilbw"

J`twv;



18/24

Nilbw ltc xtiz`fcf ib vmc dlw`w ij etisx ncbf`be" Ol`b dcbcj`v ij

vmc etisx ncbf`be `w vmlv `v tcfsgcw vmc vtlbwlgvìb giwv ij gtcf`v

fcn`zctp lbf o`vèlvcw xtidncow ij lfzctwc wcncgvìb" Vm`w olp

lnwi xtiz`fc dcbcj`vw dp `bfsg`be dittiuctw biv vlac t`waw vmlv

sbfcto`bc vmc dlbaw xtij`vld`n`vp" Xcct oib`vit`be u`vm`b vmc

etisx tcfsgc vmc t`wa ij fcjlsnv lbf oitln ml{ltf" Jit `bwvlbgc.

`b/etisx ncbf`be vmc tcwxibw`d n`vp ij vmc gtcf`v `w biv ibnp

`bf`z`fsln. dsv lnwi vmc uminc etisx lbf gioosb`vp `w tcwxibw`dnc

jit vmc tcxlpocbv ij nilb" @bgcbv`zc jit ivmct ocodctw `w vmlv `j

tcxlpocbv `w vòcnp vmc ivmct ocodctw u`nn ecv nilb jlg`n`vp" @b

glwc czcb `j ibc ocodct fcjlsnvw. vmc uminc etisx u nn dc

ljjcgvcf lfzctwcnp jtio vmc nilb jlg`n`vp"

Wcgibf;

O`gtigtcf`v cbldncw wsdwv`vsvìb ij xmpw`gln ginnlvctln" Olkit`vp ij

vmcwc xtietlow fi biv tc|s`tc xmpw`gln ginnlvctln lw fcolbfcf `b

vmc jitoln dlba`be" @v `w wsdwv`vsvcf ijvcb u`vm wig`ln ginnlvctln lbf

l j`}cf xtixitvìb `b coctecbgp jsbf it xncfec ij j`}cf xtixitvìb

ij dittiu`be `b jlzit ij vmc itelb`{lvìb" Jit `bwvlbgc. Etloccb

Dlba swcw l wolnn xtixitvìb ij coctecbgp jsbf lw ginnlvctln"

Wò`nltnp. blvìbln tstln wsxxitv xtietlo -BTWX). ibc ij vmc

nclf`be BEI `b o`gti j`blbg`be. `b Xla`wvlb ficw biv tc|s`tc lbp

xmpw`gln ginnlvctln"

Vmc itelb`{lvìb. miuczct. wsdwv`vsvcw `v u`vm wig`ln ginnlvctln lbf

xncfe`be ij ibc jitvm ij clgm dittiu`be loisbv `b lfzlbgcf `b

vmc jlzit ij vmc itelb`{lvìb" @j l dittiuct `w vla`be nilb ij TW"


19/24

Vm`tf;

Vmc `bwvtsocbv xtiz`fcw fpblo`g `bgcbv`zcw" Vi wcgstc mèm

tcxlpocbv tlvcw. o`gti j`blbg`be xtietlow dce`b dp ncbf`be wolnnw`{c ij nilbw lbf vmcb `bgtclw`be nilb w`{c sxib wlv`wjlgvitp

tcxlpocbv" Vmc tcxclvcf blvstc ij `bvctlgvìb lbf vmtclv vi gsv

ijj nilb `b glwc ij fcjlsnv `w swcf vi izctgioc lwpoocvt`g

`bjitolvìb xtidnco lbf òxtizc cjj`g`cbgp ij nilb`be" Vmctcjitc.

vmcwc `bgcbv`zcw oiv`zlvc mèm tcgizctp tlvc lbf niu fcjlsnv tlvc"

Jit `bwvlbgc. vmc tcgizctp tlvc jit Etloccb Dlba `w ldizc 08

xctgcbv" Wò`nltnp. `b Xla`wvlb. vmc tcgizctp tlvc jit BTWX `w lnwi

ldizc 08 xctgcbv"

Jistvm; vmc giwv ij dittiu`be `w niuct jit vmc gn`cbvw" Lw bi

xmpw`gln ginnlvctln lbf ivmct jitoln tc|s`tcocbvw ltc `bzinzcf `b

vmc nilb xtigcfstc. vtlbwlgvìb giwv `w niuct jit vmc dittiuct"

Wò`nltnp. `v `w lnwi dcn`czcf vmlv vmc tlvc ij `bvctcwv xl`f dp vmc

dittiuct `b vmcwc wgmcocw `w niuct vmlb vmc `bvctcwv tlvc gmltecf

dp nigln oibcpncbfctw `b vmc`t ltclw"

`) Dlw`g ij o`gtij`blbgc

Vmc x`ziv ij dlba`be dsw`bcww `w $ginnlvctln$ um`gm wctzcw lw lb

c}xn`g`v esltlbvcc lel`bwv vmc xiww`dnc t`wa lwwig`lvcf u`vm vmc

`bvct/vcoxitln vtlfc ij oibcp" Ibc umi ficw biv mlzc vm`w

c}xn`g`v it òxn`g`v esltlbvcc `w biv gibw`fctcf dlbaldnc" Vmc xiit`b vmc xlwv mlzc biv dccb ldnc vi ecv gtcf`v jtio vmc c}`wv`be

`bwv`vsvìbw ib vmcwc etisbfw" Vm`w fcb`ln ij ixxitvsb`vp mlw

disbf vmco `b l z`gìsw g`tgnc" Vmcp ltc xiit dcglswc vmcp ltc



20/24

lntclfp `b l xizctvp vtlx ij niu `b`v`ln cbfiuocbvw. niu `bgioc.

niu wlz`bew lbf niu `bzcwvocbv" Vmc xizctvp ij ixxitvsb`vp. ib

vmc ivmct mlbf. mlw uitwcbcf vmc`t ld`n`vp vi vlx vmc`t glxld`n`v`cw

`b vmc f`tcgvìb ij $wcnj lgvsln`{lvìb$" Vmcwc xiit bccf gtcf`v lw

vmc oltacvw mlzc jl`ncf vi xtiz`fc gtcf`v vi vmco" Vmcp mlzc biv

dccb ldnc vi wlv`wjp vmc ginnlvctln tc|s`tcocbvw etisbfcf `b

`bf`z`fsln xtixctvp tèmvw" Vmc lbbsln tcxitv


21/24

cfsglvìb lbf mclnvm" @b Xla`wvlb. nlga ij lggcww vi gtcf`v. vtl`b`be

`b `bgioc/ecbctlv`be lgv`z`v`cw. dlw`g wig`ln wctz`gcw lbf

`bjtlwvtsgvstc ltc gt`v`gln jlgvitw dcm`bf vmc xctw`wvcbgc ij

wsdwvlbv`ln xizctvp. cwxcg`lnnp `b sbfct/wctzcf tstln lbf stdlb

ltclw"

Xizctvp tcol`bw l wctìsw gibgctb `b Xla`wvlb. umctc vmc xct

glx`vl etiww blvìbln `bgioc -EB@) `w SW&348" Xizctvp tlvcw. um`gm

mlf jlnncb wsdwvlbv`lnnp `b vmc


22/24

`bf`z`fslnw lbf gioosb`v`cw `b vmc gisbvtp" Vmc XXLJ ulw jsbfcf

dp l SW& 08 o`nn`ib Uitnf Dlba gtcf`v lbf lb cbfiuocbv ij SW&


23/24

bcu dsw`bcww u`nn jnist`wm" Cgibiop u`nn. lw l tcwsnv. diio lbf

vm`w w`vslvìb olp oiv`zlvc `bzcwvitw vi `bzcwv vmc`t jsbfw"

LGM@CZ@BE M@EMCT ETIUVM IB L WSWVL@BLDNC

DLW@WLbivmct idkcgv`zc ij OJ@ `w vmlv vi lgm`czc mèm fczcnixocbv lbf

dt`be `bbizlvìb `b vmc cgibiop. um`gm òxtizc EFX ij vmc

gisbvtp lbf e`zc wswvl`bcf vi vmc cgibiop"

GIBGNSW@IB

Vmc O`gtij`blbgc `bfswvtp `w czinz`be `bvi lb `bgtclw`benp

giooctg`ln ixctlvìb vi wctzc l nltect wceocbv ij vmc xivcbv`ln

oltacv" L bsodct ij gmlnncbecw bccf vi dc izctgioc vi jlg`n`vlvc

lbf lggcnctlvc vm`w xtigcww vi tcln`{c vmc zlwv xivcbv`ln ij

o`gtij`blbgc" Vm`w glnn jit l gioxtcmcbw`zc lxxtilgm. lw isvn`bcf

ldizc vmlv vlacw gieb`{lbgc ij vmc f`zctw`vp ij o`gtij`blbgc

fczcnixocbv `wwscw lgtiww gisbvt`cw" LFD @bvctzcbvìbw `b wsxxitv

ij o`gtij`blbgc xstwsc vm`w lxxtilgm vi glvlnp{c vmc fczcnixocbv

ij wswvl`bldnc o`gtij`blbgc wpwvcow `b vmc tceìb" U`vm l z`cu vi

nczctle`be `vw wsxxitv. LFD `w giitf`blv`be u`vm ivmct jsbf`be

lecbg`cw `bzinzcf `b o`gtij`blbgc lbf cbmlbg`be vmc `bzinzcocbv

ij `vw xt`zlvc wcgvit ixctlvìbw `b o`gtij`blbgc"



24/24

TCJCTCBGCW

Documents

Microfinance report