annual report 2007

INTERNATIONAL SOLIDARITY FOR DEVELOPMENT AND INVESTMENT

THE ACTIVITIES OF SIDIAND ITS PARTNERS

RAsidi2007GAB-VersionGB:Mise en page 1 7/07/08 11:16

Solidarity support and financingSolidarity financing in 2007

Solidarity support in 2007

An activity centred on rural development

• Backing the consolidation and diversification of LFS in a context of growth

• Financing agriculture and the rural areas

• The creation of financial services in rural areas and in crises zones

• Contributing to local development and increasing income

The Solidarity Chain for Financing

The Solidarity Chain for Financing

Alliances in the North

Future prospects

SIDI’s financial statements and portfolioAddress Book

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Table of Contents

AACCAADD: Arab Center for Agricultural Development (Palestine)AACCPP: Africa, Caribbean, Pacific AADDII--KKiivvuu: Association pour le Développement intégré au Kivu(RD Congo)AAFFDD: Development French Agency (France)AAKKIIBBAA: Commercial Bank Akiba (Tanzanie)AALL AAMMAANNAA: « respect du dépôt » (Morocco)AALLTTEERRFFIINN: Financial Cooperative (Belgium)AAMMRREETT: new name EMT "Ennatien Moulethan Tchonnebat "(Cambodia)AAMMSSSSFF: Association Marocaine Solidarité Sans Frontière(Morocco)AANNEEDD: Asociacion nacional Ecumenica de desarrollo (Bolivia) AAOOPPPP: Association des Organisations ProfessionnellesPaysannes (Mali) AASSIIEENNAA: Association Inter-Institut « Ensemble et Avec »(Burkina Faso) BBAANNCCOOSSOOLL: Banco Solidario (Bolivie)BBAANNRRUURRAALL: Rural Development BankBBMMSS: Banque Malienne de Solidarité (Mali)BBNNPPPP: Banque Nationale de Paris Paribas (France)CCAACC LLaa FFlloorriiddaa: Cooperativa Agraria Cafetalera La Florida(Peru)CCCCFFDD: Catholic Committee against hunger and fordevelopment (France)CCCCRRDD: Caisse de Crédit Rural pour le Développement (DR ofCongo)CCEERRUUDDEEBB: Centenary Rural Development Bank (Uganda)CCOONNFFIIAANNZZAA: Entidad de Desarrollo para la pequeña y microempresa (Peru) CCOONNSSOOLLIIDDAARR: Cooperativa Corfas de Crédito Solidario(Colombia)

CCOOOODDEEFFII: Coopérative Financière et de DéveloppementEconomique (DR of Congo) CCOORRDDAAIIDD: Catholic Organisation for Relief and Development(The Netherlands)CCRREECC: Caisse Régionale d'Epargne-Crédit (Senegal) CCRRGG: Rural credit of Guinea (Guinea)EEAACCDD: Egyptian Asociation for global development (Egypt)EEDDAAPPRROOSSPPOO: Equipo de Aseroramiento a ActividadesProductivas de Sectores Populares (Peru)EEFFSSEE: European Fund for Southern Europe EESSDD: Saving solidarity Development association (France)EETTIIMMOOSS: Institution de second niveau de refinancement (Italy)EEUU: European UnionFFAAPPEECCAAEESS: Federación Regional de Asociaciones de PequenosCafetaleros Ecologicos del Sur (Ecuador)FFEENNAACCOOOOPP: Federación Nacional de CooperativasAgropecuarias y agroindustriales (Nicaragua)FFCC: Fonds Coopératif (Laos)FFEEBBEEAA: Fédération Européenne de Finances et BanquesEthiques et Alternatives (Belgique)FFEEFFIISSOOLL: Fonds Européen de Financement SolidaireFFIIDD: Fonds d'Incitation au Développement (France)FFIINNAANNSSOOLL: Association de Finances et Solidarité/SIDIFFOONNDDEEFFEERR: Fondo de Fomento Economico Rural (Nicaragua)FFOONNHHSSUUDD: Fonds Haïtien d’appui au développement du Sud (Haïti)FFOORROOLLAACC FFRR: Foro Latinoamericano y del Caribe de FinanzasRuralesFFPPFFDD: Fédération des Paysans du Fouta Djalon (Guinea)IINNDDEESS: Inversiones para el Desarrollo (Chile)JJAAPPPPOOOO: Solidarity in wolof (Senegal)JJEEMMEENNII: Union des Caisses Mutuelles d'Epargne et de Crédit(Mali)

JJIIFF: Joint Investment Fund (Fonds Commun de Placement –solidarity-based savings product)KKNNFFPP: National Council for grassroot financial system (Haiti) KKOOKKAARRII: Co-operative of intermediation in rural credit services(Niger)KKRRKK: Kreditimi Rural I Kosoves LLC (Kosovo)LLAA--CCIIFF: Latin American Challenge Investment Fund (SouthAmerica)LLAAOO FFAARRMMEERRSS PPRROODDUUCCTTSS: Société coopérative detransformation et commercialisation des produits agricoles etforestiers (Laos)LLFFSS: Local Financial servicesLLIIDDEE: Ligue pour le Développement (Northern Kivu)MMAAEE: Ministère des Affaires Etrangères (France)MMAAFF: Microfinance Alliance Fund (Asia) MMAAIINN: Microfinance African Institution Network (réseauafricain de microfinance) (Ethiopia) MMCCCCHH: Maquita Cushuncic Comercializando Hermanos(Ecuador) MMEECC PPRROOPPEEMM: Mutuelle d'Epargne et de Crédit pour laPromotion de la Pêche à Mbour (Senegal)MICROFUND:Institution mutualiste de droit togolais (Togo)MMIICCRROOFFUUNN: Institution mutualiste de droit togolais (Togo)MMIISSEERREEOORR: Aktion Gegen Hunger Und Krankheit In Der Welt(Germany)MMFFII: Microfinance institutionMMUUSSOO: solidarity credit unionNNIIAAKKOO: Union de caisses d'épargne crédit à Kayes (Mali)OOMMIIPPAA: Oruchinga Microfinance Promotion Agency (Uganda)OOPP: Projet d'Appui à la Réglementation des Mutuellesd'Epargne et de CréditPPAARRMMEECC: Producers' organisation

PPRREEFFEEDD: Programme Régional de Formation et d'Echanges

pour le Développement (Rwanda)

PPRROOFFUUNNDD: Fondo de Inversiones incorporado en Panamá

SSAAIINNDDEESSUURR: Inversiones para el desarrollo (Uruguay)

SSEEFFEEAA: Société Européenne pour la Finance Ethique et

Alternative

SSIILLAACC//TTSSIIRRYY: Société Industrielle et Agricole du Lac

Alaotra/Fédération TSIRY des groupements de producteurs

(Madagascar)

SSIIPPEEMM: Investment Company for Investment Promotion in

Madagascar (Madagascar)

SSMMEEAA: Stromme Microfinance East African Limited (Uganda) :

TTAAAANNAADDII: Coopératives de services financiers (Niger)

TTEEMMBBEEKKAA: Social investment Company Limited (South Africa)

TTIIMMPPAACC: Tous impliqués dans la mobilisation des ressources

locales et la promotion des actions communautaires (Togo)

TTIITTEEMM: Savings and credits for local associations (Madagascar)

UUCCMMEECCSS: Union des Caisses Mutuelles d'Epargne et de Crédit

dans la région des Savannes (Togo)

UUGGPPMM: Union des Groupements Paysans de Meckhé (Senegal)

UUNN SSOOLL MMOONN: Fundatio Un Sol Mon (Spain)

WWAAGGEESS: Women Association for both Gain Economic and

Social (Togo)


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Glossary


THE ACTIVITIES OF SIDIAND ITS PARTNERS

12, rue Guy de la Brosse / 75005 Paris • Phone: 33(0) 1 40 46 70 00 • Fax: 33(0) 1 46 34 81 18 • website: www.sidi.fr


3THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007

Chairman’s Message

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12, rue Guy de la Brosse / 75005 Paris • Phone: 33(0) 1 40 46 70 00 • Fax: 33(0) 1 46 34 81 18 • website: www.sidi.fr

Dear friends,Your commitment to support SIDI’s actions has a conside-rable leverage effect as part of the solidarity chain for fi-nancing. It enables SIDI to contribute to the creation ofconditions that lead to the well-being of the end benefi-ciaries of its action. Indeed, rather than just seeking to in-crease revenue, our efforts are also designed to improvethe social and economic conditions of our clients in theircountries, on a sustainable basis. In other words, to re-duce the causes of their precariousness and that of their fa-mily, in a manner that is environmentally friendly. The National Meeting of the CCFD, which was held in Gre-noble over the Pentecost weekend in 2008, provided theSIDI team that participated in this important event withthe opportunity to draw upon the momentum and moti-vation of the CCFD network. As a subsidiary of the CCFD,there is no doubt that SIDI represents a major instrumentfor the implementation of the CCFD’s mission regardingthe Social and Solidarity Economy. The SIDI guidelines areperfectly in keeping with the support policy for partners,as set out in the CCFD Orientation Report 2008-2012.During this national meeting, Majid Rahnema1 remindedthe participants of the importance of “seeing a source ofstrength in the poor” and of “seeing, in each person, anindividual that has a huge potential that must be allowedto be expressed.” This is the real challenge for SIDI in itswork with millions of artisans, micro-entrepreneurs andsmall rural producers, as it strives to provide them with ac-cess to financial services that have been adapted to suittheir needs. By establishing an instrument such as SIDI some 25 yearsago, the CCFD was able to establish a form of solidarity fi-nancing to be at the service of populations that are bothdisadvantaged and excluded from financial services. SIDI develops an approach that promotes a social addedvalue to the actions it supports and it is this “additionalelement that makes it stand out”:� By giving priority to the in-depth knowledge of the

socio-economic context of the country, by de-ploying all of its efforts to understand different si-tuations.

� By understanding the importance of taking thetime to listen, to develop the quality and potentialof the partners, to build trust, to adapt supply todemand.

� By taking risks in areas that are difficult and poorlyserved.

� By applying costs that are adapted to the localcontexts and needs, thanks to the donation ele-ment of its financial structure provided by the re-venue generated by the Faim & Développementinvestment fund.

� By building upon the efficiency and social perfor-mance of SIDI over the course of time.

SIDI is at the crossroads of the mobilisation of the ci-tizen who, in the northern hemisphere, is called uponto save and to invest in a different way and, in the

southern hemisphere, is urged to establish systemsdesigned to provide local access to basic financial ser-vices for populations that are disadvantaged and/orexcluded from traditional financial services. SIDI is afully-fledged actor in the social and solidarity economy,since it contributes to the creation and developmentof the tools that are required in order to make pro-gress towards these objectives. SIDI is a social investor and draws support from theESD Association (A Solidarity Development SavingsAssociation) in order to mobilise individual sharehol-ders. Furthermore, SIDI continues to promote the de-velopment of a network of alliances with the publicinstitutional actors (the French Development Agency,the Ministry for Foreign Affairs, the Caisse des Dépôtset Consignations, the European Union, various formsof bilateral cooperation, …) as well as the private ac-tors in both France and in Europe : Cordaid, Oikocré-dit, Alterfin, ETIMOS, the Un Sol Mon and StrommeFoundations, Calvert, Oikos, etc. … who are now dis-covering the value and interest of the “solidarity chainfor financing” structure that has been established bySIDI. At 31/12/2007, SIDI had established a financial andtechnical relationship with 56 MFIs in some thirtycountries and had attained an investment portfoliolevel of 7.5 million Euros. Furthermore, SIDI has ini-tiated a technical assistance relationship with morethan thirty other partners, which, for the majority ofthem, should lead to investment being made over theforthcoming five year period. In order to achieve allof this, SIDI has mobilised a permanent team and alsoleads several teams of volunteers in order to providetechnical assistance on the one hand and, on theother, to reinforce the on-going promotion of the ethi-cal and shared financial products proposed by theCCFD. Whilst reading this report, you will discover differentforms of partnerships that reflect our search for a clo-ser and more “local” relationship with the clients/be-neficiaries, as well as the priority we have decided tofocus on Africa, the rural world and the concrete ex-pression of a common vision of the solidarity economy.In 2008, we hope to be able to establish new instru-ments that will enable us to broaden the scope ofour actions during the next strategic plan that is cur-rently being drawn up for the 2009-2012 period: aEuropean Solidarity Financing Fund (FEFISOL)2 and afund for producers’ organisations in Latin America3.We also continue to provide our support for the de-velopment of regional tools across the various conti-nents, along the lines of what we are doing in Africawith Tembeka, SMEA in Uganda, BMS in Mali, etc. Inorder to reinforce and to support these projects in thefuture, at the Supervisory Board meetings held in2008, the SIDI shareholders gave their approval, in

principle, to a proposal to increase capital so as tocover financing requirements for the period 2009-2012. The challenges that have been taken up sincethe beginning of the 2006-2008 plan will continueto be pursued both this year and over the course ofthe years to come, with particular emphasis beingplaced on:� The nature of the financial services offered to the

populations, since far too often the emphasis is pla-ced on the provision of credit, even though the fi-nancial services and the needs of the populationsgo far beyond this. It is therefore necessary to conti-nue to diversify the provision of services that havebeen adapted in the best possible way to theseneeds.

� The financial needs of the rural world: together withits partners, the SIDI team is striving to identify thebest strategies to help people in rural areas toemerge from the vicious circle of poverty.

� The mobilisation of resources in the South: effortsto seek out financing in the South often come upagainst numerous constraints, notably a lack ins-truments to mobilise local funds. The challenge istherefore to strengthen the solidarity chain for fi-nancing the South.

� Ensuring that the fairest possible cost structure isapplied to the financial support provided. In otherwords, the associated costs must respect SIDI’s fun-damental principles, so as to avoid penalising thepartner institutions.

Thanks to you, the solidarity chain for financing cangrow and can be multiplied in each and every placein which there are people who wish to undertake ac-tion, based on the vast potential they have withinthemselves, in order to establish a living and dynamicsocial and economic fabric.

Christian SchmitzChairman of the Board, May 2008.

1 Majid Rahnema : former Iranian diplomat,former United Nations representative-residentin Mali, author of « Quand la misère chasse lapauvreté », published by Fayard/Actes Sud(Paris, 2003).

2 FEFISOL : see Chapter 3.3 FOPEPRO : see Chapter 3.

Christian SCHMITZChairman of the Board, Paris, 30 May 2008


4 THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007

Solidarity support and financing

4

Over the past 30 years, microfinancehas become an economic sector in itsown right, providing financial servicesto nearly 120 million people in around150 countries. It has become a leadinginstrument for fighting poverty. Set up25 years by the CCFD, SIDI is part ofthis movement, conducting activities fo-cusing on solidarity investment andsupport for the development of its part-ners in the South and East.

Solidarity financing in 2007SIDI’s chief activity is solidarity investment, gi-ving financial support to local financial struc-tures (LFS) that offer a range of financial ser-vices such as savings and loans to populationsthat find themselves excluded from theconventional banking system. To that end, SIDIcalls on three investment tools: loans, equityfinancing and guarantees (see focus 1) and al-ways provides technical support to the part-ner local financial structures (LFS) in advanceor in support of investment. In 2007, new andpowerful microfinance players arrived in largenumbers on the scene (commercial banks, pu-blic or private investment funds, Internetplatforms, etc.). In this new context, SIDI fo-cussed its financing priority on:• financing for agricultural and rural deve-

lopment• maintaining soft loan conditions for rural

areas in terms of the duration of loans, in-terest rates, risk coverage, etc.

• renewal of certain participations in severalcountries.

� A portfolio of 7.5 million euros,mainly investment in rural areas

SIDI’s financial commitment to local financialstructures in the South and East amountedto 7.5 million euros at 31 December 2007,a 14% increase in one year. However, thisportfolio growth in 2007 fell short of the25%growth recorded in 2006. This fall ismainly explained by investments that cameto an end. Investment in 2007 amounted to2.3 million euros and disinvestment totalled1.4 million euros. Nearly two-thirds of SIDI’stotal portfolio targets rural areas.

� A new portfolio balance betweenequity financing and loans

At 31 December 2007, 48% of SIDI’s port- �

Our identitySIDI is a joint stock company that was created in1983 by the CCFD association, which is an inter-national solidarity organisation. It has a capital of€9 million. SIDI is engaged as an actor in the field of solida-rity financing. Solidarity financing responds toneeds that are not covered by the traditional fi-nancial market and promotes the development ofalternative and innovatory initiatives and projects. Our mission is the consolidation of Local Finan-cing Structures (LFS) in both the South and the Eastwith our “partners,” so that they can develop fi-nancial services that are adapted to meet with theneeds of the local populations over the long term. Our profession is that of being a responsible andpatient solidarity investor. Our work consists in theprovision of financial services (loans, participationin capital, guarantees) and assistance to the LFS.A team of staff members (including nine geogra-phical desk officers, a social viability officer and anofficer for institutional partnerships) and a dozen

or so voluntary consultants, have expertise in thefollowing fields: - financial procedures (engineering, establishmentof a participation, loans, guarantees)- local assistance and guidance (membership ofthe board of directors, training of local staff, sup-port in the elaboration of development plans, newproducts, the introduction of IT systems, etc.…)- networking and the exchange of know-how.

Our specificity: the solidarity chain for financing(cf. Focus 2).Throughout its history and the journey it has beentravelling for almost 25 years, SIDI has focussed agreat deal of effort on the creation of a “solidaritychain for financing,” that is both active and enga-ged in a process of sharing between the North andthe South. This means a sharing of the revenuegenerated by solidarity savings in the North, a sha-ring in the risks with the institutions in the Southand a sharing of know-how. This sharing dimension, which is at the heart of ourmission, is achieved through the articulation bet-

ween “donations”, which are at the foundation ofour existence and of our mission and the accep-tance of risk and innovation.

Indeed, our operating costs are covered, in part,by the revenue generated by solidarity savings andthe donations made in France through the CCFD.The risk element is expressed through:• the taking of responsibility for exchange raterisks. On the one hand SIDI and two religiouscongregations have created the FID, – a Fund topromote development – which enables us to par-tially cover exchange rate risks related to our in-vestments. On the other hand, the CCFD alsocontributes to the guarantee provision by this yearaccepting to cover the exchange rate losses incur-red by the various local currencies, which are due,in great part, to the depreciation of the dollar. • the possibility of intervention in certain coun-tries that are considered to represent certain risks– “to go where others do not go”. SIDI continuesto play a pioneering role, especially in the GreatLakes region (Rwanda, Congo, Burundi).

Focus n°1: A brief guide to SIDI



Solidarity support and financing folio consisted of loans (3.7 million euros),44% of equity financing (3.3 million euros)and 8% of guarantees (0.5 million euros).Since 2006, the total share of loans has beengreater than total equity financing; howe-ver a rebalancing occurred in 2007 in favourof equity financing. This trend resultedfrom the sizeable investments in WestAfrica and a commitment to the rural areas,where loans are the investment of choice forsmall co-ops, credit unions, etc. Neverthe-less, equity investment in a local financialservice remains SIDI preferred means of sho-wing solidarity in the form of a long-termundertaking and a sharing of the risks, wi-thout seeking an immediate financial returnbut rather financial independence of the lo-cal financial structures. Guarantees in ourportfolio increased thanks to the esta-blishment of several contracts in Palestineand negotiations with BNP Paribas and itsbranches for a global guarantee fund in se-veral countries where SIDI is active.

� Priority for Sub-Saharan Africa

Africa still holds a leading position in SIDI’sportfolio and on its own accounted for 44%of investment in 2007 (see figure 1), follo-wed by Latin America (25%), the Mediter-ranean Basin (13%), Asia (9%) and Eastern

Europe. Senegal is now the country receivingthe bulk of SIDI’s investment, where 9% ofour portfolio went to nine partners locatedin that country. Next come Peru, Ecuador,Uganda, Morocco and South Africa. The ave-rage investment per partner rose from€115,000€ to €134,000 in 2007, with amaximum of €475,000 invested in CERU-DEB (Uganda). .

� 56 investment projectsin 28 countries

SIDI has financial relations with 56 partners,seven of which were new in 2007: JAPPOOin Senegal, SILAC/TSIRY in Madagascar,FORNTALECER in Peru, REDFASCO in Gua-temala and ACAD, CD-HOUSING and theGuarantee Fund in Palestine. These new part-ners mainly intervene in rural areas.

SIDI has commitments in 28 countries, in-cluding one new country in 2007, Guate-mala, and is committed to four regional ins-truments: LACIF in Latin America, MAF inAsia, SEFEA for Eastern European countriesand SMEA, which offers financing in EastAfrica.

� Solidarity financing and risk

Apart from the priority accorded to Africa andto rural areas, SIDI continues to take the ini-tiative in the so-called risk countries. SIDI’sposition in solidarity financing is one that pro-motes sharing on the part of savers in the in-vestment funds (see focus 1 and 2). This po-sition enables SIDI to innovate and providefinancial services in a risk context. SIDI hasinvested, along with other European alliances,in a guarantee fund for Palestine, a countrywhere SIDI has long-standing activities, as wellas in two Palestinian institutions, ACAD andCD Housing. SIDI also mobilised considera-ble resources in the Great Lakes Region of EastAfrica. More than half of SIDI’s investment isdone in local currencies (59% in 2007). In thatway, SIDI conducts financing initiatives thatgo well beyond the usual microfinance prac-tices. The majority of our 56 partners are nothigh-flying microfinance institutions but ra-ther associations, producer organisationsand savings and loan co-ops (see figure 3)

Solidarity support in 2007 SIDI supports 91 partners in 28 countries inthe South and East, of which 56 received fi-

Figure 1: Geographical breakdown of the portfolio in 2007

Africa 44%

The Caribbean 1%

Asia 9%

Latin America 25%

Eastern Europe 8%

Figure 2: expenditure incurred in 2007 forpartner support

Total in 2006 Total in 2007

K€ K€Africa 744 806 Mediterranean basin 56 114 Latin America 113 118 Asia 128 107 Eastern Europe 27 154 Haiti 120 44 Horizontal Support 187 267

TOTAL 1 375 1 610

�

�

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Mediterranean basin 13%

FID

LFS LFS LFS LFS

Capital € 9 millions

Refinancing fund Technical Assistance Fund

RReevveennuuee ffrroomm jjooiinntt iinnvveessttmmeenntt ffuunndd

aanndd CCCCFFDD€ 1. 1 million/year

Mobilisation of fundsfrom alliances

PO PO

LFS: Local financial services

PO: Producers’organisations

FID: Development incentive Fund

Focus n°2: The Solidarity Chain for financing


nancing in 2006 (see paragraph on solida-rity financing, page 4).

This support has five main goals:

• the institutional consolidation of the part-ners. In 2007, SIDI advanced in its equity fi-nancing in Cambodia, Moldavia, Kosovoand Peru, among others, and updated its in-volved in the governance of certain local fi-nancial structures.• to support local financing structures intheir strategy, their search for financing, thedevelopment of new products, etc.• the creation, by the partners, of social andeconomic added-value for the populations,i.e. real growth in the income of the ruralpopulations and reduced vulnerability.• the development of financial services inisolated rural areas that have shown to behighly innovative (solidarity credit unions,new products, etc.)• the creation of synergy among partici-pants in complementary projects, such asbanks and producer organisations, LFS’s andviable markets, etc.

This support takes the form of one-off sup-port missions, of which there are around200 per year, set in motion by the team of 9geographical leaders backed by the Chair-man of the Board and by around ten volun-teer consultants, most of whom are retirees

from the banking sector, the law or deve-lopment activities.

In 2007, SIDI’s day-to-day operations – sup-port and advice for partners, methodologicalwork, communications, headquarters ex-penses – required 2.3 million euros, ofwhich 1.6 million euros for support and ad-vice for partners in the form of missions,62% of which for Africa (see figure 2). Our budget is similar to that of other inter-national solidarity institutions receiving de-dicated financing from the Solidarity Chainfor Financing (shared income from the Faimet Developpement investment fund; seefocus 2), from cooperation contracts that wenegotiate with alliances and from institu-tional donors, as well as portfolio income:

• revenue shared from solidarity investmentand donations from CCFD (€1.1 million)that together cover 50% of our expenses. • investment income (€0.6 million) covering25% of our expenses. The income from ourportfolio amounted to €315,000, 53% ofwhich came from the distribution of divi-dends generated by equity investment and47% from loan interest.• co-financing granted by international co-

operation partners (€0.6 millions in 2007,i.e. a 49% increase over 2006), which co-vered 25% of our expenses (see page 14).This increase was generated by EU-ACP co-financing (see page 15).

Describing in a few pages SIDI’s goals and thesalient points of its 2007 activities was easiersaid than done. This year, we have highlightedthe financing of agriculture, rural developmentand financing in crisis zones. In all these areasSIDI has for several years been making a strongcommitment, which it intends to boost in theforthcoming years.


�

NGO associations 29%

Financial institutions 18%

Credit Cooperatives 11%

Union des Caisses 6%Production structure 1%Producers’

organisations 9%

Financing funds 12%

Commercial banks 14%

Figure n°3: Break-down of the portfolio according to amounts per type of LSF Senegal, a woman preparing yet

(cymbium) prior to fermentation fortieboudien (the national rice and fish dish).

© S

IDI



Backing the consolidationand diversification of localfinancing structures in acontext of growth

Participating in the capital of a local finan-cing structure is SIDI’s preferred means ofinvestment because it is a way of providingsolidarity for the long-term, an average of10 years, without seeking an immediate fi-nancial return. SIDI highlights the consoli-dation and structuring of local financingstructures g through a growth period at thesame time that it maintains the momentumof initiatives and experiments that are at theheart of its activities and its positioning.

� Supporting the consolidationof the LFS’s via searchesfor additional financing

KRK (Kosovo), MICROINVEST (Moldavia),HATTHA KAKSEKAR and AMRET (Cambo-dia), AKIBA (Tanzania), SIPEM (Madagas-car), CERUDEB (Uganda), TEMBEKA(South Africa), AL AMANA and AMSSF(Morocco), KOKARI and TAANADI (Niger).

The microfinance landscape has changed inthe last two years (see focus 3). The local fi-nancing structures are seeking financingfrom commercial sources, i.e. banks and in-vestment funds, in order to pursue theirgrowth and extend the scope of their ser-vices. SIDI acts as a middleman, introducingthe LFS’s to financial partners in order to es-tablish trust and to secure the initial stagesof refinancing.

An activity centred on rural development

�Rice hulling, Betafo,

Madagascar

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� Backing the consolidation of the LFS’sby shoring up equity

SIPEM (Madagascar), TEMBEKA (South Africa),CERUDEB (Uganda), SMEA (Uganda), AKIBA(Tanzania), KOKARI (Niger), BMS (Mali), ALAMANA (Morocco), HATTHA KAKSEKAR andAMRET (Cambodia), FC (Laos), MICROINVEST(Moldavia), KRK (Kosovo), CONFIANZA (Peru),CCRD (DR Congo), MAF (Asia) and CRG (Gui-nea)

SIDI was among the first structures to reco-gnise the need for capital and to assume therisk. From the outset, SIDI accepted the riskof contributing to the hard resources(equity) of the LFS’s. The LFS’s need stableresources for an unspecified period of timein order to consolidate their operations andattract additional financing to drive theirgrowth. In 2007, SIDI participated in the ca-pital of 23 LFS’s, in 16 of which SIDI had aseat on the board (see list above). Some in-vestments that took place around ten yearsago in countries then experiencing difficul-ties, such as Uganda, Cambodia, Peru andMadagascar, have since matured. SIDI wastherefore encouraged to broaden its finan-cial solidarity horizons to the Great lakes Re-gion in Central Africa, Palestine and Haiti,among other areas.

In 2007, SIDI promoted the search for equityfor several institutions in which it holdsshares and is a director: KRK, MICROINVEST,HKL, AMRET and SIPEM. In such cases, thecommitment of the founders was crucial.They took up the challenge to find local andforeign shareholders and they supported theinstitutions in the quest for high-quality in-vestors (HKL in Cambodia). In some casesthey also acted almost as a merchant bank.In Kosovo, SIDI backed KRK in a restructu-ring of equity capital that enabled it totransform its institutional debt into capitaland commercial loans, which are easier torenew and increase.

In Peru, the largest microfinance market inLatin America, SIDI is refocusing its partner-ships around smaller institutions with strongsocial value-added.

� Backing institutionalisation

New SIDI shareholders in 2007: FOR TALECER(Peru) and SMEA (Uganda)

Backing the institutionalisation of microfi-nance instruments to provide long-term ac-cess to credit, as well as other financialservices, has been a major focal point ofSIDI’s intervention from the beginning. The

institutionalisation of the LFS’s comprisesfour dimensions: the longevity of services, fi-nancial equilibrium, adapted legal statutesand the development of staff skills.

In 2007, two institutions advanced alongthe road to institutionalisation: TITEM inMadagascar, in the context of a new legalframework in that country, and CCRD in theDemocratic Republic of the Congo. Boththese institutions offer financial services topeople in far-flung rural areas who have setup solidarity credit unions.

� Backing diversification and professio-nalization

TAANADI and KOKARI (Niger), OMIPA(Uganda), MICROFUND (Togo), JEMENI (Mali),KRK (Kosovo) and SIPEM (Madagascar)

In 2007, SIDI’s efforts and those of its part-ners were deployed on several fronts. Thefirst is the diversification of financial pro-ducts thanks to financial support from theEU-ACP programme (see focus 5), throughwhich support was given to the expansionof the LFSs’ range of services (OMIPA inUganda, JEMENI in Mali and TIMPAC inTogo, among others) so that they could bet-ter serve rural zones and micro-businesses.

�

�

Focus n°3

Our position today between thegrowth of investment funds…andthat of rural poverty.

Microfinance has experienced a remarkablerise in popularity due to the scope of its co-verage (approximately 120 million borro-wers in 115 countries), the sustained growthrate it is enjoying in certain countries (30%and 100% per year in India and in Cambo-dia, for example) and especially as a result ofthe social dimension of credit that it has in-troduced. The poor may now pay back aloan, become entrepreneurs and assumeresponsibility for their future. The world ofmicrofinance has become more complexsince 2006, with the arrival of new actorson the scene. Microfinance experienced a“boom” in 2007 with the massive influx ofpublic and private capital. Commercial

banks have now come into the sector (thereare 18 banks involved thus far, including 4French banks) and there are 74 funds (thetop 10 of which are all European, (Procredit,Oikocredit…) that specialise in microfinanceand internet platforms (Kiva, e-bay…) havebeen created. Several factors may be usedto explain this tendency: - the growth in the number of microfinanceinstitutions that have exponential re-finan-cing needs. - microfinance has become fashionable forpublic and private investors since it now pro-vides return rates of between 2% and 5% indollars, whilst at the same time serving a so-cial purpose. - microfinance has been in the limelightthanks to 2005 being the Year of Microfi-nance and the awarding of the 2006 NobelPeace prize to Mohammad Yunnus, thefounder of the Grameen Bank in Bangla-desh.

Conversely, poverty and inequality continueto grow throughout the world, despite all ofthe commitments entered into by the go-vernments and the public and private bo-dies. Three-quarters of the world’s poor livein rural areas. For the majority of them, theirsurvival is dependent, at least in part, uponagriculture, either through their consump-tion of farming products or through the saleof these same products. The absence of landownership, access towater and to energy, the lack of informationabout the markets and of long-term finan-cing, are all factors that contribute to thecreation of the rural poor, who continue toincrease in number. This in turn generates arural exodus and illegal immigration towardscountries in the North which are increasin-gly closing their borders. In order to address these two tendencies,namely a worsening of inequalities and, pa-radoxically, a microfinance sector that is be-



The second front was the introduction of tai-lored information and management sys-tems, in Niger and Uganda, for example.And the third front was the strengtheningof credit risk monitoring. SIDI also providebacking for the creation of reinforced inter-nal control procedures, in BMS in Mali, forexample.

� Strengthening the levers of solidarityfinancing in the South:the refinancing funds

TEMBEKA (South Africa and Mozambique),BMS (Mali), SMEA (East Africa), MAF (Sou-theast Asia), LACIF (Latin America) and RED-FASCO/BANRURAL (Peru).

In response to the challenge of meeting thefinancial needs of our partners, SIDI since2006 has been sponsoring regional refi-nancing funds. These regional funds play akey role by offering resources in local cur-rencies to the local financing structures inthe regions, unlike most of the investmentfunds that only offer resources in hard cur-rencies (dollars or euros) and by giving tech-nical support to the partners. At the end of2007, SIDI became a shareholder and di-rector of SMEA, alongside a Norwegian ins-titution, Stromme Norway, and its localsubsidiary, Stromme Uganda, which share

the same vision. SIDI also joined with theRed Financiera de Asociaciones Comunita-rias (RED FASCO), a financial network ofseven Maya community associations in thewest of Guatemala, to enable it to acquirea stake in BANRURAL, a powerful agricul-tural bank.

Financing agriculture andthe rural areasThe rapid and significant advance in invest-ment funds in recent years underscored thecurrent limits of microfinance, which is stillstruggling to develop in isolated rural areasand to provide significant financing to far-ming. In parallel, a new world order is emer-ging, with spiralling prices for oil and food.If the African continent is to free itself fromfood scarcity, the only solution is an adap-tation of agriculture.

� Backing and financing producerorganisations

The farm sector, and family farms in parti-cular, continue to suffer from a lack of ac-cess to financing. On the other side of thecoin, farmers’ organisations have been�

� growing stronger over the past ten yearsor so in most of the countries in the Southaround two key activities: the provision ofsupport services to the farm sector and bydefending the sector’s interests. In 2007,SIDI financed eight producer organisationsvia loans or by providing guarantees. In ad-dition, SIDI assisted other producer orga-nisations, such as OPP in Mali, ADAPS inMadagascar, cooperatives in Morocco, etc.,to find solutions for the financing of theirmembers.

• Helping producer organisations developa partnership with financial institutions

AOPP/ BMS in Mali and AMSSEF in MoroccoThanks to SIDI’s extensive knowledge ofthe AOPP producer organisation, which re-ceived a seed production loan from SIDI in2006, and familiarity with the BMS bankin Mali, on whose board SIDI is a director,SIDI has established a relationship withBMS with the goal of financing the AOPPmembers’ need for seeds.

In Madagascar, SIDI initiated a partnershipwith a producer organisation, the ADAPS.This PO, backed by AFDI Picardie, wouldlike SIDI to help it find solutions to bridgethe food gap during lean times.

coming increasingly more commercial conti-nues on page 9, SIDI is striving to contri-bute its “part” of the answer and continuesto pursue its efforts aimed at innovation tobring about greater solidarity and collectivewell-being.

SIDI’s position- SIDI sets out to establish a solidarity-basedform of financing that is responsible towardsits clients and that creates added socialvalue. - SIDI believes that MFIs do not only requireresources to finance their growth, but alsorequire long-term technical support. - SIDI does not act on its own. Together withits founding shareholder, the CCFD, and itsEuropean partners, it implements an al-liance-based strategy so as to learn throughcontacts with others, to innovate throughcollective tools that provide leverage oppor-tunities and through risk sharing.

- SIDI is seeking to establish complementa-rities in rural areas and supports the crea-tion of links between the actors in thiscontext. - SIDI re-affirms that efforts designed to in-troduce innovation must be pursued by theMFIs in order to reinforce their social viabi-lity (cost reduction, search for outlets, cove-rage of harvest-related risks…) and in orderto respond to the needs of the populationswho are still excluded from access to local fi-nancial services. - It also re-affirms that efforts designed tointroduce innovation and efficiency must bemade by the MFIs with regard to local go-vernance, management, information andmanagement systems and the diversificationof services and of products. - SIDI asserts that it is necessary, on the onehand, to provide financial and technical sup-port to a second generation of MFIs that areless mature, but have greater potential, and,

on the other hand, to provide similar sup-port to a third generation of actors on asmaller scale, who have yet to be formalisedand who play a role in the granting of fi-nancial services in scarcely or poorly servedareas, particularly in the rural and agricultu-ral areas.

Coffee drying inVietnam

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� Producer organisations thatgrant loans directly to theirmembers

MOGTEDO (Burkina Faso), FPFD (Guinea),FAPECAFE (Equateur) and SILAC/TSIRY(Madagascar).

In order to meet their members’ need forcredit, some POs have set up a system ofinternal credit using external resources orusing their own capital. SIDI works withthe POs to help them strengthen their ca-pacity, for example the computerisation ofthe MOGTEDO portfolio, or it helps themmobilise financial resources for their mem-bers. SIDI also worked with the FPFD inGuinea to finance the inputs season (seefocus 4).

Focus n°4: The Fouta Djalon Produ-cers’ Federation (Guinea):a financial response adaptedto an exceptional context

Since the 2004-2005 agricultural season, SIDIhas been providing financial support for theFouta Djallon Federation of Peasant Farmers,which is the leading peasant farmers’ organi-sation in Guinea. It acts as an umbrella groupand defends and represents the interests of400 groupings, or of 13,000 farmers (mainlypotato farmers, although they also grow to-matoes and onions), as well as providingthem with training, technical and managerialguidance and farm inputs (seed, fertiliser). Over the course of the following three sea-sons, SIDI has provided its guarantee (of€100,000 per year) to cover the season’s cre-dit provided to the Federation by a local bankfor the acquisition of imported seed. The2006-2007 season was marked by seriouspolitical and social events that took place in

Guinea in January and February 2007. These events, which took place during theagricultural season, placed the harvest at riskand were especially a risk to the marketing ofthe potato crop. Consequently, almost 30%of the groups of borrowers were not able toreimburse the credits they had received to payfor their farming inputs by the end of a 12month period. The Federation was thereforeunable to pay back a significant part of thebanking credit it had received for the agricul-tural year. However, since the banks wereaware of the causes of these difficulties, theydeferred the repayment deadline and reducedthe interest charges. Although the Federation had decided, as aconsequence of these difficulties, to reducethe supply of inputs for the 2007-2008 agri-cultural season, it still called upon its partnersto guarantee the financing of the season, wi-thout jeopardising its capacity to pay back itsprevious outstanding banking credit. SIDI provided a positive response to this re-quest with an original financial package that

was quickly put into place. SIDI paid the supplier of potato seed (locatedin the north of France) directly in Euros. Inorder to minimize the exchange rate risks re-lated to the Guinean Franc, it will be paid backin CFA Francs by the buyers from the CFA zone(who go to Guinea in order to buy potatoesand then sell them on in Senegal or in Mali),according to a flexible time schedule. As wellas being able to continue to supply inputs ona credit basis to its members, which is some-thing that the previous season had placed ata serious risk, this response provides the Fe-deration with a series of worthwhile solutionsat various levels: a reduced cost financial ser-vice, a flexible repayment scheme that hasbeen carefully adapted to potato marketingflows and a limitation to the use that it has tomake of the bank and therefore of the finan-cial charges that it has to bear. This flexible response has been made possibleby the trust that has been built up betweenSIDI and the Federation over the course of thelast three years.

The creation of financialservices in rural areas andin crises zones

� Solidarity credit unions, a tool forstructuring and accumulation in ruralareas

CCRD (North Kivu, Congo), ADIKIVU and GALE(South Kivu, Congo), PREFED and CAPAD (Bu-rundi), PREFED and IMPUYAKI (Rwanda),TITEM (Madagascar), ASIENA (Burkina Faso),FONH SUD (Haiti), UGPM (Senegal) and AOPP(Mali).

Providing financial services in rural areas isstill a challenge. Sub-Saharan Africa is theregion with the lowest rate of microfinancepenetration, with only 10% of demand co-vered. The particular context of rural areasand politically unstable zones has encoura-ged SIDI to experiment and develop the so-lidarity credit union. Because of itsflexibility, rigour and solidarity, it has beenused by around 40,000 persons in WestAfrica, Central Africa, Haiti and Madagas-car, especially in rural areas (see focus 6).

• Assisting farmers’ organisations thathave developed financing activities

UGPM and CREC (Senegal), FONDEFER (Ni-caragua), CAC LA FLORIDA and CREDIFLO -RIDA (Peru), FORTALECER (Nicaragua) andUGC (Mozambique).

In Nicaragua, SIDI provided backing toFONNDEFER, the financial arm of FENA-COOP, a producers’ federation that is well-established locally but fragile from thefinancial standpoint. SIDI assisted FONN-DEFER to develop a financing plan to mo-bilise external credit lines. In Senegal, inassociation with Alternatives Energétiques,the Midi Pyrénées Region and JAPNPOODéveloppement, SIDI sponsored UGPMand CREC (its financial arm) in the esta-blishment of loans for solar equipment tocreate solar stations for families and solarplatforms to supply power to villages. SIDIcontributed its knowledge and a creditline (a 10-year loan entitling the bank toan interest in the company) to finance theinstallations and enable the population tobenefit from the equipment at an afforda-ble cost.


Focus n°5: the EU/ACP programme supports the further development of activities in un-serviced rural areas

In order to broaden the range of technical and financial services that it isable to offer, SIDI both seeks out and implements co-financing arrange-ments with bi- and multi-lateral institutions. To this end, it responded to a call for proposals launched by the EuropeanCommission in July 2005, in partnership with the Belgian cooperative AL-TERNFIN and the African network MAIN. The project total amounted to€990, 000, 80% of which was financed by the European Union, for 14 ofSIDI’s partner institutions in Africa and in Haiti, as well as the MAIN network. For the institutions in remote locations, this programme came along at justthe right time and has enabled them to significantly widen the scope oftheir activities. This is the case, for example, of OMIPA, a network of ruralbanks that operates in the south of Uganda and which has been a SIDIpartner since 2000. The EU/ACP project has been used to finance a study

on product diversification, which was carried out by an external consultant.The results of this study enabled OMIPA to introduce two new credit pro-ducts in 2007: the water tank credit for the construction of water tanks andan individual credit instrument. The EU/ACP project has also led to the provision of enhanced technical as-sistance in the area of governance. In this way, training for the membersof Boards of Directors has been financed, notably for the Crédit Rural in Gui-nea, TAANADI and KOKARI in Niger, the BMS in Mali and TIMPAC in Togo.These training sessions focus on the daily workings of the Board of Direc-tors, the role and responsibilities of the Board members, the introduction ofcharts that may be used to assist the decision-making process. Finally, the MAIN network has benefited from a significant part of the pro-ject, providing it with the opportunity to increase the number of works-hops for training and exchanges between MFIs. Indeed, in 2007, MAINorganised a record number of one workshop per month on a wide varietyof subjects such as information and management systems, social perfor-mance, governance, strategic marketing within an MFI, etc.


Maintaining solidarity with partners incrisis zones

ACAD and CD HOUSING (Palestine), the GreatLakes Region and KNFP and FONHSUD (Haiti)

For many years, SIDI has recognised the in-volvement of locals who work daily in difficultsituations, in Haiti, Lebanon, the West Bankas well as in the Great Lakes Region in EastAfrica. Microfinance activities have developedin these countries thanks to locals who areconvinced of the value of their mission. In2007, SIDI, along with other European al-liances, took part in the establishment of gua-rantees tailored to the situation in Palestine.

� Creating value-added in rural areas

FC/LAO Farmers Products (Laos), CAC La Flo-rida, JAPPOO Développement (Senegal); iden-tification is underway in Morocco,Madagascar, Egypt and Niger

Microfinance in farming in Africa and inthe Mediterranean Basin is still limited.

Farming continues to be more risky andless profitable than other rural activities fi-nanced by the LFS’s, such as commerce,cattle fattening and market gardening.Few LFS’s finance the processing of farmproducts. The impact of microfinance istherefore very low in terms of value-addedand job-creation on family holdings. Ho-wever, agriculture and food processing area key factor for the development of ruralareas.

In response, in 2007 SIDI began studyingthe feasibility of promoting value-added inrural areas. This action is designed to coor-dinate the supply of farm products in theSouth with a local market or an exportmarket, via fair trade or organic sales cir-cuits or local markets.

Contributing to localdevelopment andincreasing income

JAPPOO DEVELOPPEMENT (Senegal) andUGPM/CREC (Senegal)

The issue of access to energy, in particularelectric power, is part of the fight to over-come exclusion. The issue is made all themore difficult by the fact that the usual so-lutions, which have failed to meet the needsof poor and rural populations, bring withthem environmental problems. In ruralareas, such as Meckhe in Senegal, the eco-nomic fabric is a lot less developed than inthe cities. SIDI, in association with producerassociations and economic, players set upthe JAPPOO group to:• finance and support projects that raise the

value of rural products and enable ruralproducers to increase their income.

• create decent, well-paid jobs for youngpeople, especially in the restaurant sector.

• develop the use of renewable energybased on the regional production of solarequipment.

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Solar panels tobring electricity torural Senegal



Focus n°6: the creation of financialservices in rural areas and crisis hitzones: the solidarity credit unions

In March 2007, a workshop was held in Paristhat brought together, for the very first time,all of the SIDI partners that promote Solida-rity Credit Unions (MUSO). This workshopprovided a unique opportunity to assess theimportance of the dynamics of this processsince it was first launched in 1995 in Senegalthrough the UGPM, before being extendedby SIDI in 1997, first of all to Madagascarand then to Haiti. In 2002, it was introducedin the African Great Lakes region (Rwanda,Burundi, DRC) and was then introduced inBurkina Faso and Mali from 2005 onwards.

The scale of this dynamic processAt the end of 2007, the MUSO system cove-red almost 40,000 people who were mem-bers of 1,800 MUSO (300 more MUSO and8,000 more members than at the end of2006).Today, the largest number of MUSO are tobe found in the African Great Lakes region(Congo, Rwanda, Burundi), where there areclose to 1,300 MUSO with more than26,000 members. The second largest num-ber is to be found in the Western Africa re-

gion (Senegal, Burkina, Mali), with approxi-mately 180 MUSO and 7,000 members, fol-lowed by Madagascar and Haiti with 166MUSO (1,660 members) and 147 MUSO(2,940 members) respectively.All of this means that 40,000 members nowhave access to local financial services in ruralareas in which there is a lack of both infra-structures and means of transport. The number of MUSO assisted by our part-ners varies from 17 to 661 (for certain pro-moters this has become a full-time activity,whilst it remains a complementary activity forothers). SIDI receives regular informationand monitoring reports from close to 1,100MUSO.Not all of the MUSO request refinancing cre-dit from their promoter. However, a majorityof them do wish to maintain a link with theirpromoter in order to improve their practicesand their instruments (good book-keepingand the recording of all operations is not so-mething that can be learned over night!) andto be able to share views and experiences.

MUSO play a role in helping to structuresocietyMUSO have helped to create, and in somecases, to restore, confidence in a collectivesystem to manage money in areas in which

there was no longer a financial system (theCongo, for example) and have also helpedpeople learn how to manage their savings,credit and insurance as a complement to, oreven as a replacement for, the tontine sys-tem (Rotating savings and credit associa-tions), in certain cases. The MUSO have alsoprovided a structure through which themembers can exchange views and expe-riences. In Haiti and the Congo, for exam-ple, they have served as a forum for theprovision of information relating to the or-ganisation of elections.

Global accumulation is a reality Although there is still insufficient precise datato draw up an accurate and general over-view, the fact of the matter is that more than9000,000 US dollars have been collected by600 MUSO over the course of 5 years inNorth Kivu (90% of the MUSO collect lessthan 2 US dollars per month per member.This system not only mobilises local funds,but it also maintains and enhances solida-rity-based links between the local communi-ties. The accumulation of funds at a locallevel is supported by external refinancing. SIDI currently has financial commitments wi-thin two partners (CCRD and UGPM) and isdue to invest in CCRD’s capital in 2008.

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A farmer and member of aco-op, backed byFONDEFER in Nicaragua,making compost



The SolidarityChainfor Financing

Figure n°4: Breakdown of SIDI’s capital at 31/12/07

CCFD 27,36%

FOUR FINANCIAL INSTITUTIONS 11,16%

SŒURS AUXILIATRICES17,32%

URSULINESDE JÉSUS7,04%

ESD 25,52%

EIGHT EUROPEAN PARTNERS 5,94%

other 5,66%

The Solidarity Chain for FinancingEver since the CCFD’s creation 25 years ago,SIDI has benefited from resources tailoredto its twofold vocation: the financing of itspartners’ credit activities and a la carte mo-nitoring and technical support in responseto the needs expressed.

More than an investment fund or a consul-tancy, SIDI is a solidarity investor that esta-blishes genuine North-South partnerships inorder to contribute its financial services topopulations that have been excluded frombanking circuits and to contribute to theireconomic and social development.

SIDI formalised this initial North-South part-nership relationship around the SolidarityChain for Financing in order to provide fi-nancing that serves people’s goals. Frenchand European citizens in the North entrustSIDI with solidarity resources bound for theLFS’s (partners and their beneficiaries) in theSouth (see focus 7). The Solidarity Chain forFinancing firmly establishes SIDI’s workingconditions and procedures as follows:

- In financing, enabling it to collect resourcesfor the partners in the South, helping themto strengthen their financial services theyprovide to excluded populations. Thisconsists of non-interest bearing capital (seefocus 4), the sharing of proceeds from theFaim & Développement investment fund

and a guarantee from the Fonds d'Incitationau Développement (development incentivefund) to cover exchange rate risks.- In solidarity, because these resources areallocated to SIDI not in order to turn a pro-fit, but rather in an endeavour to share.SIDI’s contributors require first of all socialand not financial value-added in exchangefor their solidarity. - In a Chain to link citizens and solidarity or-ganisations in Europe with local financingstructures in distant countries, via SIDI. TheLFS’s are highly diversified but they share acommon goal of sustainably improving theliving conditions of the local populations. The social viability dimension reinforcesSIDI’s solidarity dimension.

Focus n° 7: in 2007, the solidaritychain for development has beenbased on:

• in the South:- a network of 56 SIDI partners in more than 30countries, who have granted more than one millionloans of between €50 and €5,000, 96% of whichhave been paid back on time.

• here in the North:- a total of 934 shareholders.Grouped together within the Epargne Solidarité Dé-veloppement (Solidarity Saving for Development As-sociation), the 810 individual shareholders, including60 new shareholders in 2007, hold 25.52% of SIDI’scapital as of the end of 2007. They are also a re-flection of solidarity financing (c.f. figure 4).- 5,000 contributors to the “Faim & Développe-ment” JIF, or common investment fund, who sharethe revenue generated by their savings. In 2008, theCCFD, SIDI and the Crédit Coopératif will celebratethe 25th anniversary of this fund, notably through a

campaign to promote the fund (posters, educationalactivities) and the forthcoming creation of the “Faimet Développement – Agir CCFD” initiative.It is growing thanks to:- The 36 volunteer SIDI correspondents (including 10new recruits who joined upon their return from theirtrip to Peru in 2006), who have led almost 300 localmeetings, bringing together thousands of peopleprepared to discover solidarity financing as it is prac-tices by SIDI and who are also prepared to invest inthe Solidarity Chain for Financing.- The training sessions organised by the CCFD andSIDI within the regions in order to provide a detai-led explanation of Solidarity Chain for Financing toCCFD activists and supporters, as well as to SIDI sha-reholders and savers. - SIDI’s substantial involvement in FINANSOL, bothwithin the decision-making bodies and also in theactivities themselves. - The CCFD’s significant degree of involvement, atboth a national and regional level, within the soli-darity economy, as reflected in the commitment ex-pressed in the 2008-2012 Orientation Report.


Alliances in the NorthSIDI’s average per-partner investment,amounting to €134,000, was still low com-pared to needs at the end of 2007. Howe-ver, since a majority of SIDI’s partners weregoing through a consolidation phase, its fi-nancial activities may well double withinthree years. SIDI does not have the means tofinance on its own the growth of its portfo-lio and all the requests for technical assis-tance it receives from its partners, nor can itrespond to all the organisations that requestit. Therefore, SIDI has been pursuing for se-veral years a strategy of alliances and co-fi-nancing.

This strategy of alliances was given shape,on the one hand, via the mobilisation ofother investors for the direct refinancing ofits partners. On the other hand, in 2007 itmanaged to mobilise more than €2 million


The other leading co-financing was mobili-sed for the MAIN network to organise fivesub-regional training schemes, two univer-sity career paths and a South-South ex-change programme costing €316,000 thatwas negotiated with CCFD, the French Fo-reign Ministry, the Gilles Foundation in Bel-gium and the KNPF Haitian network fortraining members of the solidarity creditunions (€80,000 was negotiated with theFrench Foreign Ministry). Other financingpackages, more one-off in nature, were mo-bilised from the Spanish foundation Un SolMon to hold a training seminar in Algeriaand a diagnosis of the financial and non-fi-nancial needs of small-scale promoters,from the CCFD to support the JAPPOO pro-ject in Senegal and CORDAID and from theFord Foundation for the creation of a fund tofinance producer organisations in LatinAmerica.

FENACOOP (FONDEFER)

FENACOOP (FONDEFER)

via CORDAID/Netherlands in South Africa,Argidius/Netherlands in Niger and the Nord-Sud/France mutual fund in Cambodia, inEcuador, in Peru and Moldavia, and throughSIDI’s participation in regional, sub-regionaland national funds. This type of arrange-ment helps to expand financial volumesthanks to its leverage effect (see figure 5).

The co-financing strategy increases the avai-lable resources for bolstering the partners’capacity. In 2007, nearly €580,000 was mo-bilised by SIDI and more than €320,000 wasnegotiated directly for the partners (offSIDI’s balance sheet).

The growth of SIDI’s co-financing in 2007, up49% over 2006, is explained by the 2006-2008 EU-ACP financing that amounted thatyear to €264,000 of additional support re-sources for Africa and Haiti (see focus 8).

Map of SIDI partners in 2007

Encart n° 8: FONDS EUROPEEN DE FINANCEMENT SOLIDAIREPOUR L’AFRIQUE - EUROPEAN SOLIDARITY FINANCING FUNDFOR AFRICA (FEFISOL)

In association with three European social investors that work in the sou-thern countries, namely ALTERFIN/Belgium, ETIMOS/Italy and the Fun-dacio UnSolMon/Spain, and within the framework of the “FinancingTowards the South” group of FEBEA (European Federation of Ethicaland Alternative Banks), SIDI has decided to set up a European invest-ment fund with a view to reinforcing its actions in Africa and in favourof the financing of the rural world. The four organisations share the same vision and have been working incollaboration with one another for years. The project to create FEFISOLhas been driven by the desire of these four actors to reinforce the com-plementarities and synergies that have already been developed and toachieve significant financial leverage for their partners. The fund’s strategy, which is based on the experience of its founders,consists in providing support for the structures that are being developedand consolidated in Africa and in favour of the financing of the ruralworld. This approach is justified by the fact that the African microfinance mar-ket has a huge potential since so few people have access to traditionalbanking facilities. Indeed, Africa continues to be the most poorly servedcontinent in terms of foreign investment in microfinance.FEFISOL also wishes to stand out from the commercial microfinance in-vestment funds that concentrate on the most mature and profitablestructures in the sector, by essentially focussing its interventions on theprovision of loans and guarantees, as well as participation within insti-tutions that have a mission to provide financial services to the micro-entrepreneurs and producers’ organisations that are excluded from thetraditional banking systems, as well as the producers’ organisationswhose activities are, for the most part, aimed at the export market (no-tably through their membership of fair and/or organic trade networks). Contrary to the current tendency, 80% of FEFISOL’s portfolio will be heldin local currencies. This will serve to protect the financed partners fromexchange rate risks.


AFRICA 22%

ASIA 24%

PECO 5 %MEDITERRANEANBASIN 1 %

THE CARIBBEAN 4% AFRICA/MAIN 10%

FENACOOP (FONDEFER)

FENACOOP (FONDEFER)


Map of SIDI partners in 2007

LATIN AMERICA 34%

Figure n°5: Geographical break-down of financial resources mobilised from alliances in 2007

Future prospects Our three financing tools (participations,loans and guarantees) and our primary ac-tivities (see focus 1, page 4) constitute a so-lid foundation for our mission and for a re-flection on our future strategy. Most of thepartner LFS’s are going through a consoli-dation phase and new requirements for fi-nancing growth and diversification are comingto the fore. This means a need for a great dealof stable financing resources over the long-term and technical tools that are better adap-ted and more sophisticated. In partnershipwith the EU institutions, SIDI would now liketo go further and work on the creation of tworegional tools for achieving a big leverage ef-fect, similar to PROFUND and LACIF:- a fund to finance producer organisations andtheir financial tools in Latin America. This fund,which would be set up in partnership withALTERFIN, is now being put together. - a FEFISOL (European Fund for Solidarity Fi-nancing in Africa) fund, set up by four Euro-pean social investors: ALTERFIN (Belgium), ETI-MOS (Italy), the Un Sol Mon Foundation(Spain) and SIDI (France), in order to shoreup their investments in Africa in support ofrural areas (see focus 8).

The KRK financialservice, Kosovo

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IDI


SIDI’s 2007 financial statements


ASSETS LIABILITIES2007 2006 2007 2006

Capital 9,000 9,000 Net intangible assets - 1 Reserves 259 271Net intangible assets 89 100 Profit/loss for the year 10 -13 Net financial assets 7,182 6,617 Total equities 9,269 9,259

of which shares and claims 3,423 2,739of which loans 3,622 3,787

of which other financial assets 137 91 Provisions 2 125 153

Total fixed assets 7,271 6,717 Loans 611 542Other debts 562 750

F.I.D. International guarantee fund 3 2,292 2,292Claims (net value, including additional income) 460 519 C.D.C. Fund 351 343

CCFD-guarantee 106 219Cash assets 1 5,706 6,322 Shareholders, current account 122

TOTAL 13,437 13,558 TOTAL 13,437 13,558

"S.A. SOFIDEEC BAKER TILLY, external auditor, a member of CRCC in Paris, represented by its chairman Mr Fouad EL

M'GHAZLI, has certified without reservations SIDI's annual accounts, ended December 31, 2007."

SIDI’s income statement at December 31, 2007 in thousands of euro2007 2006

Income Total 1,833 1,635Services (CCFD and additional income) 1 1,725 1,557 Other products and provision reversal 2 108 78

Charges Total 2,258 1,987Current operation income 718 657Wages and salaries 1,103 979Depreciation expense 20 27Additional funding transferred to partners 3 418 324

Operating profit/loss -426 -352Income Total 584 455

Income from portfolio (loans and shares) 4 315 261 Income for current assets 38 90FID resources 56 81Exchange rate gains 4 3Provisions reversal 30 5Other 142 15

Charges Total 165 137Provision for risks on shares and loans 5 5Interests on loans 26 26Exchange rate losses 5 115 102Other 20 4

Financial profit/loss 419 318Exceptional products 117 216Exceptional charges 100 195

Exceptional profit/loss 17 21Income taxes

Net profit/loss 10 -13

SIDI’s balance sheet at December 31, 2007 in thousands of euro

3 Provisions onloans and equityinvestment havesince 2004 beencovered by theF.I.D., a hedgingmechanism thatapplies, with afew exceptions,to all investmentconducted bySIDI. Itcomprisescurrent accountsof shareholderswho areconvinced of theimportance forSIDI to targetdifficultinterventionareas.

3 These are co-financingsfrom internationalpartners transferreddirectly to the partners.These funds only transitthrough SIDI.

5 Exchange rate losses wereoffset by the mobilisation ofCCFD guarantee funds (thecoverage appears in the“other proceeds” line).

4 Income from the portfolioincreases by 21%

2 These areprovisions forrisks andfinancialprovisions forexchange ratelosses.

1 Cash(includingF.I.D.), investedin ethicalsecurities andinvestment realestate.

1 This heading mainlycomprises contributionsreceived from the CCFD tofinance support activities. Mostof these resources are providedto the CCFD from the proceedsof the Faim et Développementinvestment fund (€1 030538,84 at the end of 2007).Resources from internationalpartners are included, whichare either transferred to thepartners or are spent onfinancing SIDI support.

2 Other proceeds include feesfor attending board meetings,application fees, etc.



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Country Partner LFS Category Contribution of which US$/€ Loans and of which in Totalguarantees local currencies at 31/12/06

Burkina Faso MOGTEDO Producers’ organisation - 23 23 23 DR of Congo CCRD Financial institution 7 7 12 18 DR of Congo COODEFI Credit co-operative - 11 11 Guinea CRG Co-operative bank 18 - 18 Guinea FPFD Producers’ organisation - 167 142 167 Madagascar SILAC/TSIRY Producers’ organisation - 50 50 Madagascar SIPEM Financial institution 236 - 236 Mali BMS Commercial bank 152 - 152 Mali JEMENI Co-operative bank - 76 76 76 Mali NIAKO Co-operative bank - 61 61 61 Niger KOKARI Credit co-operative 3 121 121 125 Niger TAANADI Credit co-operative - 98 98 204 Senegal CREC Credit co-operative - 110 110 110 Senegal JAPPOO Association/NGO - 234 234 234 Senegal MEC PROPEM Credit co-operative - 160 160 160 Senegal SAPCA/EGAS Producers’ organisation - 30 30 30 Senegal UGPM Producers’ organisation - 122 122 122 South Africa TEMBEKA Regional fund 381 -0 -0 381 Tanzania AKIBA Commercial bank 272 - 272 Togo MICROFUND Co-operative bank - 46 46 46 Togo TIMPAC Association/NGO - 95 95 95 Togo UCMECS Co-operative bank - 79 79 79Uganda CERUDEB Commercial bank 475 475• Multilateral Africa SMEA Fonds de financement 172 - - 172

AFRICA 1,717 7 1,495 1,398 3,319 Bolivia ANED Association/NGO - 155 155 Chile INDES Financial institution 85 - 85 Colombia CONSOLIDAR Credit co-operative 79 - 79 Ecuador BANCO SOLIDARIO Commercial bank 165 165 - 165 Ecuador FAPECAFES Producers’ organisation - 81 81 Ecuador MCCH Association/NGO - - 247 247 Guatemala REDFASCO Association/NGO - 193 193 Nicaragua FENACOOP Producers’ organisation - 99 99 Peru CAC La Florida Producers’ organisation - 125 125 Peru CONFIANZA Financial institution 142 - 142 Peru CREDI FLORIDA Credit co-operative - 84 84 Peru EDAPROSPO Association/NGO - 130 130 Peru FORTALECER Credit co-operative 50 - 50 Uruguay SAINDESUR Financial institution 109 - 109 • Multilateral Latin AmericaLACIF Regional fund 102 102 - 102

LATIN AMERICA 732 268 1,115 - 1,847 Cambodia AMRET Financial institution 54 - 54 Cambodia HATTHA KAKSEKAR Financial institution 167 167 31 197 Laos FONDS COOPERATIF Co-operative bank 153 34 188 Laos LAO FARMERS PRODUCTS Structure de production - 98 98 • Multilateral Asia MAF (Cordaid/CRS) Regional fund 157 157 - 157

ASIA 531 323 163 - 694 Egypt EACD Association/NGO - 264 264 264 Lebanon NAJDEH Association/NGO - 37 37 Morocco AL AMANA Association/NGO - 246 246 246 Morocco AMSSF Association/NGO - 137 137 Palestine ACAD Association/NGO - 101 101 Palestine CDHOUSING Association/NGO - 33 33 Palestine Fonds de garantie Palestine Association/NGO - 166 166

MEDITERRANEAN BASIN - - 985 510 985 Haiti COD Association/NGO - 48 48 Haiti FONHSUD Association/NGO - 29 29 29

CARIBBEAN 76 29 76Kosovo KRK Financial institution 149 149 80 229 Moldova MICROINVEST Financial institution 80 170 250 • Multilateral Europe SEFEA Regional fund 85 85 - 85

EUROPE 314 234 250 - 564 TOTAL PORTFOLIO 3,295 832 3,619 1,936 7,484As % of total 44% 56%



ADDRESS BOOKAFRICA

BURKINA FASO - ASIENA04 P.O. BOX 8151 OuagadougouPhone: 226 50 39 58 78E-mail: [email protected] [email protected]

BURKINA FASO - MOGTEDOP.O. BOX 48 MogtedoPhone: 00 226 70 12 69 12E-mail: C/O FENOP :[email protected]

BURUNDI – COPEDImmeuble Maison des oeuvres,av. Pierre NgendandumweP.O. BOX 3792 Bujumbura II

BURUNDI – CAPADP.O. BOX 24 BujumburaPhone: 00 257 79 970 470E-mail: [email protected]

DR CONGO - ADIKIVUP.O. BOX 1554 Bukavu ou BP 230LyanguguRwandaPhone: 00 243 81 05 64 947E-mail: [email protected]

DR CONGO - COODEFIP.O. BOX 78 BUTEMBOor C/O RESEAU WIMAP.O. BOX 251KASESE, [email protected]: +243 98 70 97 72 ou +243 81 30 51 867

DR CONGO - LIDE/CCRDP.O. BOX 94Butembo – Nord KivuPhone: 00 243 99 83 86 684E-mail: [email protected];[email protected]

DR CONGO – COOCEC-Kivu05, avenue Kasongo, Ibanda P.O. BOX 1741BukavuPhone: 00 243 998 624 732E-mail: [email protected]

DR Congo – GAMF06 avenue Kasongo, IbandaBukavu, Sud KivuPhone: 00 243 09 98 62 58 30E-mail: [email protected]

GUINEA - Crédit Rural de GuinéeP.O. BOX 3790ConakryPhone: 00 224 41 35 71/45 43 38Fax: 00 224 41 12 78E-mail: [email protected]

GUINEA - Fédération des PaysansProducteurs du Fouta DjalonP.O. BOX 52 - PITAPhone Inmarsat: 00 870 762 638 770Fax Inmarsat: 00 870 762 638 772Website: www.paysansdufouta.org

MADAGASCAR – ADAPSChez Abdallah Moto TanambaoMissionAmbanja 203P.O. BOX 37Phone: 00 261 20 86 503 25or 020 86 930 [email protected]

MADAGASCAR - SIPEMImmeuble SANTA LOT V24, rue Naka RabemanantsoaAntanimenaP.O. BOX 8616 - Antananarivo 101Phone: 00 261 20 22 300 98Fax: 00 261 20 22 355 34E-mail: [email protected]

MADAGASCAR - TITEMLot IVM 7 - AmbodivonaP.O. BOX 1291Antananarivo 101Phone: 00 261 20 24 106 59Fax: 00 261 20 22 658 67E-mail: [email protected]

MADAGASCAR- SILAC/Fédération TSIRYP.O. BOX 89 Avaradrova503 AmbatondrazakaPhone: 00 261 20 54 080 30or 00 261 20 22 230 54E-mail: [email protected]

MALI - AOPPP.O. BOX 3066 – BamakoPhone: 00 223 228 67 81E-mail: [email protected]

MALI - BMS SAImmeuble Diago Aoua. Quartier ACI2000 (près de l’Hôtel Nord-Sud)BamakoPhone: (223) 223 693 9654E-mail: [email protected]

MALI - JEMENIImmeuble Gadjaba Kadjel face placeOMVS – Marché DibidaP.O. BOX 2100BamakoPhone: 00 223 223 4755Fax: 00 223 223 9405E-mail: [email protected]

MALI - NIAKOQuartier Légal SégouKayesPhone/Fax: 00 223 252 44 05E-mail: [email protected]

MOZAMBIQUE - UGCAv. Agostihno NetoMaputoE-mail: [email protected]

NIGER - KOKARIP.O. BOX 11122NiameyPhone/Fax: 00 227 75 25 12E-mail: [email protected]

NIGER - TAANADIP.O. BOX 13376NiameyPhone: 00 227 74 15 69Fax: 00 227 34 01 84E-mail: [email protected]

RWANDA - PREFEDP.O. BOX 1897KigaliPhone: 250 58 31 28 ou 27

SENEGAL – UGPM et CRECP.O. BOX 43MeckhéPhone: 00 221 955 51 13Fax: 00 221 955 52 86E-mail: [email protected]

SENEGAL - MEC PROPEMQuai de PêcheP.O. BOX 1384 M’BourPhone: 00 221 957 38 79E-mail: [email protected]

SENEGAL –JAPPOO DEVELOPPEMENTC/O Escale JAPPOOSaly Niakh-Niakhal. MBOURPhone: 00 221 514 79 0E-mail: [email protected]

SENEGAL – SAPCA/EGASQuartier Diamagueune 1 - BP 1121MBOUR

SOUTH AFRICA - TEMBEKAP.O. BOX 13859Mowbray 7705CAPE TOWNPhone: 00 27 21 447 81 38Fax: 00 27 21 447 81 38E-mail: [email protected]

TANZANIA - AKIBA Commercial BankTDFL Building (Phase II)P.O. BOX 669 - Dar es SalaamPhone: 00 255 222 11 83 40Fax: 00 255 222 11 41 73E-mail: [email protected]

TOGO - MICROFUNDP.O. BOX 61652LoméPhone: 00 228 226 63 20Fax: 00 228 226 63 19E-mail: [email protected]

TOGO – TIMPACP.O. BOX 173 - DapaongPhone: 00 228 770 83 70E-mail: [email protected]

TOGO-UCMECSP.O. BOX 247 DapaongPhone: 00 228 770 84 37E-mail: [email protected]

TOGO - WAGESP.O. BOX 1339LoméPhone: 00 228 222 54 71Fax: 00 228 222 78 99E-mail: [email protected]

UGANDA - CERUDEBPlot 7, Entebbe RoadP.O. BOX 1892KampalaPhone: 00 256 41 251 276Fax: 00 256 41 251 273

UGANDA – SMF EA limitedP.O. BOX 27200- KampalaPlot 25, Block LRV 235, Folio 3 BukotoStr.Phone: 00 256 41 53 28 40

Fax: 00 256 41 53 28 34E-mail: [email protected]

UGANDA - OMIPAP.O. BOX 1240 Kabingo - MbararaPhone: 00 256 48 52 26 11E-mail: [email protected]

MEDITERRANEAN BASSIN

EGYPT - EACD30 El Nile El Abiad de Midan LebnanMohandessine, Giza. Le CairePhone: 00 20 2 304 81 90Fax: 00 20 2 304 81 91E-mail: [email protected]

LEBANON - NAJDEHP.O. BOX 1136099 - BeirutPhone: 00 961 1 30 20 79Fax: 00 961 1 70 33 58E-mail: [email protected]

MOROCCO - AL AMANA28 rue Oum Errabia – AgdalRabatPhone: 00 212 37 77 01 41Fax: 00 212 37 68 67 12E-mail: [email protected]: www.alamana.org

MOROCCO - AMSSF33 résidence EssalamAvenue Al Mohads – Appt. 1Quartier de la GareFèsPhone: 00 212 55 626 764Fax: 00 212 55 733 431E-mail: [email protected]

PALESTINE - ACADP.O. BOX 3816 Al-Bireh Via IsraëlPhone: 00 970 2 240 96 50Fax: 00 970 2 240 96 52E-mail: [email protected]

PALESTINE- CD HOUSINGCO- Operation for DevelopmentP.O. BOX 21476Beit Hanina, JerusalemPhone: 00 970 2 583 37 25E-mail: [email protected]

PALESTINE – ASALAP.O. BOX 2316 RamallahPhone: 00 970 2 240 0532Website: www.asala-pal.org

CARIBBEAN

HAITI - COD/EMHDelmas 95 - # 15 Frères - P.O. BOX 6Port-au-PrincePhone: 00 509 257 75 44Fax: 00 509 257 92 28E-mail: [email protected]

HAITI - FONHSUDRue Egalité - AQUINE-mail: [email protected]

HAITI - KNFP/IMOFOR173 bis Avenue Jean Paul II – TurgeauPort-au-PrincePhone: 00 509 244 07 35/00 509 2448416E-mail: [email protected]



SOUTH AMERICA

BOLIVIA – ANEDCalle Rosendo Gutierrez Nº 679 esq.pasaje Enrique Finot; zona SopocachiCasilla 12528 (Correo Central)La Paz – BoliviaPhone: (591-2) 2418716 – 2418643Fax: (591-2) 2419505E-mail: [email protected]

CHILE - INDESSerrano n° 14 - Dpto 202Comuna de SANTIAGO DE CHILEPhone/Fax: 00 562 63 26 00E-mail: [email protected]: www.indes.cl

COLOMBIA - CONSOLIDARCalle 55 N° 10-76 - Oficina 305BogotáPhone: 00 571 248 99 01E-mail: [email protected]

ECUADOR - BANCO SOLIDARIOAv. Amazonas 3887 y Corea - EdificioGrupo EnlacePBX: 260260 QuitoPhone: 00 593 2 26 85 34Fax: 00 593 2 26 88 43E-mail: [email protected]: www.solidario.com.ec

ECUADOR - FAPECAFESAv. Santiago de la Montanas 06-60,2do. PisoP.O. BOX L-11-01-23 - LojaPhone: 00 593 7 25 83 478Fax: 00 593 7 25 88 403E-mail: [email protected]: www.fapecafes.org.ec

ECUADOR - Fundacion MCCHAvenida Rumichaca S26-365 y CalleMoro Moro esq.Barrio Turubamba - QuitoPhone : 00 593 2 267 0925/ 0926Fax: 00 593 2 262 3927/267 33 66E-mail: [email protected]

GUATEMALA – RED FASCOSanta Rita Salcajá - QuetzaltenangoPhone: 5979-0480 / 7768-9043

NICARAGUA - FONDEFER-FENACOOPManaguaPhone/Fax: 00 505 270 70 00E-mail: [email protected] [email protected]

PERU - LA-CIFBolivar # 472 - bureau 702/703Lima 18Phone: 00 511 446 8877Fax: 00 511 446 8585E-mail: [email protected]@cyrano-management.com

PERU - EDAPROSPOOctavio Bernal 598 - Jesús MaríaApartado Postal : 110325Lima 11Phone: 00 511 463 4173 / 00 511 461 6014Fax: 00 511 463 0776E-mail: [email protected]

PERU – Cooperativa Agraria LA FLORIDA

Av. Peru N° 432-444Pampa del CarmenLa Merced - ChanchamayoPhone: 00 516 453 11 93Fax: 00 516 453 11 90E-mail: [email protected]

PERU – CREDIFLORIDAAv. Peru N° 432-444Pampa del CarmenLa Merced – ChanchamayoE-mail: [email protected]

PERU – Edpyme CONFIANZAAvenida Centenario N° 356 – San Carlos 6Apartado 125 - HuancayoPhone: 00 5164 217 000Fax: 00 5164 212 417E-mail:[email protected]

PERU – FORTALECERLeón Velarde # 333 - Lince - LIMAPhone : 00 51 1 265 53 65

URUGUAY – SAINDESURBulevar Artigas 1119 - SubsueloMontevideoPhone/Fax: 00 598 2 402 27 80E-mail: [email protected]

ASIA

ASIA - M.A.F.Microfinance Alliance FundP.O. BOX 1379, CPO ManilaCBCP Building – 470 Gen. Luna St.Intramuros 1002 ManilaPhilippinesPhone: 00 63 2 527 8331 to 35Fax: 00 63 2 527 41 40

CAMBODIA - AMRET35 B. Street 169.BP 411 Phnom PenhPhone: 00 855 23 880 942Fax: 00 855 23 881 342E-mail: [email protected]: www.amret.com.kh

CAMBODIA - HATTHA KAKSEKARP.O. BOX 2044#239, Trasakpaem, blvd (63), SangkatBeng Keng Kang 1, KhanChamkamornPhnom Penh 3Phone:855-23-994 304Fax:855-23-996 306E-mail: [email protected]: www.hkl.com.kh

LAOS - Fonds Coopératif S.A.N° 070/01, Nouay 01Ban Thongkhankham-TayMuong ChanthabouryP.O. BOX 74 37VientianePhone: 00 856 21 26 18 25E-mail: [email protected]

LAOS - Lao Farmer Products158 rue Mittaphab Lao-ThaiNakhoneluang Vientiane Lao RDPPhone: 856 21 31 28 86Fax: 856 21 31 44 25E-mail: [email protected]

VIETNAM – CEP

14C, Cach Mang Thang TamDist 1. Ho Chi Minh VillePhone: 00 848 822 0959E-mail: [email protected]

CENTRAL AND EASTERN EUROPE

EUROPE- SEFEA S.cVia N. Tomaseo, 735131 - Padova – ItalyPhone: 0039 049 877 1176Fax: 0039 049 7399799E-mail: [email protected]

KOSOVO – KRK (Kreditimi Rural IKosoves LLC)Rexhep Mala Street n°4Pristina - KosovoPhone: 00 381 38 24 35 54

MOLDOVA – MICROINVEST16 Puskin StreetChisinau, MD-2012Phone: 00 373 22 21 27 64/65/68Fax: 00 373 22 22 99 02E-mail: [email protected]

SOUTHERN NETWORKS

AFRICA - MAINBureau Abidjan - Côte d'Ivoire20 P.O. BOX 1359 - ABIDJAN 20Bureau Addis-Ababa - EthiopiaP.O. BOX 278 - Addis AbabaE-mail: [email protected]: www.mfiain.org

SOUTH AMERICA – FOROLACAvenida Arce 2081, esq. MontevideoEdificio Montevideo – Piso 3La Paz – BoliviaE-mail: [email protected]

MEDITERRANEAN BASIN - SANABEL1 El Sad El Aly Square., 5th floor,Suite 51, Dokki, Cairo,Egypt Phone: (20-2) 337-0714, 748-8624Fax: (20-2) 337-0714. Website:www.sanabelnetwork.org

NORTHERN NETWORKS

EUROPE - INAISEChaussée de Charleroi 51BB-1060 Brussels- BelgiumPhone: 00 32 2 234 57 97Fax: 00 32 2 234 57 98E-mail: [email protected]

EUROPE- FEBEA4-6 rue de Pascal1040 BrusselsBelgiumPhone: 00 32 2 280 00 04E-mail: [email protected]

FRANCE- ESF32 Rue Le Peletier75009 ParisPhone: 01 48 00 96 82E-mail: [email protected]

FRANCE - FINANSOL57 bvd de la Villette75010 ParisPhone: 01 53 36 80 60

GOVERNANCE AT MAY 30, 2008

BOARD OF DIRECTORS

SCHMITZ ChristianChairman of the Boardof Directors

GUENARD GenevièveBoard Member

RICARD Xavier Board Member

CONSEIL DE SURVEILLANCE

THOMAS JoëlChairman

MESNY PhilippeVice-chairman

CAISSE DES DEPOTS ETCONSIGNATIONSRepresented by HocineTANDJAOUI

COMITE CATHOLIQUECONTRE LA FAIM ET POUR LEDEVELOPPEMENTRepresented by MartialLESAY

CONGREGATION DES SŒURSAUXILIATRICES Represented by Sœur Marie-Thérèse GAUD

CONGREGATION DES URSULINESDE JESUSRepresented by SœurChristiane GROSSIN

CORDAIDRepresented by JacobWINTER

CREDIT COOPERATIFRepresented by LaurenceMORET

EPARGNE SOLIDARITEDEVELOPPEMENTRepresented byGuy DEQUEKER

BITSCH GérardMember



12 rue Guy de la Brosse75005 ParisPhone: 33(1)40 46 70 00Fax: 33(1) 46 34 81 18www.sidi.fr

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annual report 2007

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