International Development Grant
Participation in Institutional Funding - Microfinance
Project Number: CA-3-A034197001
Status: Closed
Country/Region:
Maximum Contribution: $4,925,000.00
Start Date: March 26, 2008
End Date: October 03, 2016
Duration: 8.5 years
Project Description
The purpose of this project is to support the Government of Senegal in implementing its microfinance sector policy action plan. The project focuses on two areas of intervention: the supply of tailored products and services and the development of an institutional framework to allow organized and concerted sector management. More specifically this project aims to provide greater and sustainable access to financial services for the people of Senegal especially the rural and semi-urban poor. These efforts help reduce poverty and promote employment related to the production and processing of various agri food products. Particular support is provided to microfinance institutions to promote effective and sustainable associations. The United Nations Capital Development Fund (UNCDF) coordinates this support.
Progress & Results Achieved
Results achieved as of March 2014 include: (1) three new micro-finance institutions have been approved bringing the number of institutions supported since the beginning of the project up to 10; (2) CIDA funding also allowed the creation of 28 new credit unions three mobile tellers and 233 service points accounting for 35 959 new clients about $ 3 million CND in savings and $ 10 million CND in credit; and (3) Five training sessions were given in 2011 to micro-finance institutions on governance institutional management and regulations to go along with the other training to which they have access. Results achieved are contributing to the development distribution and integration of financial products and services adapted to the public and the rural population in the Niayes and Casamance regions.
Key Information
Executing Agency:
UNCDF - United Nations Capital Development Fund
Reporting Organization:
Global Affairs Canada
Program:
WGM Africa
Last Modified:
September 19, 2025
Development Classifications
DAC Sector:
Aid Type: Project-type interventions
Collaboration: Bilateral
Finance Type: Aid grant excluding debt reorganisation
Selection Mechanism:
Pre-APP