Desjardins Launches Microfinance Support Fund
Toronto, Canada, December, 01 2011 -
Desjardins Group has launched the Desjardins Fund for Inclusive Finance, an investment fund aimed at developing the microfinance sector in emerging or developing countries. With initial funding of $5 million and eventual full funding of $10 million, the Desjardins Fund for Inclusive Finance will have a ten-year term with a possible two-year extension.
“This powerful tool will make a major contribution to disseminating the business model, values and experience available from Desjardins in the area of inclusive finance resulting in greater access by the disadvantaged to safe, diversified financial services tailored to their needs,” explained Anne Gaboury, vice-president, Développement international Desjardins.
The fund is intended primarily to support the creation and strengthening of microfinance institutions such as financial centres for entrepreneurs and to deliver support for institutions operating in the field of microinsurance, pension funds and housing finance in addition to sector funds aimed at financing a wide range of microfinance institutions.
Equity investments made through the fund will improve governance in the institutions being financed and enable these institutions to eventually tap international financial markets.