May 2008 eNewsletter

In this issue

• GF Extends Sympathy to those Affected by Earthquake [2]
• Progress out of Poverty Site Launched [3]
• Fight Poverty. Pledge Your Tax Rebate  [4]
• Mifos Test in Nepal Yields Best Practices for MFIs [5]
• ACSI Secures First GF Growth Guarantee in East Africa [6]
• Excerpt from Small Loans, Big Dreams [7]
• Coming Soon! New Travelogue [8]

GF Extends Sympathy to those Affected by Earthquake

ARPAS will continue its microfinance work

Over the past two weeks, two tragedies of an unimaginable scale have hit Asia.  The cyclone and its aftermath continue to devastate the citizens of Myanmar, while in China, rescue teams are just beginning to assess the scale of damage caused by the earthquake.

We extend our deepest condolences to those directly affected by these tragedies. We are also grateful to those who have expressed their concern for ARDPAS [10], our partner microfinance institution located in China’s Sichuan province. We have been in touch with them since them the earthquake and are relieved to report that all staff and clients of ARDPAS are safe, although some clients’ homes have been affected. Currently ARDPAS does not plan to introduce any special projects related as they are not equipped to do disaster relief.

As the situation in China turns from relief to reconstruction, there will be a significant need for long-term rehabilitation of people, homes and communities in Sichuan province. We will be working with ARDPAS and others to help make  microfinance available so that the  devastated entrepreneurs can rebuild their lives and communities.

Grameen Foundation

Progress out of Poverty Site Launched

Fight Poverty. Pledge Your Tax Rebate

  Mifos Test in Nepal Yields Best Practices for MFIs

Nepal is proving to be the first testing ground for building an ecosystem for Mifos, [13] GF’s open source information management platform.  Magnus Consulting Group Private Ltd [14], a local firm, discovered Mifos [13] while seeking open source solutions for its microfinance clients and since September has been working with the Centre for Self-help Development-Nepal [15] and SB Bank to incorporate it into their operations. The experience is providing a blueprint that can guide other IT firms and MFIs interested in adopting Mifos [13]. More [16]

ACSI Secures First GF Growth Guarantee in East Africa

Grameen Foundation has completed its first Growth Guarantee placement in East Africa which mobilized US$5.3 million for Amhara Credit and Savings Institution (ACSI) [17]. Recognized by Forbes magazine as one of the top ten microfinance institutions (MFIs) globally [18], ACSI is the largest MFI in Ethiopia and one of the largest in sub-Saharan Africa. More [19]

Excerpt from Small Loans, Big Dreams [20],
by Alex Counts

In the front of the store, Queenesta strode up to the door and tried to fix it. She failed; the door had only two positions, open and stuck. Her attention drifted to a store across the street, on the corner of Mason Street and North Avenue, to a red neon signboard that had been placed in the window of a video rental shop three days earlier; it read, “JD’s Records and CD’s.”

The establishment of JD’s meant the end of Queenesta’s reign as the only music retailer on the block. JD had most of the same titles she had, except that he carried a better selection of compact discs and charged about 50 cents more than she did. Though she didn’t’ share with Victor her worries of being driven out of business, for the past several days, she had been a nervous wreck. More [21]

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Coming soon: New Travelogue

Voices from the field [22], a new travelogue by Grameen Foundation staff, will feature those working on the front lines of the battle against poverty.