Grameen Foundation : Resource Center : Print Newsletter : Spring 2007 : Opening Doors: GF Expands in China
Opening Doors: GF Expands in China
With more than 220 million people living below $1 a day, China is the second largest potential market for microfinance. China’s poorest people struggle to gain access not just to food, health care and education, but also to financial services.
Building on Grameen Foundation’s (GF) work in the country since 2000 with its partner
Funding for the Poor Cooperative, GF kicked off its expansion in China by adding two new microfinance institution (MFI) partners: Chifeng Zhaowuda Women’s Sustainable
Development Association (Chifeng) in Inner Mongolia and Association for Rural Development of Poor Areas in Sichuan (ARDPAS) in Sichuan Province.
Grameen Foundation plans to nearly double its three partners’ collective client outreach by 2008, extending microfinance to nearly 35,000 of China’s poorest families. To do this, GF staff are trailblazing through difficult political and environmental conditions. The fledgling MFIs face significant capital constraints as they work to reach China’s poor, who mostly live in remote rural areas.
By providing a tailored suite of technical support and financing, GF is laying the foundation for its partners to scale up. “These three partners show promise to achieve a vision of growth,” says Kate Druschel , GF’s Regional Coordinator overseeing the work in China.
Grameen Foundation recently held a three-day long training for its partners. Kate met
with Li Feng Yun, a borrower from Chifeng.
Li Feng Yun makes cotton batting to use for stuffing pillows and blankets. She received her first loan of 4000 Renminbi (US$515) from Chifeng in 2004, and has seen her business’ profits steadily grow. Li relies on the personal support and business advice that is shared during meetings with her group to grow her business and remain successful. The other borrowers “provide advice on life and work,” Li says. “The meetings are very helpful.”
Grameen Foundation : Resource Center : Print Newsletter : Spring 2007 : Opening Doors: GF Expands in China
Grameen Foundation uses microfinance and innovative technology to fight global poverty and bring opportunities to the world's poorest people. With tiny loans and financial services, we help the poor, mostly women, start businesses and escape poverty. Our global network of 55 microfinance institution (MFI) partners including our Growth Guarantee partners has touched more than 34 million people in 24 countries. In addition, we introduced and now sustain technology initiatives (Mifos and Village Phone) in Cameroon, Kenya, Rwanda, and Uganda, bringing our total country outreach to 28.
+1-202-628-3560 www.grameenfoundation.org
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