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

THE ACTIVITIES OF SIDI

AND ITS PARTNERS

INTERNATIONAL SOLIDARITY FOR DEVELOPMENT AND INVESTMENT

RAsidi2007GAB-VersionGB:Mise en page 1 7/07/08 11:16 Page 2

Table of Contents
4
Solidarity support and financing

Design and realization : SIDI - Poussières d’Étoiles - Courtabœuf (91) 01 60 92 42 72

Solidarity financing in 2007
Solidarity support in 2007

An activity centred on rural development 7

• Backing the consolidation and diversification of LFS in a context of growth THE ACTIVITIES OF SIDI
AND ITS PARTNERS

• 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 INTERNATIONAL SOLIDARITY FOR DEVELOPMENT AND INVESTMENT

13
The Solidarity Chain for Financing
The Solidarity Chain for Financing
Alliances in the North
Future prospects

SIDI’s financial statements and portfolio 16

Address Book

INTERNATIONAL SOLIDARITY FOR DEVELOPMENT AND INVESTMENT

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

ACAD: Arab Center for Agricultural Development (Palestine)
ACP: Africa, Caribbean, Pacific
ADI-Kivu: Association pour le Développement intégré au Kivu
(RD Congo)
AFD: Development French Agency (France)
Glossary
COODEFI: Coopérative Financière et de Développement
Economique (DR of Congo)
CORDAID: Catholic Organisation for Relief and Development
(The Netherlands)
CREC: Caisse Régionale d'Epargne-Crédit (Senegal)
JIF: Joint Investment Fund (Fonds Commun de Placement –
solidarity-based savings product)
KNFP: National Council for grassroot financial system (Haiti)
KOKARI: Co-operative of intermediation in rural credit services
(Niger)
PREFED: Programme Régional de Formation et d'Echanges
pour le Développement (Rwanda)
PROFUND: Fondo de Inversiones incorporado en Panamá
SAINDESUR: Inversiones para el desarrollo (Uruguay)

AKIBA: Commercial Bank Akiba (Tanzanie)
AL AMANA: « respect du dépôt » (Morocco)
ALTERFIN: Financial Cooperative (Belgium)
AMRET: new name EMT "Ennatien Moulethan Tchonnebat "
(Cambodia)
AMSSF: Association Marocaine Solidarité Sans Frontière
(Morocco)
ANED: Asociacion nacional Ecumenica de desarrollo (Bolivia)
AOPP: Association des Organisations Professionnelles
Paysannes (Mali)
ASIENA: Association Inter-Institut « Ensemble et Avec »
(Burkina Faso)
BANCOSOL: Banco Solidario (Bolivie)
BANRURAL: Rural Development Bank
BMS: Banque Malienne de Solidarité (Mali)
BNPP: Banque Nationale de Paris Paribas (France)
CAC La Florida: Cooperativa Agraria Cafetalera La Florida
(Peru)
CCFD: Catholic Committee against hunger and for
development (France)
CCRD: Caisse de Crédit Rural pour le Développement (DR of
Congo)
CERUDEB: Centenary Rural Development Bank (Uganda)
CONFIANZA: Entidad de Desarrollo para la pequeña y micro
empresa (Peru)
CONSOLIDAR: Cooperativa Corfas de Crédito Solidario
(Colombia)
CRG: Rural credit of Guinea (Guinea)
EACD: Egyptian Asociation for global development (Egypt)
EDAPROSPO: Equipo de Aseroramiento a Actividades
Productivas de Sectores Populares (Peru)
EFSE: European Fund for Southern Europe
ESD: Saving solidarity Development association (France)
ETIMOS: Institution de second niveau de refinancement (Italy)
EU: European Union
FAPECAES: Federación Regional de Asociaciones de Pequenos
Cafetaleros Ecologicos del Sur (Ecuador)
FENACOOP: Federación Nacional de Cooperativas
Agropecuarias y agroindustriales (Nicaragua)
FC: Fonds Coopératif (Laos)
FEBEA: Fédération Européenne de Finances et Banques
Ethiques et Alternatives (Belgique)
FEFISOL: Fonds Européen de Financement Solidaire
FID: Fonds d'Incitation au Développement (France)
FINANSOL: Association de Finances et Solidarité/SIDI
FONDEFER: Fondo de Fomento Economico Rural (Nicaragua)
FONHSUD: Fonds Haïtien d’appui au développement du Sud (Haïti)
FOROLAC FR: Foro Latinoamericano y del Caribe de Finanzas
Rurales
FPFD: Fédération des Paysans du Fouta Djalon (Guinea)
INDES: Inversiones para el Desarrollo (Chile)
JAPPOO: Solidarity in wolof (Senegal)
JEMENI: Union des Caisses Mutuelles d'Epargne et de Crédit
(Mali)
KRK: Kreditimi Rural I Kosoves LLC (Kosovo)
SEFEA: Société Européenne pour la Finance Ethique et
LA-CIF: Latin American Challenge Investment Fund (South
America) Alternative
LAO FARMERS PRODUCTS: Société coopérative de
SILAC/TSIRY: Société Industrielle et Agricole du Lac
transformation et commercialisation des produits agricoles et
forestiers (Laos) Alaotra/Fédération TSIRY des groupements de producteurs
LFS: Local Financial services (Madagascar)
LIDE: Ligue pour le Développement (Northern Kivu)
MAE: Ministère des Affaires Etrangères (France) SIPEM: Investment Company for Investment Promotion in
MAF: Microfinance Alliance Fund (Asia) Madagascar (Madagascar)
MAIN: Microfinance African Institution Network (réseau
SMEA: Stromme Microfinance East African Limited (Uganda) :
africain de microfinance) (Ethiopia)
MCCH: Maquita Cushuncic Comercializando Hermanos TAANADI: Coopératives de services financiers (Niger)
(Ecuador) TEMBEKA: Social investment Company Limited (South Africa)
MEC PROPEM: Mutuelle d'Epargne et de Crédit pour la
Promotion de la Pêche à Mbour (Senegal)MICROFUND: TIMPAC: Tous impliqués dans la mobilisation des ressources
Institution mutualiste de droit togolais (Togo) locales et la promotion des actions communautaires (Togo)
MICROFUN: Institution mutualiste de droit togolais (Togo)
TITEM: Savings and credits for local associations (Madagascar)
MISEREOR: Aktion Gegen Hunger Und Krankheit In Der Welt
(Germany) UCMECS: Union des Caisses Mutuelles d'Epargne et de Crédit
MFI: Microfinance institution
dans la région des Savannes (Togo)
MUSO: solidarity credit union
NIAKO: Union de caisses d'épargne crédit à Kayes (Mali) UGPM: Union des Groupements Paysans de Meckhé (Senegal)
OMIPA: Oruchinga Microfinance Promotion Agency (Uganda) UN SOL MON: Fundatio Un Sol Mon (Spain)
OP: Projet d'Appui à la Réglementation des Mutuelles
WAGES: Women Association for both Gain Economic and
d'Epargne et de Crédit
PARMEC: Producers' organisation Social (Togo)
 RAsidi2007GAB-VersionGB:Mise en page 1 7/07/08
Chairman’s Message
Dear friends,
Your commitment to support SIDI’s actions has a conside-
Design and realization : SIDI - Poussières d’Étoiles - Courtabœuf (91) 01 60 92 42 72
rable leverage effect as part of the solidarity chain for fi-
nancing. It enables SIDI to contribute to the creation of
conditions 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 improve
the social and economic conditions of our clients in their
countries, 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 the
SIDI team that participated in this important event with
the 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 instrument
for the implementation of the CCFD’s mission regarding
the Social and Solidarity Economy. The SIDI guidelines are
perfectly in keeping with the support policy for partners,
as set out in the CCFD Orientation Report 2008-2012.
During this national meeting, Majid Rahnema1 reminded
the participants of the importance of “seeing a source of
strength in the poor” and of “seeing, in each person, an
individual that has a huge potential that must be allowed
to be expressed.” This is the real challenge for SIDI in its
work with millions of artisans, micro-entrepreneurs and
small rural producers, as it strives to provide them with ac-
cess to financial services that have been adapted to suit
their needs.
By establishing an instrument such as SIDI some 25 years
ago, the CCFD was able to establish a form of solidarity fi-
nancing to be at the service of populations that are both
disadvantaged and excluded from financial services.
SIDI develops an approach that promotes a social added
value to the actions it supports and it is this “additional
element 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 the
time to listen, to develop the quality and potential
of the partners, to build trust, to adapt supply to
demand.
❚ By taking risks in areas that are difficult and poorly
served.
❚ By applying costs that are adapted to the local
contexts and needs, thanks to the donation ele-
ment of its financial structure provided by the re-
venue generated by the Faim & Développement
investment 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 upon
to save and to invest in a different way and, in the
11:16 Page 3
southern hemisphere, is urged to establish systems
designed to provide local access to basic financial ser-
vices for populations that are disadvantaged and/or
excluded from traditional financial services. SIDI is a
fully-fledged actor in the social and solidarity economy,
since it contributes to the creation and development
of the tools that are required in order to make pro-
gress towards these objectives.
SIDI is a social investor and draws support from the
ESD Association (A Solidarity Development Savings
Association) in order to mobilise individual sharehol-
ders. Furthermore, SIDI continues to promote the de-
velopment of a network of alliances with the public
institutional actors (the French Development Agency,
the Ministry for Foreign Affairs, the Caisse des Dépôts
et Consignations, the European Union, various forms
of 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 Stromme
Foundations, Calvert, Oikos, etc. … who are now dis-
covering the value and interest of the “solidarity chain
for financing” structure that has been established by
SIDI.
At 31/12/2007, SIDI had established a financial and
technical relationship with 56 MFIs in some thirty
countries and had attained an investment portfolio
level of 7.5 million Euros. Furthermore, SIDI has ini-
tiated a technical assistance relationship with more
than thirty other partners, which, for the majority of
them, should lead to investment being made over the
forthcoming five year period. In order to achieve all
of this, SIDI has mobilised a permanent team and also
leads several teams of volunteers in order to provide
technical assistance on the one hand and, on the
other, to reinforce the on-going promotion of the ethi-
cal and shared financial products proposed by the
CCFD.
Whilst reading this report, you will discover different
forms 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 to
focus 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 of
our actions during the next strategic plan that is cur-
rently being drawn up for the 2009-2012 period: a
European Solidarity Financing Fund (FEFISOL)2 and a
fund 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 Africa
with Tembeka, SMEA in Uganda, BMS in Mali, etc. In
order to reinforce and to support these projects in the
future, at the Supervisory Board meetings held in
2008, the SIDI shareholders gave their approval, in
Christian SCHMITZ
Chairman of the Board, Paris, 30 May 2008
principle, to a proposal to increase capital so as to
cover financing requirements for the period 2009-
2012. The challenges that have been taken up since
the beginning of the 2006-2008 plan will continue
to be pursued both this year and over the course of
the years to come, with particular emphasis being
placed 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 populations
go far beyond this. It is therefore necessary to conti-
nue to diversify the provision of services that have
been adapted in the best possible way to these
needs.
❚ The financial needs of the rural world: together with
its partners, the SIDI team is striving to identify the
best strategies to help people in rural areas to
emerge from the vicious circle of poverty.
❚ The mobilisation of resources in the South: efforts
to seek out financing in the South often come up
against numerous constraints, notably a lack ins-
truments to mobilise local funds. The challenge is
therefore to strengthen the solidarity chain for fi-
nancing the South.
❚ Ensuring that the fairest possible cost structure is
applied to the financial support provided. In other
words, the associated costs must respect SIDI’s fun-
damental principles, so as to avoid penalising the
partner institutions.
Thanks to you, the solidarity chain for financing can
grow and can be multiplied in each and every place
in which there are people who wish to undertake ac-
tion, based on the vast potential they have within
themselves, in order to establish a living and dynamic
social and economic fabric.
Christian Schmitz
Chairman of the Board, May 2008.
1 Majid Rahnema : former Iranian diplomat,
former United Nations representative-resident
in Mali, author of « Quand la misère chasse la
pauvreté », published by Fayard/Actes Sud
(Paris, 2003).
2 FEFISOL : see Chapter 3.
3 FOPEPRO : see Chapter 3.
THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007 3
RAsidi2007GAB-VersionGB:Mise en page 1
Solidarity support and financing
Over the past 30 years, microfinance
has become an economic sector in its
own right, providing financial services
to nearly 120 million people in around
150 countries. It has become a leading
instrument for fighting poverty. Set up
25 years by the CCFD, SIDI is part of
this movement, conducting activities fo-
cusing on solidarity investment and
support for the development of its part-
ners in the South and East.
Focus n°1: A brief guide to SIDI
Our identity
SIDI is a joint stock company that was created in
1983 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 to
needs that are not covered by the traditional fi-
nancial market and promotes the development of
alternative and innovatory initiatives and projects.
Our mission is the consolidation of Local Finan-
cing Structures (LFS) in both the South and the East
with our “partners,” so that they can develop fi-
nancial services that are adapted to meet with the
needs of the local populations over the long term.
Our profession is that of being a responsible and
patient solidarity investor. Our work consists in the
provision of financial services (loans, participation
in capital, guarantees) and assistance to the LFS.
A team of staff members (including nine geogra-
phical desk officers, a social viability officer and an
officer for institutional partnerships) and a dozen
4 THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007
7/07/08 11:16 Page 4
Solidarity financing
in 2007
SIDI’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 populations
that find themselves excluded from the
conventional banking system. To that end, SIDI
calls on three investment tools: loans, equity
financing and guarantees (see focus 1) and al-
ways provides technical support to the part-
ner local financial structures (LFS) in advance
or in support of investment. In 2007, new and
powerful microfinance players arrived in large
numbers on the scene (commercial banks, pu-
blic or private investment funds, Internet
platforms, 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
or so voluntary consultants, have expertise in the
following fields:
- financial procedures (engineering, establishment
of a participation, loans, guarantees)
- local assistance and guidance (membership of
the board of directors, training of local staff, sup-
port in the elaboration of development plans, new
products, 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 been
travelling for almost 25 years, SIDI has focussed a
great deal of effort on the creation of a “solidarity
chain for financing,” that is both active and enga-
ged in a process of sharing between the North and
the South. This means a sharing of the revenue
generated by solidarity savings in the North, a sha-
ring in the risks with the institutions in the South
and a sharing of know-how.
This sharing dimension, which is at the heart of our
mission, is achieved through the articulation bet-
areas in terms of the duration of loans, in-
terest rates, risk coverage, etc.
• renewal of certain participations in several
countries.
● A portfolio of 7.5 million euros,
mainly investment in rural areas
SIDI’s financial commitment to local financial
structures in the South and East amounted
to 7.5 million euros at 31 December 2007,
a 14% increase in one year. However, this
portfolio growth in 2007 fell short of the
25%growth recorded in 2006. This fall is
mainly explained by investments that came
to an end. Investment in 2007 amounted to
2.3 million euros and disinvestment totalled
1.4 million euros. Nearly two-thirds of SIDI’s
total portfolio targets rural areas.
● A new portfolio balance between
equity financing and loans
At 31 December 2007, 48% of SIDI’s port- ➜
ween “donations”, which are at the foundation of
our 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 and
the donations made in France through the CCFD.
The risk element is expressed through:
• the taking of responsibility for exchange rate
risks. On the one hand SIDI and two religious
congregations have created the FID, – a Fund to
promote development – which enables us to par-
tially cover exchange rate risks related to our in-
vestments. On the other hand, the CCFD also
contributes to the guarantee provision by this year
accepting 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 continues
to play a pioneering role, especially in the Great
Lakes region (Rwanda, Congo, Burundi).
 RAsidi2007GAB-VersionGB:Mise en page 1 7/07/08 11:16 Page 5

➜ 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 been
greater than total equity financing; howe-
ver a rebalancing occurred in 2007 in favour
of equity financing. This trend resulted
from the sizeable investments in West
Africa and a commitment to the rural areas,
where loans are the investment of choice for
small co-ops, credit unions, etc. Neverthe-
less, equity investment in a local financial
service remains SIDI preferred means of sho-
wing solidarity in the form of a long-term
undertaking and a sharing of the risks, wi-
thout seeking an immediate financial return
but rather financial independence of the lo-
cal financial structures. Guarantees in our
portfolio increased thanks to the esta-
blishment of several contracts in Palestine
and negotiations with BNP Paribas and its
branches 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’s
portfolio 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 receiving
the bulk of SIDI’s investment, where 9% of
our portfolio went to nine partners located
in 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 a
maximum of €475,000 invested in CERU-
DEB (Uganda). .
● 56 investment projects
in 28 countries
SIDI has financial relations with 56 partners,
seven of which were new in 2007: JAPPOO
in Senegal, SILAC/TSIRY in Madagascar,
FORNTALECER in Peru, REDFASCO in Gua-
temala and ACAD, CD-HOUSING and the
Guarantee 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 in
Asia, SEFEA for Eastern European countries
and SMEA, which offers financing in East
Africa.
● Solidarity financing and risk
Apart from the priority accorded to Africa and
to rural areas, SIDI continues to take the ini-
tiative in the so-called risk countries. SIDI’s
position 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 provide
financial services in a risk context. SIDI has
invested, along with other European alliances,
in a guarantee fund for Palestine, a country
where SIDI has long-standing activities, as well
as in two Palestinian institutions, ACAD and
CD Housing. SIDI also mobilised considera-
ble resources in the Great Lakes Region of East
Africa. More than half of SIDI’s investment is
done in local currencies (59% in 2007). In that
way, SIDI conducts financing initiatives that
go well beyond the usual microfinance prac-
tices. The majority of our 56 partners are not
high-flying microfinance institutions but ra-
ther associations, producer organisations
and savings and loan co-ops (see figure 3)
Solidarity support in 2007
SIDI supports 91 partners in 28 countries in
the South and East, of which 56 received fi- ➜

FID Revenue from joint Focus n°2: The Solidarity Chain for financing
Capital investment fund
€ 9 millions and CCFD
€ 1.1 million/year
Mobilisation of funds
Refinancing fund Technical Assistance Fund from alliances

LFS: Local financial services

PO: Producers’organisations

LFS PO LFS LFS PO LFS

FID: Development incentive Fund

Figure 1: Geographical breakdown of the portfolio in 2007 Figure 2: expenditure incurred in 2007 for
partner support
Eastern Europe 8% The Caribbean 1% Total in 2006 Total in 2007
Mediterranean basin 13% K€ K€
Africa 744 806
Mediterranean basin 56 114
Asia 9% Africa 44% Latin America 113 118
Asia 128 107
Eastern Europe 27 154
Haiti 120 44
Latin America 25%
Horizontal Support 187 267
TOTAL 1 375 1 610
THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007 5
RAsidi2007GAB-VersionGB:Mise en page 1
➜ 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, Kosovo
and Peru, among others, and updated its in-
volved in the governance of certain local fi-
nancial structures.
• to support local financing structures in
their strategy, their search for financing, the
development of new products, etc.
• the creation, by the partners, of social and
economic added-value for the populations,
i.e. real growth in the income of the rural
populations and reduced vulnerability.
• the development of financial services in
isolated rural areas that have shown to be
highly innovative (solidarity credit unions,
new products, etc.)
• the creation of synergy among partici-
pants in complementary projects, such as
banks and producer organisations, LFS’s and
viable markets, etc.
This support takes the form of one-off sup-
port missions, of which there are around
200 per year, set in motion by the team of 9
geographical leaders backed by the Chair-
man of the Board and by around ten volun-
teer consultants, most of whom are retirees
Figure n°3: Break-down of the portfolio according to amounts per type of LSF
Union des Caisses 6%
Producers’
organisations 9%
Credit
Cooperatives 11%
Financing funds
12%
Commercial banks 14%
6 THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007
7/07/08 11:16 Page 6
from the banking sector, the law or deve- operation partners (€0.6 millions in 2007,
lopment activities. i.e. a 49% increase over 2006), which co-
vered 25% of our expenses (see page 14).
In 2007, SIDI’s day-to-day operations – sup- This increase was generated by EU-ACP co-
port and advice for partners, methodological financing (see page 15).
work, communications, headquarters ex-
penses – required 2.3 million euros, of
which 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 Chain
for Financing (shared income from the Faim
et Developpement investment fund; see Describing in a few pages SIDI’s goals and the
focus 2), from cooperation contracts that we salient points of its 2007 activities was easier
negotiate with alliances and from institu- said than done. This year, we have highlighted
tional donors, as well as portfolio income: the financing of agriculture, rural development
and financing in crisis zones. In all these areas
• revenue shared from solidarity investment SIDI has for several years been making a strong
and donations from CCFD (€1.1 million) commitment, which it intends to boost in the
that together cover 50% of our expenses. forthcoming years.
• investment income (€0.6 million) covering
25% of our expenses. The income from our
portfolio amounted to €315,000, 53% of
which came from the distribution of divi-
dends generated by equity investment and
47% from loan interest.
• co-financing granted by international co-
© SIDI
Senegal, a woman preparing yet
(cymbium) prior to fermentation for
tieboudien (the national rice and fish dish).
Production structure 1%
NGO associations 29%
Financial institutions 18%
RAsidi2007GAB-VersionGB:Mise en page 1 7/07/08 11:16 Page 7
An activity
centred on rural development
Backing the consolidation
and diversification of local
financing structures in a
context of growth
Participating in the capital of a local finan-
cing structure is SIDI’s preferred means of
investment because it is a way of providing
solidarity for the long-term, an average of
10 years, without seeking an immediate fi-
nancial return. SIDI highlights the consoli-
dation and structuring of local financing
structures g through a growth period at the
same time that it maintains the momentum
Rice hulling, Betafo,
of initiatives and experiments that are at the
Madagascar heart of its activities and its positioning.
(photo TITEM)
● Supporting the consolidation
of the LFS’s via searches
for 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 in
the last two years (see focus 3). The local fi-
nancing structures are seeking financing
from commercial sources, i.e. banks and in-
vestment funds, in order to pursue their
growth and extend the scope of their ser-
vices. SIDI acts as a middleman, introducing
the LFS’s to financial partners in order to es-
tablish trust and to secure the initial stages
of refinancing. ➜
THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007 7
RAsidi2007GAB-VersionGB:Mise en page 1 7/07/08 11:16 Page 8

➜ ● Backing the consolidation of the LFS’s
by shoring up equity
SIPEM (Madagascar), TEMBEKA (South Africa),
CERUDEB (Uganda), SMEA (Uganda), AKIBA
(Tanzania), KOKARI (Niger), BMS (Mali), AL
AMANA (Morocco), HATTHA KAKSEKAR and
AMRET (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 the
risk. From the outset, SIDI accepted the risk
of contributing to the hard resources
(equity) of the LFS’s. The LFS’s need stable
resources for an unspecified period of time
in order to consolidate their operations and
attract additional financing to drive their
growth. In 2007, SIDI participated in the ca-
pital of 23 LFS’s, in 16 of which SIDI had a
seat on the board (see list above). Some in-
vestments that took place around ten years
ago in countries then experiencing difficul-
ties, such as Uganda, Cambodia, Peru and
Madagascar, have since matured. SIDI was
therefore 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 equity institutionalisation of the LFS’s comprises
for several institutions in which it holds four dimensions: the longevity of services, fi-
shares and is a director: KRK, MICROINVEST, nancial equilibrium, adapted legal statutes
HKL, AMRET and SIPEM. In such cases, the and the development of staff skills.
commitment of the founders was crucial.
They took up the challenge to find local and In 2007, two institutions advanced along
foreign shareholders and they supported the the road to institutionalisation: TITEM in
institutions in the quest for high-quality in- Madagascar, in the context of a new legal
vestors (HKL in Cambodia). In some cases framework in that country, and CCRD in the
they also acted almost as a merchant bank. Democratic Republic of the Congo. Both
In Kosovo, SIDI backed KRK in a restructu- these institutions offer financial services to
ring of equity capital that enabled it to people in far-flung rural areas who have set
transform its institutional debt into capital up solidarity credit unions.
and commercial loans, which are easier to
renew and increase.
● Backing diversification and professio-
In Peru, the largest microfinance market in nalization
Latin America, SIDI is refocusing its partner-
ships around smaller institutions with strong TAANADI and KOKARI (Niger), OMIPA
social value-added. (Uganda), MICROFUND (Togo), JEMENI (Mali),
KRK (Kosovo) and SIPEM (Madagascar)
● Backing institutionalisation In 2007, SIDI’s efforts and those of its part-
ners were deployed on several fronts. The
New SIDI shareholders in 2007: FOR TALECER first is the diversification of financial pro-
(Peru) and SMEA (Uganda) ducts thanks to financial support from the
EU-ACP programme (see focus 5), through
Backing the institutionalisation of microfi- which support was given to the expansion
nance instruments to provide long-term ac- of the LFSs’ range of services (OMIPA in
cess to credit, as well as other financial Uganda, JEMENI in Mali and TIMPAC in
services, has been a major focal point of Togo, among others) so that they could bet-
SIDI’s intervention from the beginning. The ter serve rural zones and micro-businesses.➜

Focus n°3
Our position today between the
growth of investment funds…and
that of rural poverty.
Microfinance has experienced a remarkable
rise in popularity due to the scope of its co-
verage (approximately 120 million borro-
wers in 115 countries), the sustained growth
rate it is enjoying in certain countries (30%
and 100% per year in India and in Cambo-
dia, for example) and especially as a result of
the social dimension of credit that it has in-
troduced. The poor may now pay back a
loan, become entrepreneurs and assume
responsibility for their future. The world of
microfinance has become more complex
since 2006, with the arrival of new actors
on the scene. Microfinance experienced a
“boom” in 2007 with the massive influx of
public and private capital. Commercial
banks have now come into the sector (there
are 18 banks involved thus far, including 4
French banks) and there are 74 funds (the
top 10 of which are all European, (Procredit,
Oikocredit…) that specialise in microfinance
and internet platforms (Kiva, e-bay…) have
been created. Several factors may be used
to explain this tendency:
- the growth in the number of microfinance
institutions that have exponential re-finan-
cing needs.
- microfinance has become fashionable for
public and private investors since it now pro-
vides return rates of between 2% and 5% in
dollars, whilst at the same time serving a so-
cial purpose.
- microfinance has been in the limelight
thanks to 2005 being the Year of Microfi-
nance and the awarding of the 2006 Nobel
Peace prize to Mohammad Yunnus, the
founder of the Grameen Bank in Bangla-
desh.
Conversely, poverty and inequality continue
to grow throughout the world, despite all of
the commitments entered into by the go-
vernments and the public and private bo-
dies. Three-quarters of the world’s poor live
in rural areas. For the majority of them, their
survival is dependent, at least in part, upon
agriculture, either through their consump-
tion of farming products or through the sale
of these same products.
The absence of landownership, access to
water and to energy, the lack of information
about the markets and of long-term finan-
cing, are all factors that contribute to the
creation of the rural poor, who continue to
increase in number. This in turn generates a
rural exodus and illegal immigration towards
countries 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-

8 THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007

 RAsidi2007GAB-VersionGB:Mise en page 1
➜ 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 strengthening
of credit risk monitoring. SIDI also provide
backing for the creation of reinforced inter-
nal control procedures, in BMS in Mali, for
example.
● Strengthening the levers of solidarity
financing 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 the
financial needs of our partners, SIDI since
2006 has been sponsoring regional refi-
nancing funds. These regional funds play a
key role by offering resources in local cur-
rencies to the local financing structures in
the regions, unlike most of the investment
funds that only offer resources in hard cur-
rencies (dollars or euros) and by giving tech-
nical support to the partners. At the end of
2007, SIDI became a shareholder and di-
rector of SMEA, alongside a Norwegian ins-
titution, Stromme Norway, and its local
➜ subsidiary, Stromme Uganda, which share
coming increasingly more commercial conti-
nues on page 9, SIDI is striving to contri-
bute its “part” of the answer and continues
to pursue its efforts aimed at innovation to
bring about greater solidarity and collective
well-being.
SIDI’s position
- SIDI sets out to establish a solidarity-based
form of financing that is responsible towards
its clients and that creates added social
value.
- SIDI believes that MFIs do not only require
resources to finance their growth, but also
require long-term technical support.
- SIDI does not act on its own. Together with
its founding shareholder, the CCFD, and its
European partners, it implements an al-
liance-based strategy so as to learn through
contacts with others, to innovate through
collective tools that provide leverage oppor-
tunities and through risk sharing.
7/07/08 11:16 Page 9
the same vision. SIDI also joined with the
Red Financiera de Asociaciones Comunita-
rias (RED FASCO), a financial network of
seven Maya community associations in the
west of Guatemala, to enable it to acquire
a stake in BANRURAL, a powerful agricul-
tural bank.
Financing agriculture and
the rural areas
The rapid and significant advance in invest-
ment funds in recent years underscored the
current limits of microfinance, which is still
struggling to develop in isolated rural areas
and 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 from
food scarcity, the only solution is an adap-
tation of agriculture.
● Backing and financing producer
organisations
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 the
coin, farmers’ organisations have been
- SIDI is seeking to establish complementa-
rities in rural areas and supports the crea-
tion of links between the actors in this
context.
- SIDI re-affirms that efforts designed to in-
troduce innovation must be pursued by the
MFIs in order to reinforce their social viabi-
lity (cost reduction, search for outlets, cove-
rage of harvest-related risks…) and in order
to respond to the needs of the populations
who are still excluded from access to local fi-
Photo SIDI
nancial services.
- It also re-affirms that efforts designed to
introduce innovation and efficiency must be
made by the MFIs with regard to local go-
vernance, management, information and
management systems and the diversification
of services and of products.
- SIDI asserts that it is necessary, on the one
hand, to provide financial and technical sup-
port to a second generation of MFIs that are
less mature, but have greater potential, and,
growing stronger over the past ten years
or so in most of the countries in the South
around two key activities: the provision of
support services to the farm sector and by
defending the sector’s interests. In 2007,
SIDI financed eight producer organisations
via loans or by providing guarantees. In ad-
dition, SIDI assisted other producer orga-
nisations, such as OPP in Mali, ADAPS in
Madagascar, cooperatives in Morocco, etc.,
to find solutions for the financing of their
members.
• Helping producer organisations develop
a partnership with financial institutions
AOPP/ BMS in Mali and AMSSEF in Morocco
Thanks to SIDI’s extensive knowledge of
the AOPP producer organisation, which re-
ceived a seed production loan from SIDI in
2006, and familiarity with the BMS bank
in Mali, on whose board SIDI is a director,
SIDI has established a relationship with
BMS with the goal of financing the AOPP
members’ need for seeds.
In Madagascar, SIDI initiated a partnership
with a producer organisation, the ADAPS.
This PO, backed by AFDI Picardie, would
like SIDI to help it find solutions to bridge
the food gap during lean times.
on the other hand, to provide similar sup-
port to a third generation of actors on a
smaller scale, who have yet to be formalised
and who play a role in the granting of fi-
nancial services in scarcely or poorly served
areas, particularly in the rural and agricultu-
ral areas.
Coffee drying in
Vietnam
THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007 9
RAsidi2007GAB-VersionGB:Mise en page 1
• Assisting farmers’ organisations that
have developed financing activities
UGPM and CREC (Senegal), FONDEFER (Ni-
caragua), CAC LA FLORIDA and CREDIFLO-
RIDA (Peru), FORTALECER (Nicaragua) and
UGC (Mozambique).
In Nicaragua, SIDI provided backing to
FONNDEFER, the financial arm of FENA-
COOP, a producers’ federation that is well-
established locally but fragile from the
financial standpoint. SIDI assisted FONN-
DEFER to develop a financing plan to mo-
bilise external credit lines. In Senegal, in
association with Alternatives Energétiques,
the Midi Pyrénées Region and JAPNPOO
Développement, SIDI sponsored UGPM
and CREC (its financial arm) in the esta-
blishment of loans for solar equipment to
create solar stations for families and solar
platforms to supply power to villages. SIDI
contributed its knowledge and a credit
line (a 10-year loan entitling the bank to
an interest in the company) to finance the
installations and enable the population to
benefit from the equipment at an afforda-
ble cost.
Focus n°4: The Fouta Djalon Produ-
cers’ Federation (Guinea):
a financial response adapted
to an exceptional context
Since the 2004-2005 agricultural season, SIDI
has been providing financial support for the
Fouta Djallon Federation of Peasant Farmers,
which is the leading peasant farmers’ organi-
sation in Guinea. It acts as an umbrella group
and defends and represents the interests of
400 groupings, or of 13,000 farmers (mainly
potato farmers, although they also grow to-
matoes and onions), as well as providing
them with training, technical and managerial
guidance 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 bank
for the acquisition of imported seed. The
2006-2007 season was marked by serious
political and social events that took place in
10 THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007
7/07/08 11:16 Page 10
● Producer organisations that
grant loans directly to their
members
MOGTEDO (Burkina Faso), FPFD (Guinea),
FAPECAFE (Equateur) and SILAC/TSIRY
(Madagascar).
In order to meet their members’ need for
credit, some POs have set up a system of
internal credit using external resources or
using their own capital. SIDI works with
the POs to help them strengthen their ca-
pacity, for example the computerisation of
the MOGTEDO portfolio, or it helps them
mobilise financial resources for their mem-
bers. SIDI also worked with the FPFD in
Guinea to finance the inputs season (see
focus 4).
Guinea in January and February 2007.
These events, which took place during the
agricultural season, placed the harvest at risk
and were especially a risk to the marketing of
the potato crop. Consequently, almost 30%
of the groups of borrowers were not able to
reimburse the credits they had received to pay
for their farming inputs by the end of a 12
month period. The Federation was therefore
unable to pay back a significant part of the
banking credit it had received for the agricul-
tural year. However, since the banks were
aware of the causes of these difficulties, they
deferred the repayment deadline and reduced
the interest charges.
Although the Federation had decided, as a
consequence of these difficulties, to reduce
the supply of inputs for the 2007-2008 agri-
cultural season, it still called upon its partners
to guarantee the financing of the season, wi-
thout jeopardising its capacity to pay back its
previous outstanding banking credit.
SIDI provided a positive response to this re-
quest with an original financial package that
The creation of financial
services in rural areas and
in crises zones
● Solidarity credit unions, a tool for
structuring and accumulation in rural
areas
CCRD (North Kivu, Congo), ADIKIVU and GALE
(South Kivu, Congo), PREFED and CAPAD (Bu-
rundi), PREFED and IMPUYAKI (Rwanda),
TITEM (Madagascar), ASIENA (Burkina Faso),
FONHSUD (Haiti), UGPM (Senegal) and AOPP
(Mali).
Providing financial services in rural areas is
still a challenge. Sub-Saharan Africa is the
region with the lowest rate of microfinance
penetration, with only 10% of demand co-
vered. The particular context of rural areas
and politically unstable zones has encoura-
ged SIDI to experiment and develop the so-
lidarity credit union. Because of its
flexibility, rigour and solidarity, it has been
used by around 40,000 persons in West
Africa, Central Africa, Haiti and Madagas-
car, especially in rural areas (see focus 6).
was quickly put into place.
SIDI paid the supplier of potato seed (located
in the north of France) directly in Euros. In
order to minimize the exchange rate risks re-
lated to the Guinean Franc, it will be paid back
in CFA Francs by the buyers from the CFA zone
(who go to Guinea in order to buy potatoes
and then sell them on in Senegal or in Mali),
according to a flexible time schedule. As well
as being able to continue to supply inputs on
a credit basis to its members, which is some-
thing that the previous season had placed at
a serious risk, this response provides the Fe-
deration with a series of worthwhile solutions
at various levels: a reduced cost financial ser-
vice, a flexible repayment scheme that has
been carefully adapted to potato marketing
flows and a limitation to the use that it has to
make of the bank and therefore of the finan-
cial charges that it has to bear.
This flexible response has been made possible
by the trust that has been built up between
SIDI and the Federation over the course of the
last three years.
RAsidi2007GAB-VersionGB:Mise en page 1 7/07/08 11:16 Page 11

Maintaining solidarity with partners in
crisis zones
ACAD and CD HOUSING (Palestine), the Great
Lakes Region and KNFP and FONHSUD (Haiti)
For many years, SIDI has recognised the in-
volvement of locals who work daily in difficult
situations, in Haiti, Lebanon, the West Bank
as well as in the Great Lakes Region in East
Africa. Microfinance activities have developed
in these countries thanks to locals who are
convinced of the value of their mission. In
2007, 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 in
the Mediterranean Basin is still limited.
Farming continues to be more risky and
less 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 farm
products. The impact of microfinance is
therefore very low in terms of value-added
and job-creation on family holdings. Ho-
wever, agriculture and food processing are
a key factor for the development of rural
areas.
In response, in 2007 SIDI began studying
the feasibility of promoting value-added in
rural areas. This action is designed to coor-
dinate the supply of farm products in the
South with a local market or an export
market, via fair trade or organic sales cir-
cuits or local markets.
Photo SIDI
Contributing to local
development and
increasing income
JAPPOO DEVELOPPEMENT (Senegal) and
UGPM/CREC (Senegal)
The issue of access to energy, in particular
electric power, is part of the fight to over-
come exclusion. The issue is made all the
more difficult by the fact that the usual so-
lutions, which have failed to meet the needs
of poor and rural populations, bring with
them environmental problems. In rural
areas, such as Meckhe in Senegal, the eco-
nomic fabric is a lot less developed than in
the cities. SIDI, in association with producer
associations and economic, players set up
the JAPPOO group to:
• finance and support projects that raise the
value of rural products and enable rural
producers to increase their income.
• create decent, well-paid jobs for young
people, especially in the restaurant sector.
• develop the use of renewable energy
based on the regional production of solar
equipment.

Solar panels to
bring electricity to
rural Senegal

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 is
able 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 European
Commission 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 of
SIDI’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 just
the right time and has enabled them to significantly widen the scope of
their activities. This is the case, for example, of OMIPA, a network of rural
banks that operates in the south of Uganda and which has been a SIDI
partner 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 and
an 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 members
of 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 of
charts 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, MAIN
organised a record number of one workshop per month on a wide variety
of subjects such as information and management systems, social perfor-
mance, governance, strategic marketing within an MFI, etc.

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Focus n°6: the creation of financial
services in rural areas and crisis hit
zones: the solidarity credit unions
In March 2007, a workshop was held in Paris
that brought together, for the very first time,
all of the SIDI partners that promote Solida-
rity Credit Unions (MUSO). This workshop
provided a unique opportunity to assess the
importance of the dynamics of this process
since it was first launched in 1995 in Senegal
through the UGPM, before being extended
by SIDI in 1997, first of all to Madagascar
and then to Haiti. In 2002, it was introduced
in the African Great Lakes region (Rwanda,
Burundi, DRC) and was then introduced in
Burkina Faso and Mali from 2005 onwards.
The scale of this dynamic process
At the end of 2007, the MUSO system cove-
red almost 40,000 people who were mem-
bers of 1,800 MUSO (300 more MUSO and
8,000 more members than at the end of
2006).
Today, the largest number of MUSO are to
be found in the African Great Lakes region
(Congo, Rwanda, Burundi), where there are
close to 1,300 MUSO with more than
26,000 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 166
MUSO (1,660 members) and 147 MUSO
(2,940 members) respectively.
All of this means that 40,000 members now
have access to local financial services in rural
areas 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 for
others). SIDI receives regular information
and monitoring reports from close to 1,100
MUSO.
Not all of the MUSO request refinancing cre-
dit from their promoter. However, a majority
of them do wish to maintain a link with their
promoter in order to improve their practices
and their instruments (good book-keeping
and the recording of all operations is not so-
mething that can be learned over night!) and
to be able to share views and experiences.
MUSO play a role in helping to structure
society
MUSO have helped to create, and in some
cases, to restore, confidence in a collective
system to manage money in areas in which
Photo SIDI
there was no longer a financial system (the
Congo, for example) and have also helped
people learn how to manage their savings,
credit and insurance as a complement to, or
even as a replacement for, the tontine sys-
tem (Rotating savings and credit associa-
tions), in certain cases. The MUSO have also
provided a structure through which the
members can exchange views and expe-
riences. In Haiti and the Congo, for exam-
ple, they have served as a forum for the
provision of information relating to the or-
ganisation of elections.
Global accumulation is a reality
Although there is still insufficient precise data
to draw up an accurate and general over-
view, the fact of the matter is that more than
9000,000 US dollars have been collected by
600 MUSO over the course of 5 years in
North Kivu (90% of the MUSO collect less
than 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 local
level is supported by external refinancing.
SIDI currently has financial commitments wi-
thin two partners (CCRD and UGPM) and is
due to invest in CCRD’s capital in 2008.

A farmer and member of a

co-op, backed by
FONDEFER in Nicaragua,
making compost

12 THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007

RAsidi2007GAB-VersionGB:Mise en page 1
The Solidarity Chain
for Financing
Ever since the CCFD’s creation 25 years ago,
SIDI has benefited from resources tailored
to its twofold vocation: the financing of its
partners’ credit activities and a la carte mo-
nitoring and technical support in response
to the needs expressed.
More than an investment fund or a consul-
tancy, SIDI is a solidarity investor that esta-
blishes genuine North-South partnerships in
order to contribute its financial services to
populations that have been excluded from
banking circuits and to contribute to their
economic and social development.
Focus n° 7: in 2007, the solidarity campaign to promote the fund (posters, educational
chain for development has been activities) and the forthcoming creation of the “Faim
based on: et Développement – Agir CCFD” initiative.
• in the South:
- a network of 56 SIDI partners in more than 30
countries, who have granted more than one million
loans of between €50 and €5,000, 96% of which
have 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, including
60 new shareholders in 2007, hold 25.52% of SIDI’s
capital 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 share
the revenue generated by their savings. In 2008, the
CCFD, SIDI and the Crédit Coopératif will celebrate
the 25th anniversary of this fund, notably through a
7/07/08 11:16 Page 13
The Solidarity
Chain
for Financing
SIDI formalised this initial North-South part- and a guarantee from the Fonds d'Incitation
nership relationship around the Solidarity au Développement (development incentive
Chain for Financing in order to provide fi- fund) to cover exchange rate risks.
nancing that serves people’s goals. French - In solidarity, because these resources are
and European citizens in the North entrust allocated to SIDI not in order to turn a pro-
SIDI with solidarity resources bound for the fit, but rather in an endeavour to share.
LFS’s (partners and their beneficiaries) in the SIDI’s contributors require first of all social
South (see focus 7). The Solidarity Chain for and not financial value-added in exchange
Financing firmly establishes SIDI’s working for their solidarity.
conditions and procedures as follows: - In a Chain to link citizens and solidarity or-
ganisations in Europe with local financing
- In financing, enabling it to collect resources structures in distant countries, via SIDI. The
for the partners in the South, helping them LFS’s are highly diversified but they share a
to strengthen their financial services they common goal of sustainably improving the
provide to excluded populations. This living conditions of the local populations.
consists of non-interest bearing capital (see The social viability dimension reinforces
focus 4), the sharing of proceeds from the SIDI’s solidarity dimension.
Faim & Développement investment fund
Figure n°4:
Breakdown of SIDI’s capital at 31/12/07
It is growing thanks to: EIGHT EUROPEAN
other 5,66%
- The 36 volunteer SIDI correspondents (including 10 PARTNERS 5,94%
new recruits who joined upon their return from their CCFD 27,36%
ESD
trip to Peru in 2006), who have led almost 300 local
25,52%
meetings, bringing together thousands of people
prepared to discover solidarity financing as it is prac-
tices by SIDI and who are also prepared to invest in
the Solidarity Chain for Financing.
- The training sessions organised by the CCFD and
SIDI within the regions in order to provide a detai- URSULINES
led explanation of Solidarity Chain for Financing to FOUR DE JÉSUS
CCFD activists and supporters, as well as to SIDI sha- FINANCIAL 7,04%
reholders and savers. INSTITUTIONS 11,16%
- SIDI’s substantial involvement in FINANSOL, both SŒURS AUXILIATRICES
within the decision-making bodies and also in the 17,32%
activities themselves.
- The CCFD’s significant degree of involvement, at
both a national and regional level, within the soli-
darity economy, as reflected in the commitment ex-
pressed in the 2008-2012 Orientation Report.
THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007 13
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Alliances in the North
SIDI’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 were
going through a consolidation phase, its fi-
nancial activities may well double within
three years. SIDI does not have the means to
finance on its own the growth of its portfo-
lio and all the requests for technical assis-
tance it receives from its partners, nor can it
respond to all the organisations that request
it. 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 of
other investors for the direct refinancing of
its partners. On the other hand, in 2007 it
managed to mobilise more than €2 million
via CORDAID/Netherlands in South Africa,
Argidius/Netherlands in Niger and the Nord-
Sud/France mutual fund in Cambodia, in
Ecuador, in Peru and Moldavia, and through
SIDI’s participation in regional, sub-regional
and national funds. This type of arrange-
ment helps to expand financial volumes
thanks 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 was
negotiated directly for the partners (off
SIDI’s balance sheet).
The growth of SIDI’s co-financing in 2007, up
49% over 2006, is explained by the 2006-
2008 EU-ACP financing that amounted that
year to €264,000 of additional support re-
sources for Africa and Haiti (see focus 8).
The other leading co-financing was mobili-
sed for the MAIN network to organise five
sub-regional training schemes, two univer-
sity career paths and a South-South ex-
change programme costing €316,000 that
was negotiated with CCFD, the French Fo-
reign Ministry, the Gilles Foundation in Bel-
gium and the KNPF Haitian network for
training members of the solidarity credit
unions (€80,000 was negotiated with the
French Foreign Ministry). Other financing
packages, more one-off in nature, were mo-
bilised from the Spanish foundation Un Sol
Mon to hold a training seminar in Algeria
and 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 the
Ford Foundation for the creation of a fund to
finance producer organisations in Latin
America.

Encart n° 8: FONDS EUROPEEN DE FINANCEMENT SOLIDAIRE

POUR L’AFRIQUE - EUROPEAN SOLIDARITY FINANCING FUND
FOR 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 “Financing
Towards the South” group of FEBEA (European Federation of Ethical
and Alternative Banks), SIDI has decided to set up a European invest-
ment fund with a view to reinforcing its actions in Africa and in favour
of the financing of the rural world.
The four organisations share the same vision and have been working in
collaboration with one another for years. The project to create FEFISOL
has been driven by the desire of these four actors to reinforce the com-
plementarities and synergies that have already been developed and to
achieve 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 developed
and consolidated in Africa and in favour of the financing of the rural
world.
This approach is justified by the fact that the African microfinance mar-
ket has a huge potential since so few people have access to traditional
banking facilities. Indeed, Africa continues to be the most poorly served
continent 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 profitable
structures in the sector, by essentially focussing its interventions on the
provision 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 the
traditional banking systems, as well as the producers’ organisations
whose 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 held
in local currencies. This will serve to protect the financed partners from
exchange rate risks.

14 THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007

RAsidi2007GAB-VersionGB:Mise en page 1 7/07/08 11:17 Page 15

Future prospects The KRK financial

service, Kosovo
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 the
partner LFS’s are going through a consoli-
dation phase and new requirements for fi-
nancing growth and diversification are coming
to the fore. This means a need for a great deal
of stable financing resources over the long-
term and technical tools that are better adap-
ted and more sophisticated. In partnership

© SIDI
with the EU institutions, SIDI would now like
to go further and work on the creation of two
regional tools for achieving a big leverage ef-
fect, similar to PROFUND and LACIF:
- a fund to finance producer organisations and Figure n°5: Geographical break-down of financial resources mobilised from alliances in 2007
their financial tools in Latin America. This fund,
which would be set up in partnership with THE CARIBBEAN 4% AFRICA/MAIN 10%
ALTERFIN, is now being put together. MEDITERRANEAN PECO 5 %
- a FEFISOL (European Fund for Solidarity Fi- BASIN
nancing in Africa) fund, set up by four Euro- 1%
pean social investors: ALTERFIN (Belgium), ETI-
AFRICA 22%
MOS (Italy), the Un Sol Mon Foundation
(Spain) and SIDI (France), in order to shore
up their investments in Africa in support of ASIA 24%
rural areas (see focus 8).
LATIN AMERICA 34%

Map of SIDI partners in 2007

THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007 15

RAsidi2007GAB-VersionGB:Mise en page 1 7/07/08 11:17 Page 16

SIDI’s 2007
financial statements
SIDI’s balance sheet at December 31, 2007 in thousands of euro
2 These are
provisions for
risks and
ASSETS LIABILITIES financial
2007 2006 2007 2006 provisions for
exchange rate
Capital 9,000 9,000 losses.
Net intangible assets - 1 Reserves 259 271
Net 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 2,739 3
Provisions on
of which loans 3,622 3,787 loans and equity
investment have
of which other financial assets 137 91 Provisions 2 125 153 since 2004 been
covered by the
Total fixed assets 7,271 6,717 Loans 611 542 F.I.D., a hedging
mechanism that
Other debts 562 750 applies, with a
few exceptions,
F.I.D. International guarantee fund 3 2,292 2,292 to all investment
conducted by
Claims (net value, including additional income) 460 519 C.D.C. Fund 351 343 SIDI. It
CCFD-guarantee 106 219 comprises
1
Cash Cash assets 1 5,706 6,322 Shareholders, current account 122 current accounts
(including of shareholders
F.I.D.), invested who are
in ethical TOTAL 13,437 13,558 TOTAL 13,437 13,558 convinced of the
securities and "S.A. SOFIDEEC BAKER TILLY, external auditor, a member of CRCC in Paris, represented by its chairman Mr Fouad EL importance for
investment real SIDI to target
M'GHAZLI, has certified without reservations SIDI's annual accounts, ended December 31, 2007." difficult
estate.
intervention
areas.

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

2007 2006
1 This heading mainly Income Total 1,833 1,635
comprises contributions Services (CCFD and additional income) 1 1,725 1,557 2Other proceeds include fees
received from the CCFD to Other products and provision reversal 2 108 78 for attending board meetings,
finance support activities. Most Charges Total 2,258 1,987 application fees, etc.
of these resources are provided Current operation income 718 657
to the CCFD from the proceeds Wages and salaries 1,103 979
of the Faim et Développement
3 These are co-financings
Depreciation expense 20 27
investment fund (€1 030 from international
Additional funding transferred to partners 3 418 324 partners transferred
538,84 at the end of 2007). Operating profit/loss -426 -352
Resources from international directly to the partners.
Income Total 584 455 These funds only transit
partners are included, which
are either transferred to the Income from portfolio (loans and shares) 4 315 261 through SIDI.
partners or are spent on Income for current assets 38 90
financing SIDI support. FID resources 56 81
Exchange rate gains 4 3
4 Income from the portfolio
Provisions reversal 30 5 increases by 21%
Other 142 15
Charges Total 165 137
Provision for risks on shares and loans 5 5
Interests on loans 26 26
5Exchange rate losses were
offset by the mobilisation of
Exchange rate losses 5 115 102
CCFD guarantee funds (the
Other 20 4 coverage appears in the
Financial profit/loss 419 318 “other proceeds” line).
Exceptional products 117 216
Exceptional charges 100 195
Exceptional profit/loss 17 21
Income taxes
Net profit/loss 10 -13

16 THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007

RAsidi2007GAB-VersionGB:Mise en page 1 7/07/08 11:17 Page 17

Gross portfolio at December 31, 2007 (in thousands of euro)

Country Partner LFS Category Contribution of which US$/€ Loans and of which in Total
guarantees 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 79
Uganda 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 76
Kosovo 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 7,484
As % of total 44% 56%

THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007 17

RAsidi2007GAB-VersionGB:Mise en page 1 7/07/08 11:17 Page 18
MADAGASCAR – ADAPS
ADDRESS BOOK Chez Abdallah Moto Tanambao
Mission
AFRICA Ambanja 203
P.O. BOX 37
BURKINA FASO - ASIENA Phone: 00 261 20 86 503 25
04 P.O. BOX 8151 Ouagadougou or 020 86 930 33
Phone: 226 50 39 58 78 adaps.ambanja@yahoo.fr
E-mail: asiena@liptinfor.bf -
emiliesomda@yahoo.fr MADAGASCAR - SIPEM
Immeuble SANTA LOT V
BURKINA FASO - MOGTEDO 24, rue Naka Rabemanantsoa
P.O. BOX 48 Mogtedo Antanimena
Phone: 00 226 70 12 69 12 P.O. BOX 8616 - Antananarivo 101
E-mail: C/O FENOP : Phone: 00 261 20 22 300 98
fenop@cenatrin.bf Fax: 00 261 20 22 355 34
E-mail: sipem@moov.mg
BURUNDI – COPED
Immeuble Maison des oeuvres, MADAGASCAR - TITEM
av. Pierre Ngendandumwe Lot IVM 7 - Ambodivona
P.O. BOX 3792 Bujumbura II P.O. BOX 1291
Antananarivo 101
BURUNDI – CAPAD Phone: 00 261 20 24 106 59
P.O. BOX 24 Bujumbura Fax: 00 261 20 22 658 67
Phone: 00 257 79 970 470 E-mail: titem@moov.mg
E-mail: capad-shirukubute@yahoo.fr
MADAGASCAR- SILAC/Fédération TSIRY
DR CONGO - ADIKIVU P.O. BOX 89 Avaradrova
P.O. BOX 1554 Bukavu ou BP 230 503 Ambatondrazaka
Lyangugu Phone: 00 261 20 54 080 30
Rwanda or 00 261 20 22 230 54
Phone: 00 243 81 05 64 947 E-mail: silac@moov.mg
E-mail: adikivu@yahoo.fr
MALI - AOPP
DR CONGO - COODEFI P.O. BOX 3066 – Bamako
P.O. BOX 78 BUTEMBO Phone: 00 223 228 67 81
or C/O RESEAU WIMA E-mail: aopp@cefib.com
P.O. BOX 251
KASESE, UGANDA MALI - BMS SA
coodefimupitanjia@yahoo.fr Immeuble Diago Aoua. Quartier ACI
Phone: +243 98 70 97 72 2000 (près de l’Hôtel Nord-Sud)
ou +243 81 30 51 867 Bamako
Phone: (223) 223 693 9654
DR CONGO - LIDE/CCRD E-mail: bms-sa@bms-sa.com
P.O. BOX 94
Butembo – Nord Kivu MALI - JEMENI
Phone: 00 243 99 83 86 684 Immeuble Gadjaba Kadjel face place
E-mail: lidelitembo@yahoo.fr; OMVS – Marché Dibida
ccrdmuso@yahoo.fr P.O. BOX 2100
Bamako
DR CONGO – COOCEC-Kivu Phone: 00 223 223 4755
05, avenue Kasongo, Ibanda Fax: 00 223 223 9405
P.O. BOX 1741 E-mail: dgjemeni@ikatelnet.net
Bukavu
Phone: 00 243 998 624 732 MALI - NIAKO
E-mail: coocec_kivu@yahoo.fr Quartier Légal Ségou
Kayes
DR Congo – GAMF Phone/Fax: 00 223 252 44 05
06 avenue Kasongo, Ibanda E-mail: reseauniako_kayes@yahoo.fr
Bukavu, Sud Kivu
Phone: 00 243 09 98 62 58 30 MOZAMBIQUE - UGC
E-mail: gamfkivu@yahoo.fr Av. Agostihno Neto
Maputo
GUINEA - Crédit Rural de Guinée E-mail: ugcapm@tvcabo.co.mz
P.O. BOX 3790
Conakry NIGER - KOKARI
Phone: 00 224 41 35 71/45 43 38 P.O. BOX 11122
Fax: 00 224 41 12 78 Niamey
E-mail: crg@mirinet.net.gn Phone/Fax: 00 227 75 25 12
E-mail: kokaris@intnet.ne
GUINEA - Fédération des Paysans
Producteurs du Fouta Djalon NIGER - TAANADI
P.O. BOX 52 - PITA P.O. BOX 13376
Phone Inmarsat: 00 870 762 638 770 Niamey
Fax Inmarsat: 00 870 762 638 772 Phone: 00 227 74 15 69
Website: www.paysansdufouta.org Fax: 00 227 34 01 84
E-mail: crn@intnet.ne
18 THE ACTIVITIES OF SIDI AND ITS PARTNERS IN 2007
RWANDA - PREFED
P.O. BOX 1897
Kigali
Phone: 250 58 31 28 ou 27
SENEGAL – UGPM et CREC
P.O. BOX 43
Meckhé
Phone: 00 221 955 51 13
Fax: 00 221 955 52 86
E-mail: ugpm@sentoo.sn
SENEGAL - MEC PROPEM
Quai de Pêche
P.O. BOX 1384 M’Bour
Phone: 00 221 957 38 79
E-mail: mecpropem@sentoo.sn
SENEGAL –JAPPOO DEVELOPPEMENT
C/O Escale JAPPOO
Saly Niakh-Niakhal. MBOUR
Phone: 00 221 514 79 0
E-mail: louks2003@yahoo.fr
SENEGAL – SAPCA/EGAS
Quartier Diamagueune 1 - BP 1121
MBOUR
SOUTH AFRICA - TEMBEKA
P.O. BOX 13859
Mowbray 7705
CAPE TOWN
Phone: 00 27 21 447 81 38
Fax: 00 27 21 447 81 38
E-mail: tembeka@metroweb.co.za
TANZANIA - AKIBA Commercial Bank
TDFL Building (Phase II)
P.O. BOX 669 - Dar es Salaam
Phone: 00 255 222 11 83 40
Fax: 00 255 222 11 41 73
E-mail: Akiba@cats-net.com
TOGO - MICROFUND
P.O. BOX 61652
Lomé
Phone: 00 228 226 63 20
Fax: 00 228 226 63 19
E-mail: microfund99@hotmail.com
TOGO – TIMPAC
P.O. BOX 173 - Dapaong
Phone: 00 228 770 83 70
E-mail: timpac@ids.tg
TOGO-UCMECS
P.O. BOX 247 Dapaong
Phone: 00 228 770 84 37
E-mail: ucmecs@ids.tg
TOGO - WAGES
P.O. BOX 1339
Lomé
Phone: 00 228 222 54 71
Fax: 00 228 222 78 99
E-mail: wages@cafe.tg
UGANDA - CERUDEB
Plot 7, Entebbe Road
P.O. BOX 1892
Kampala
Phone: 00 256 41 251 276
Fax: 00 256 41 251 273
UGANDA – SMF EA limited
P.O. BOX 27200- Kampala
Plot 25, Block LRV 235, Folio 3 Bukoto
Str.
Phone: 00 256 41 53 28 40
Fax: 00 256 41 53 28 34
E-mail: sfeastafrica@stromme.org
UGANDA - OMIPA
P.O. BOX 1240 Kabingo - Mbarara
Phone: 00 256 48 52 26 11
E-mail: omipa_micro@yahoo.com
MEDITERRANEAN BASSIN
EGYPT - EACD
30 El Nile El Abiad de Midan Lebnan
Mohandessine, Giza. Le Caire
Phone: 00 20 2 304 81 90
Fax: 00 20 2 304 81 91
E-mail: mageacd@soficom.com.eg
LEBANON - NAJDEH
P.O. BOX 113
6099 - Beirut
Phone: 00 961 1 30 20 79
Fax: 00 961 1 70 33 58
E-mail: najdeh@cyberia.net.lb
MOROCCO - AL AMANA
28 rue Oum Errabia – Agdal
Rabat
Phone: 00 212 37 77 01 41
Fax: 00 212 37 68 67 12
E-mail: fouad@alamana.org.ma
Website: www.alamana.org
MOROCCO - AMSSF
33 résidence Essalam
Avenue Al Mohads – Appt. 1
Quartier de la Gare
Fès
Phone: 00 212 55 626 764
Fax: 00 212 55 733 431
E-mail: amssf@menara.ma
PALESTINE - ACAD
P.O. BOX 3816 Al-Bireh Via Israël
Phone: 00 970 2 240 96 50
Fax: 00 970 2 240 96 52
E-mail: acad@palnet.com
PALESTINE- CD HOUSING
CO- Operation for Development
P.O. BOX 21476
Beit Hanina, Jerusalem
Phone: 00 970 2 583 37 25
E-mail: wbgaza@nefdev.org
PALESTINE – ASALA
P.O. BOX 2316 Ramallah
Phone: 00 970 2 240 0532
Website: www.asala-pal.org
CARIBBEAN
HAITI - COD/EMH
Delmas 95 - # 15 Frères - P.O. BOX 6
Port-au-Prince
Phone: 00 509 257 75 44
Fax: 00 509 257 92 28
E-mail: mdep_jr@yahoo.com
HAITI - FONHSUD
Rue Egalité - AQUIN
E-mail: fonhsud@hotmail.com
HAITI - KNFP/IMOFOR
173 bis Avenue Jean Paul II – Turgeau
Port-au-Prince
Phone: 00 509 244 07 35/00 509 244
8416
E-mail: info@knfp.org
RAsidi2007GAB-VersionGB:Mise en page 1
SOUTH AMERICA
BOLIVIA – ANED
Calle Rosendo Gutierrez Nº 679 esq.
pasaje Enrique Finot; zona Sopocachi
Casilla 12528 (Correo Central)
La Paz – Bolivia
Phone: (591-2) 2418716 – 2418643
Fax: (591-2) 2419505
E-mail: anedbolivia@aned.org
CHILE - INDES
Serrano n° 14 - Dpto 202
Comuna de SANTIAGO DE CHILE
Phone/Fax: 00 562 63 26 00
E-mail: indes@terra.cl
Website: www.indes.cl
COLOMBIA - CONSOLIDAR
Calle 55 N° 10-76 - Oficina 305
Bogotá
Phone: 00 571 248 99 01
E-mail: cconsolidar@etb.net.co
ECUADOR - BANCO SOLIDARIO
Av. Amazonas 3887 y Corea - Edificio
Grupo Enlace
PBX: 260260 Quito
Phone: 00 593 2 26 85 34
Fax: 00 593 2 26 88 43
E-mail: bsolidario@enlace.fin.ec
Website: www.solidario.com.ec
ECUADOR - FAPECAFES
Av. Santiago de la Montanas 06-60,
2do. Piso
P.O. BOX L-11-01-23 - Loja
Phone: 00 593 7 25 83 478
Fax: 00 593 7 25 88 403
E-mail: info@fapefaces.org.ec
Website: www.fapecafes.org.ec
ECUADOR - Fundacion MCCH
Avenida Rumichaca S26-365 y Calle
Moro Moro esq.
Barrio Turubamba - Quito
Phone : 00 593 2 267 0925/ 0926
Fax: 00 593 2 262 3927/267 33 66
E-mail: direccion@funcmcch.com.ec
GUATEMALA – RED FASCO
Santa Rita Salcajá - Quetzaltenango
Phone: 5979-0480 / 7768-9043
NICARAGUA - FONDEFER-FENACOOP
Managua
Phone/Fax: 00 505 270 70 00
E-mail: fenacoop@turbonett.com -
fenfonde@turbonett.com
PERU - LA-CIF
Bolivar # 472 - bureau 702/703
Lima 18
Phone: 00 511 446 8877
Fax: 00 511 446 8585
E-mail: lacifluc@amauta.rcp.net.pe
fernandol@cyrano-management.com
PERU - EDAPROSPO
Octavio Bernal 598 - Jesús María
Apartado Postal : 110325
Lima 11
Phone: 00 511 463 4173 /
00 511 461 6014
Fax: 00 511 463 0776
E-mail: david@edapr.org.pe
PERU – Cooperativa Agraria LA FLORIDA
7/07/08 11:17 Page 19
Av. Peru N° 432-444 14C, Cach Mang Thang Tam
Pampa del Carmen Dist 1. Ho Chi Minh Ville
La Merced - Chanchamayo Phone: 00 848 822 0959
Phone: 00 516 453 11 93 E-mail: cephcm@cep.org.vn
Fax: 00 516 453 11 90 www.cep.org.vn
E-mail: laflorida@infonegocio.net.pe
CENTRAL AND EASTERN EUROPE
GOVERNANCE
PERU – CREDIFLORIDA AT MAY 30, 2008
Av. Peru N° 432-444 EUROPE- SEFEA S.c
Pampa del Carmen Via N. Tomaseo, 7
La Merced – Chanchamayo 35131 - Padova – Italy
E-mail: crediflorida10@speedy.com.pe Phone: 0039 049 877 1176 BOARD OF DIRECTORS
Fax: 0039 049 7399799
PERU – Edpyme CONFIANZA E-mail: sefea@sefea.org
Avenida Centenario N° 356 –
San Carlos 6 KOSOVO – KRK (Kreditimi Rural I
SCHMITZ Christian
Apartado 125 - Huancayo Kosoves LLC) Chairman of the Board
Phone: 00 5164 217 000 Rexhep Mala Street n°4 of Directors
Fax: 00 5164 212 417 Pristina - Kosovo
E-mail: Phone: 00 381 38 24 35 54 GUENARD Geneviève
presidenciaconfianza@terra.com.pe Board Member
MOLDOVA – MICROINVEST
PERU – FORTALECER 16 Puskin Street RICARD Xavier
León Velarde # 333 - Lince - LIMA Chisinau, MD-2012 Board Member
Phone : 00 51 1 265 53 65 Phone: 00 373 22 21 27 64/65/68
Fax: 00 373 22 22 99 02
URUGUAY – SAINDESUR E-mail: microinvest@microinvest.md
Bulevar Artigas 1119 - Subsuelo CONSEIL
Montevideo SOUTHERN NETWORKS DE SURVEILLANCE
Phone/Fax: 00 598 2 402 27 80
E-mail: indesur@adinet.com.uy AFRICA - MAIN
Bureau Abidjan - Côte d'Ivoire
ASIA 20 P.O. BOX 1359 - ABIDJAN 20 THOMAS Joël
Bureau Addis-Ababa - Ethiopia Chairman
ASIA - M.A.F. P.O. BOX 278 - Addis Ababa
Microfinance Alliance Fund E-mail: sefade@ethionet.et MESNY Philippe
P.O. BOX 1379, CPO Manila Website: www.mfiain.org Vice-chairman
CBCP Building – 470 Gen. Luna St.
Intramuros 1002 Manila SOUTH AMERICA – FOROLAC CAISSE DES DEPOTS ET
Philippines Avenida Arce 2081, esq. Montevideo CONSIGNATIONS
Phone: 00 63 2 527 8331 to 35 Edificio Montevideo – Piso 3 Represented by Hocine
Fax: 00 63 2 527 41 40 La Paz – Bolivia
E-mail: gerencia@finrural-bo.org
TANDJAOUI
CAMBODIA - AMRET COMITE CATHOLIQUE
35 B. Street 169. MEDITERRANEAN BASIN - SANABEL
BP 411 Phnom Penh 1 El Sad El Aly Square., 5th floor,
CONTRE LA FAIM ET POUR LE
Phone: 00 855 23 880 942 Suite 51, Dokki, Cairo, DEVELOPPEMENT
Fax: 00 855 23 881 342 Egypt Represented by Martial
E-mail: phalarin@amret.com.kh Phone: (20-2) 337-0714, 748-8624 LESAY
Website: www.amret.com.kh Fax: (20-2) 337-0714. Website:
www.sanabelnetwork.org CONGREGATION DES SŒURS
CAMBODIA - HATTHA KAKSEKAR AUXILIATRICES
P.O. BOX 2044 NORTHERN NETWORKS Represented by
#239, Trasakpaem, blvd (63), Sangkat
Beng Keng Kang 1, Khan EUROPE - INAISE Sœur Marie-Thérèse GAUD
Chamkamorn Chaussée de Charleroi 51B
Phnom Penh 3 B-1060 Brussels- Belgium
CONGREGATION DES URSULINES
Phone:855-23-994 304 Phone: 00 32 2 234 57 97 DE JESUS
Fax:855-23-996 306 Fax: 00 32 2 234 57 98 Represented by Sœur
E-mail: info@hkl.com.kh E-mail: inaise@inaise.org Christiane GROSSIN
Website: www.hkl.com.kh
EUROPE- FEBEA CORDAID
LAOS - Fonds Coopératif S.A. 4-6 rue de Pascal Represented by Jacob
N° 070/01, Nouay 01 1040 Brussels WINTER
Ban Thongkhankham-Tay Belgium
Muong Chanthaboury Phone: 00 32 2 280 00 04 CREDIT COOPERATIF
P.O. BOX 74 37 E-mail: febea@scarlet.be
Vientiane
Represented by Laurence
Phone: 00 856 21 26 18 25 FRANCE- ESF MORET
E-mail: FCSA@etllao.com 32 Rue Le Peletier
75009 Paris
EPARGNE SOLIDARITE
LAOS - Lao Farmer Products Phone: 01 48 00 96 82 DEVELOPPEMENT
158 rue Mittaphab Lao-Thai E-mail: esf@esf.asso.fr Represented by
Nakhoneluang Vientiane Lao RDP Guy DEQUEKER
Phone: 856 21 31 28 86 FRANCE - FINANSOL
Fax: 856 21 31 44 25 57 bvd de la Villette BITSCH Gérard
E-mail: lfps@laotel.com 75010 Paris Member
Phone: 01 53 36 80 60
VIETNAM – CEP
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INTERNATIONAL SOLIDARITY FOR DEVELOPMENT AND INVESTMENT

12 rue Guy de la Brosse

75005 Paris
Phone: 33(1)40 46 70 00
Fax: 33(1) 46 34 81 18
www.sidi.fr

www.esf.asso.fr www.forolacfr.org

www.ccfd.asso.fr www.finansol.org www.inaise.org www.febea.org www.mfiain.org