Colombia

Colombia

Supporting the Agricultural Financial System (PASAC)

Start date: March 2014

End date: March 2020

Funding partner: Global Affairs Canada

Implementing partner: SOCODEVI

Project description

This project aims to reduce poverty and promote sustainable economic development in rural areas of Colombia. It supports the Colombian agricultural sector by facilitating farmers' access to 3 key factors for increasing their productivity: financial education, financing and insurance.

Thanks to this project, small- and medium-scale Colombian farmers are contributing to the country's economic development and food security while improving living conditions for their families and communities. They're also armed with more financial knowledge to better manage their businesses.

Results as of December 31, 2018

  • More than 43,000 farmers received support.
  • 75,000 loans totalling $200 million were granted.
  • 10,000 farmers received financial education training.
  • 3,500 finance professionals received financial education and financial services training.
  • 60 financial education radio capsules aired on 50 broadcasting stations.

Development of Financial Services Offerings for Micro and Small Enterprises (MSMEs)

Start date: July 2019

End date: June 2021

Funding partner: Global Affairs Canada

Project description

The goal of this project is to help 3 to 4 financial institutions expand their service offering (financial and non-financial) for women and men entrepreneurs that make up the "missing middle." These are entrepreneurs that require more advanced services than those offered by microfinance institutions but don't meet the criteria of commercial banks.

The project will allow our partners to offer entrepreneurs a customized approach to increase access to financial products and services through professional management and specialized and qualified employees.

Results as of June 30, 2019

  • 4 diagnostics were carried out.
  • A market study was conducted.
  • A diagnostic of the fintech sector was carried out.
  • A gender-based analysis was conducted.

Financial Services for Entrepreneurs

Supported institution: Crezcamos S.A.

Investment date: August 2012

Total investment: 3.2 million Canadian dollars

Project description

Crezcamos is a microfinance institution that has been operating since 2008. It provides financial services adapted to the needs of Colombian entrepreneurs and their families, particularly those living in rural areas, as well as savings and credit solutions for the agricultural, commercial, service, production and housing sectors. The institution also helps clients plan for the future, including through different kinds of insurance options.

In 2019, Crezcamos acquired Opportunity International Colombia S.A., a microfinance institution and subsidiary of Opportunity International, a non-profit that aims to reduce global poverty.