Bolstering the economic and social power of women and young people in rural areas (PROFEM)
Cooperative Development Organisation
Geographic scope
Americas: Colombia
Budget
$ 3,560,000
€ 3 070 000
Donor(s)
Bilateral Aid: Global Affairs Canada
Sector(s)
Agriculture & Fisheries, Banking & Financial Services, Rural Development
Type of Activity
Technical Assistance & Advisory, Training & Capacity Building
Summary
This initiative was focused on giving rural women and young people the opportunity to establish a credit history, gain financial literacy and build confidence so they could complete their personal and business projects.
Impact on SDGs
SDG1 - No Poverty
SDG5 - Gender Equality
SDG8 - Decent Work and Economic Growth
Impact Measurement
CAN$101.8 million injected by 5 participating inclusive finance institutions to finance the activities of rural women and young people
24,895 loans granted using the credit methodologies introduced by DID, with an average loan amount of CAN$4,100
81% of loans granted to women
19% of loans granted to young people
Creation of an innovative CAN$5.7 million guarantee mechanism co-invested by DID
4,667 new loans granted thanks to this incentive
75.3% of these loans granted to individuals not previously served
21,120 people graduated from the 3 financial literacy programs deployed across the country
75% women
25% young people
24,895 loans granted using the credit methodologies introduced by DID, with an average loan amount of CAN$4,100
81% of loans granted to women
19% of loans granted to young people
Creation of an innovative CAN$5.7 million guarantee mechanism co-invested by DID
4,667 new loans granted thanks to this incentive
75.3% of these loans granted to individuals not previously served
21,120 people graduated from the 3 financial literacy programs deployed across the country
75% women
25% young people