THE ACTIVITIES OF SIDI

AND ITS PARTNERS

INTERNATIONAL SOLIDARITY FOR DEVELOPMENT AND INVESTMENT

 Table of contents
4
Solidarity support and financing

Editorial: SIDI - design and printing: Poussières d’Étoiles - Courtabœuf (91) +33(0)1 60 92 42 72
Solidarity financing in 2006
Solidarity support in 2006

An activity focussed
around development issues 7
ACTIVITÉS DE LA SIDI
• A fundamental choice: To promote access to financial services in rural areas in crisis ET DE SES PARTENAIRES

- Responding to the financing needs of a rural organisation

- Working with MFIs in crisis-stricken areas
- Promoting local products SOLIDARITÉ INTERNATIONALE POUR LE DÉVELOPPEMENT ET L'INVESTISSEMENT

- Working with producers’ organisations in order to increase the supply of credits to farmers
- Accompanying the development of the initiatives undertaken by the LFS (formulation of development plans)
- Promoting the MUSO (Solidarity Mutuals) methodology and related instruments
• Helping to ensure the good governance of microfinance institutions
• Reinforcing the drivers of solidarity financing in the South: refinancing funds
• Ensuring that the social viability of investment takes root

The Solidarity Chain for Financing an

13
North-South alliances
The Solidarity Chain for Financing, a force for solidarity
The alliances in the North

16
SIDI ‘s Financial statements and portfolio
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: Asie/Caraïbes/Pacifique
ADI-Kivu: Association pour le Développement intégré au Kivu
(RD Congo)
AFD: Development French Agency (France)
AKIBA: Commercial Bank Akiba (Tanzanie)
Glossary
CONFIANZA: Entidad de Desarrollo para la pequeña y micro
empresa (Péru) CONSOLIDAR: Cooperativa Corfas de Crédito
Solidario: Coopérative de crédit solidaire (Colombie)
COODEFI: Coopérative Financière et de Développement
Economique (DR of Congo)
CORDAID: Catholic Organisation for Relief and Development
GRET: Groupe de Recherches et d’Echanges Technologiques
(France)
HIVOS: Humanist Institute for Development Cooperation (The
Netherlands)
IMF: Microfinance institution
IMOFOR: Institut Mobil de Formation (Haïti)
OMIPA: Oruchinga Microfinance Promotion Agency (Ouganda)
PARMEC: Projet d’Appui à la Réglementation des Mutuelles
d’Epargne et de Crédit
PO: Producers’ organisation
PROFUND: Fondo de Inversiones incorporado en Panamá:
Fonds d’Investissement (Panama)

AL AMANA: « respect du dépôt » (Maroc)
ALTERFIN: Finantial Co operativ (Belgium)
AMSSF: Association Marocaine Solidarité Sans Frontière
(Morocco)
AMRET: new name EMT «Ennatien Moulethan Tchonnebat »
(Cambodia)
ANDEFAR: Association pour le Développement Economique
Régional (Mali)
ANED: Asociacion nacional Ecumenica de desarrollo (Bolivie)
AOPP: Association des Organisations Professionnelles
Paysannes (Mali)
ASIENA: Association Inter-Institut « Ensemble et Avec »
(Burkina Faso)
ASPRODEB: Senegal Association for Promotion and
Development (Senegal)
BANCOSOL: Banco Solidario (Bolivia)
BANCA ETICA: Banque éthique (Italia)
BMS: Banque Malienne de Solidarité (Mali)
BNPP: Banque Nationale de Paris Paribas (France)
CAC La Florida (Pérou): Cooperativa Agraria Cafetalera La
Florida (Pérou)
CCFD: Catholic Committee against hunger and for
development (France)
CCRD: Caisse de Crédit Rural pour le Développement (DR of
Congo)
CEP: Capital Aid fund for Employment of the Poor (Vietnam)
CERUDEB: Centenary Rural Development Bank (Uganda)
COD-EMH: Coordination of development operations –
Methodist church (Haïti)
(The Netherlands)
CREC: Caisse Régionale d’Epargne-Crédit (Sénégal)
CRG: Rural credit of Guinea (Guinea)
CRSM: Caja Rural San Martín (Peru)
DGRV: Deutscher Genossenschafts- und Raiffeisenverband
(Germany)
EACD: Egyptian Asociation for global development (Egypt)
EDAPROSPO: Equipo de Aseroramiento a Actividades
Productivas de Sectores Populares: (Péru)
ESD: Saving solidarity Development association (France)
ETIMOS: Institution de second niveau de refinancement (Italie)
EU: European Union
FAPECAFES: Federación Regional de Asociaciones de
Pequenos Cafetaleros Ecologicos del Sur (Ecuador)
FENACOOP: Federación Nacional de Cooperativas
Agropecuarias y agroindustriales: Fédération Nationale de
Coopératives agricoles (Nicaragua)
FC: Fonds Coopératif (Laos)
FEBEA: Fédération Européenne de Finances et Banques
Ethiques et Alternatives (Belgium)
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)
GMF: Global Microfinance Facility
IRAM: Institut de Recherche et d’Applications des Méthodes
de développement (France)
INDES: Inversiones para el Desarrollo: Investissement pour le
Développement (Chili)
JAPPOO: « Solidarity » in wolof (Senegal)
JEMENI:Union des Caisses Mutuelles d’Epargne et de Crédit
(Mali)
KNFP: National Council for grassroot financial system (Haïti)
KRK: Kreditimi Rural I Kosoves LLC (Kosovo)
KOKARI: Co-operative of intermediation in rural credit services
(Niger)
LA-CIF: Latin American Challenge Investment Fund (South
America)
LAO FARMERS PRODUCTS: Société coopérative de
transformation et commercialisation des produits agricoles et
forestiers (Laos)
LIDE: Ligue pour le Développement (Nord-Kivu)
MAF: Microfinance Alliance Fund (Asie)
MAE: Ministère des Affaires Etrangères (France)
MAIN: Microfinance African Institution Network (réseau
africain de microfinance) (Ethiopie)
MEC PROPEM: Mutuelle d'Epargne et de Crédit pour la
Promotion de la Pêche à Mbour (Sénégal)
MCCH: Maquita Cushuncic Comercializando Hermanos
(Equateur)
MICROFUND: Institution mutualiste de droit togolais (Togo)
MISEREOR: Aktion Gegen Hunger Und Krankheit In Der
Welt(Allemagne)
MUSO: Mutuelle de Solidarité
NIAKO: Union de caisses d’épargne crédit à Kayes (Mali)
PREFED: Programme Régional de Formation et d’Echanges
pour le Développement (Rwanda)
RIM: Reseau Interdiocésain de Microfinance (Rwanda)
SAINDESUR: Inversiones para el desarrollo (Uruguay)
SEFEA: Société Européenne pour la Finance Ethique et
Alternative
LFS: Local Financial services
SILAC/TSIRY: Société Industrielle et Agricole du Lac
Alaotra/Fédération TSIRY des groupements de producteurs
(Madagascar)
SIPEM: Investment Company for Investment Promotion in
Madagascar (Madagascar)
SMF EA Ltd: Stromme Microfinance East African Limited
(Uganda) :
TAANADI: Coopératives de services financiers (Niger)
TEMBEKA: Social investment Company Limited (South Africa)
TIMPAC: Tous impliqués dans la mobilisation des ressources
locales et la promotion des actions communautaires (Togo)
TITEM: Savings and credits for local associations (Madagascar)
UCMECS: Union des Caisses Mutuelles d’Epargne et de Crédit
dans la région des Savannes (Togo)
UGPM: Union des Groupements Paysans de Meckhé (Sénégal)
UN SOL MON: Fundatio Un Sol Mon (Espagne): Fondation
pour un seul Monde
WAGES:Women Association for both Gain Economic and
Social (Togo
Chairman’s message
Dear Friends,
The solidarity chain for financing has made slow but sure
progress once again this year! Thanks to you, we have
once again been able to work together with our partners
in the South and the East and we have developed and
strengthened financing services adapted to meet with
the needs of the excluded in some thirty countries. The
road towards solidarity may well be long, but it is also
compelling, since the world is moving and changing. In
the past, we always spoke about the North and the
South, the rich countries and the poor countries. Ho-
wever, the globalisation of the economy is now pro-
gressively rendering this distinction obsolete. We are
now witnessing the gestation of the “one world”. The
North is extending towards the South! Certain coun-
tries in Asia, Latin America, Eastern Europe, Africa and
the Middle East are in the process of joining the club of
the “emerging countries” or even of the “so-called de-
veloped” countries. However, at the same time, the third
world, or even the “fourth world”, is making inroads
into all industrialised societies across the world.
World wide growth is being accompanied by a certain
form of redistribution of wealth amongst nations, but it
is also leading to an increasing separation of the eco-
nomic and the social. How can we understand and ac-
cept this contradiction that would appear to be imposing
itself both in the North and the South, as well as in the
East: the economy is performing better than it has done
in the past and yet society continues to suffer as much
as it has in the past. How can we reconcile the economy
with society? How can we reorganise the systems used
to redistribute wealth?
For SIDI, the “chain of solidarity for financing” is the
foundation for all of our actions: developing shared sa-
vings schemes, promoting responsible shareholding so
as to create “patient investments” for the benefit of the
poorest members of society, providing local actions with
the time to flourish and to consolidate.
It is thanks to the actions undertaken by the networks of
CCFD activists, the volunteers, the institutional and indi-
vidual shareholders, the members of the ESD – Epargne
Solidarité Développement –, the SIDI/CCFD correspon-
dents, all of the alliances established across Europe and
elsewhere, and thanks to each and everyone of you, that
we are able to consolidate this chain of solidarity for fi-
nancing through:
❚ The will to share risks, income and know-how,
❚ The will to perpetuate the provision of financial servi-
ces and to ensure that these services are provided at the
lowest possible cost for the end clients,
❚ The will to “position” solidarity financing within the
major forums for debate on the challenges of develop-
ment, such as the World Social Forum in Nairobi in Ja-
nuary 2007, so that States are not able to shirk their
responsibilities with regard to education, health and in-
frastructures.
The economic upturn experienced in some countries of
the South has not been without its problems. Indeed, it
often undermines the age-old socio-economic structures.
Within these countries, we are seeing the creation of a
wealthy entrepreneurial bourgeoisie and the new middle
classes and millions of people are now gaining access to
the rich countries’ consumer society. However, in all of
these countries, numerous poor populations who often
live in rural regions, far from the industrialised areas, are
excluded from this prosperity. It would appear that there
is also a real North-South conflict even within these
countries…
What can be done to reorganise the redistribution me-
chanisms in order to “reconcile the economy and so-
ciety, production and redistribution, competitiveness and
solidarity”?
SIDI has been relentless in its efforts to be as innovative
as possible so as to seek out solutions that enable us to
move beyond microfinance in the strictest sense of the
term. Whilst continuing to focus on the implementation
of the geographical and thematic priorities to which we
committed as part of the 2006/2008 plan, we have also
identified a whole range of challenges for the forthco-
ming 2009-2011 plan. We have already begun to dis-
cuss these matters with the CCFD, who have already set
out the main lines of their new orientation report for the
next few years.
What can we do to ensure that microfinance does not
become an objective in itself? How can we ensure that
it does not lose its sense of solidarity? What can we do
to ensure that it does not merely become a new form of Christian SCHMITZ
“business”? Microfinance enables a large number of Chairman of the board. Paris, May 29, 2007
people who have a low income to make plans for the fu-
ture and it would appear to be a useful driver of deve- guarantee mechanisms (against natural risks, poli-
lopment, but it is not enough. On its own it is not a tical risks, …), by re-focussing attention on rural fa-
cure-all that is capable of bringing an end to poverty and mily businesses.
to all forms of inequality, even though it has led to an in- ❚ There is a need to develop financing mechanisms
creased awareness that people must rely on their own that protect the end beneficiaries against the risk
efforts in order to develop their own economic activities, of losses that may be incurred as a result of the
rather than waiting for short-lived external support. loans being converted into local currency.
Thereareagreatmanychallengestobefaced: ❚ We must foster a synergy with the dynamism
❚ There is a need to move away from microcredit that is generated by the corporate social responsibility of
not based on solidarity and risk sharing, towards a soli- the traditional banks.
darity-based microfinance that seeks to extend its area ❚ We must strengthen the links between solidarity
of intervention. A microfinance sector that forges al- financing, fair trade and responsible consumerism.
liances so as to also be in a position to provide non-fi-
nancial services to loan beneficiaries: literacy I will now leave you to browse through this
programmes, training in the management of SMEs, 2006 activity report which will lead you to
microinsurance, etc. discover just some of the facets of the acti-
❚ Improvements need to be made to the modalities ac- vities carried out by SIDI and its partners. We
cording to which services are provided: longer-term finan- have tried to move forward together, main-
cing, mechanisms that allow for the financing of taining a focus on the social importance and
investments (equipment for use in rural areas, housing im- relevance (the process of social change, sus-
provements, access to renewable sources of energy, etc…), tainability) of our actions.
an approach adapted to young unemployed persons, …
❚ We must strive to provide better services to the poorly Christian Schmitz
served rural areas, by adapting products, implementing Chairman of the Board
ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006 3
Solidarity support and financing
Created more than 20 years ago by The issue of access is examined from the
SIDI is active in 28 countries, including
the CCFD, SIDI is an international vantage point of an increase in partnerships
four countries that were added in 2006:
solidarity institution helping to in rural areas and the arrangements of
Nicaragua, Burkina Faso, Bolivia and
consolidate, financially and techni- these various forms of investment (longer
Egypt, and it makes use of five multilate-
cally, local financing services in loan periods, assessment of interest rates,
ral instruments, including a new one, the
Africa, Asia, Latin America and Eas- equity loans, etc.) in order to adapt them to
East African FUND, which provides finan-
tern Europe. SIDI supports local the needs of institutions operating in rural
cing in East Africa.
players able to operate indepen- areas and, as a result, to the needs of their
At 31 December 2006, 57% of the port-
dently and to contribute lasting fi- customers. folio was made up of loans, compared to
nancial products and services to a In 2006, SIDI’s commitment to solidarity fi-
40% for equity financing and 3% for gua-
disadvantaged population without nancing featured the following highlights:
rantees. Loans account for a larger share
access to traditional banks. than equity financing because of the
● A € 6.6 million portfolio growth of investment in West Africa, an
in 28 countries area where regulations favour mutuals
Solidarity financing and associations and, secondly, because
SIDI’s financial commitment at 31 Decem- more attention is being paid to commit-
in 2006 ber 2006, to partners in the South and the ments in the rural areas where entities set
East amounted to 6.6 million euros, an in- up as public limited companies are few
SIDI starts with a foundation of equity fi- crease of 25% over the end of 2005, and far between. However, equity finan-
nancing and then makes use of three clas- consisting of 3.8 million euros for the loan cing remains SIDI’s instrument of choice.
sic investment tools: loans, equity financing portfolio (several loans are awaiting When the partner’s regulations or articles
and guarantees. Since its 2003-2005 stra- conversion to capital), 2.6 million euros for of association permit, SIDI converts loans
tegic plan, SIDI has decided to work dili- equity financing and 0.2 million euros in into a stake in the capital. The loans gran-
gently on access to financing in rural areas. guarantees (see figure 1). ted to AL AMANA, ANED, EA FUND and ➜

SIDI is: the North, a sharing of the risks

1) a joint-stock company with ca-
pital of 9 million euros, created in
1983 by the CCFD along with
other shareholders who support
its values.
2) an active player in solidarity
finance, focusing on people who
have been socially and economi-
cally excluded and marginalized.
3) an organization whose mis-
sion, in contract to other social
investors, revolves around tech-
nical support with financing.
4) a Solidarity Chain for Finan-
cing
SIDI’s activities are founded on
an active human chain commit-
ted to North-South sharing of re-
venue from solidarity savings in
with the institution in the South Figure1:Geographicalbreakdownoftheportfolioin2006
and a sharing of know-how.
Eastern Europe 8% The Caribbean 1%
5) an institution committed to
Mediterranean basin 8%
partnerships with local financing
services for the long-term.
Asia 11%
Africa 46%
6) a team of employees (16 peo-
ple, including a geographical of-
ficer, a social viability expert and
an institutional partnership
supervisor) as well as volunteer
consultants specialising in: Latin américa 26%
- financial matters, such as en-
gineering, equity investment,
loans and guarantees.
- local support, i.e. participation
on boards of directors, support
for drawing up new products, bu-
siness plans, information systems,
etc.
- networking and exchanges of
know-how

4 ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006

➜ MICROINVEST are expected to be conver-
ted to capital by the end of 2008.
● The creation of a leverage effect via
refinancing funds
In 2006, SIDI became a shareholder of five
regional refinancing funds, including a new
one, EAFUND, which is based in Uganda and
carries out microfinance activities in East
Africa. The other four are LACIF in Latin Ame-
rica, MAF in Asia, SEFEA in Eastern Europe,
and PROFUND, which ended its activities in
2006 at the close of it statutory period.
● Nearly half of SIDI’s portfolio is in-
vested in Africa
Africa maintains an important position in
SIDI’s portfolio, a trend that began in 2003,
when 52% went to Africa and the Medi-
terranean Basin (see figure 1). This geo-
graphical breakdown is nearly identical to
that of 2005, excepting Haiti, which fell
from 4% to 1% of the portfolio owing to
political trouble going back three years,
and Eastern Europe, which had 4% in
2005, compared with 8% today. This is ex-
plained by a reinforcement in Moldavia
and Kosovo and a withdrawal from Poland.
Senegal, Mali and Togo had the most part-
ners.
The average amount of a SIDI investment is
115,000 euros, with a maximum of 475,000
euros received by CERUDEB in Uganda.
● Financial commitments
for diversified partners
Fifty-seven institutions, all SIDI partners, were
financed in 2006. Of these 57 financing pac-
kages, three were fully repaid by 31 Decem-
ber 2006 (AOPP in Mali, PROFUND in Latin
America and TISE in Poland). One loan in
Haiti was written off as a loss.
SIDI decided to adapt to the wide range of si-
tuations encountered in the microfinance in-
stitutions operating in rural areas (see figure
2bis):
❚ As a result, half of them, 28, were financial
institutions with a traditional public limited
structure, such as CRG, SIPEM, CCRD,
AMRET, HATTHA KAKSEKAR, etc., or com-
mercial banks such as CERUDEB, AKIBA,
BMS, BANCO SOLIDARIO, etc. or associa-
tions and NGOs, such as TIMPAC, WAGES,
MCCH, etc.
❚ The other half were institutions with a
wide range of profiles, such as producers’
organizations (8), groups of village banks
(6) or refinancing funds (6) such as TEM-
BEKA, EAFUND, LACIF, MAF, BMS and PRO-
FUND.
● All new 2006 financial commitments
were devoted to rural areas
SIDI entered into a commitment with the
following nine new partners in 2006: MOG-
TEDO in Burkina Faso, CREC in Senegal, UC-
MECS in Togo, CREDI FLORIDA in Peru,
FONDEFER in Nicaragua, ANED in Bolivia,
LAO FARMERS PRODUCTS in Laos, EACD in
Egypt and EAFUND, which is based in
Uganda for the refinancing of institutions
operating mainly in rural areas (see presen-
tation page). These nine institutions are ac-
tive only in rural areas.
● Financial instruments featuring
adapted and solidarity arrangements
The SIDI team pursued its reflection on how
best to adapt its solidarity financing instru-
ments. In rural areas in particular, the ab-
sence of guarantees, the low profitability of
investments and haphazard production re-
quired us to rethink how we intervene fi-
nancially. The length of financial
commitments has been increased and is
now on average five years. This length of
time enables us to help finance equipment
in the form of loans for rural equipment set
up by JEMENI in Mali, HATTHA KAKSEKAR
in Cambodia, housing loans via JEMENI and
NIAKO in Mali, long-term equity loans for ➜

Figure2:Expenditureincurredin2006

OurresourcescomefromtheSolidarityChainforFinancing
forpartnersupport
Totalin2006 Totalin2005
IntheNorth,publicandprivateshareholders(institutionsandindividuals),aswell
K€ K€
assaverswhosharetheincomefromtheirsavings,makeresourcesavailableto
Africa 744 515
SIDI.
Mediterraneanbasin 56 91
IntheSouth,theseresourcesareusedbythepartnersforlocalfinancingservi-
cesandproducers’organizations,whichprovidefinancialservicestodisadvan- CentralEurope 27 45
tagedpopulations. Asia 128 181
LatinAmerica 113 81
Haiti 120 128
FID Revenue from HorizontalSupport 187 180
Capital investment fund TOTAL 1 375 1222
€9 millions (FCP)and CCFD
€1,1 million/year
Mobilization of funds
Refinancing fund Technical Assistance from alliances
Fund

LFS PO LFS LFS PO LFS

ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006 5

➜ solar energy equipment in villages via CREC
in Senegal, etc., and allowed us to work in
crisis zones, such as Palestine and Lebanon.
Solidarity support in 2006
SIDI, working in partnership with local insti-
tutions, strives to:
- broaden access by the populations to eco-
nomic opportunities in rural areas in parti-
cular.
The emphasis is placed on rural families who
bear the brunt of economic and monetary
poverty, as well as on their small agro-food-
stuffs businesses.
- improve access by populations to local de-
velopment services, such as marketing, hou-
sing, renewable energy, etc.
SIDI’s support activities are designed to:
❚ reinforce the governance of institutions via
participation on boards of directors, moni-
toring of financial documents, support/ad-
vice and training, etc.
❚ contribute to the sustainable development
of institutions by seeking leverage effects via
local and international alliances, measuring
social viability, establishing networking and
capitalizing on experiences.
Working in partnership:
SIDI’s work has an array of facets, including in-
vestment, support-advice, technical assistance,
support for local development initiatives, net-
working, etc. Underpinning this diversity is the
common denominator of SIDI’s relationship
with partners in the South.
The problem of partnerships arises after the
identification phase. At times, it is difficult to
explain SIDI’s activities. We do not seek to
make money, i.e. invest in projects that are pro-
fitable from the start. We invest in projects that
have a positive impact on marginalized popu-
lations. Explaining the logic behind our invest-
ments, our support and our vision requires a
lot of time. It is therefore difficult to describe it,
and have it understood, in a brochure.
For SIDI, working in partnership means
6 ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006
In 2006, SIDI’s activities required 2 millions
euros for our partners’ operations and sup-
port. These resources came from:
❚ shared income from solidarity investment
and from the CCFD (1.1 million euros), co-
vering 57% of our expenses
❚ international financial partners (0.4
millions euros) covering 20% of our expen-
ses
❚ financial and portfolio income (0.5 millions
euros) covering 23% of expenses
Expenditure committed in 2006 for partner
support and technical assistance, including
the running of SIDI, amounted to 1.4 million
euros, 12% more than in 2005. In 2006,
Figure2bis:Portfoliobreakdownbyamountandtypeoflocalfinancingservice(LFS)
Cooperative Bank 8%
Organization of producers 8%
Regional funds
12%
Co-operatives
of credit 12%%
• responding to local demand: SIDI invests
only in institutions that submit a formal appli-
cation. It is up to the local institution to define
its way forward. SIDI intervenes only to support
the implementation of projects.
• responding to common interests:
This criterion concerns a common vision of the
stakes and issues in the country or region under
consideration. In the daily life of SIDI’s partners
(MFIs, federations of producers’ organization
or local organizations) many decision must be
taken. In order to support a partner, the vision
and interests must converge.
• examining the meaning behind the part-
nership relationship: Beyond financial or social
performance, the issues that may be advanced
via SIDI’s relationship with its partners must be
examined. In certain cases it is a matter of be-
Africa received 62% of SIDI’s support re-
sources (see figure 2), mainly as a result of
the priority assigned to Africa in the 2006-
2008 strategic plan under which we sought
and obtained co-funding from the EU. ■
1
Income from SIDI’s portfolio, which includes
loan revenue, equity investment as well as
attendance fees and dossier expenses, was
around 291,000 euros at the end of 2006.

Financial institutions 24%
Associations / NGO 20%
Commercial bank 16%
coming independent, in others success requi-
res greater institutional sovereignty and in still
others women need to achieve better recogni-
tion as fully-fledged economic players in areas
where discrimination is rife.
A reflection on the partnership during the iden-
tification phase
At the start of the relationship with an institu-
tion, an initial exchange and dialogue are held
to get to know each other. In some cases, a fi-
nancial relationship is set up prior to a part-
nership, which is forged over time. In other
cases, advice and consulting precede a part-
nership, which then leads to investment.
However, while setting up partnerships may ap-
pear easy, in practice it is not. It requires daily
work, with ups and downs, successes and fai-
lures.
 An activity
focussed around development issues
A fundamental choice: To
promote access to finan-
cial services in rural areas
in crisis
In the developing countries, and more spe-
cifically in sub-Saharan Africa, the majority
of the population remains extremely poor,
particularly in rural areas or in regions in cri-
sis. As part of its mission to support institu-
tions that provide financial services to
disadvantaged populations, SIDI focuses
particular attention on these areas.
● Responding to the financing needs of
a rural organisation
Financing services in rural zones are provi-
ded either through LFS (Local Financing
Structures), which tend to be fairly large in
Muso Impuyaki supported by
PREFED in Rwanda
scale, or through development projects or
by producer organisations.
•Respondingtothefinancingneedsofa
ruralorganisation
TAANADI in Niger, MEC PROPEM in Sene-
gal, NIAKO and JEMENI in Mali, EACD in
Egypt, TIMPAC, MICROFUND and UC-
MECS in Togo, EDAPROSPO in Peru
It is more expensive for an LFS to provide fi-
nancing services in rural areas than it is to
provide the same services in urban areas,
due to both the dispersion and remoteness
of the clients and the higher risks related to
the vagaries of agricultural activities. It is
therefore necessary to devise mechanisms
that provide financing services at an accep-
table cost.
Refinancing is a key growth factor, since it
makes it possible to satisfy an increasing de- ➜
Photo SIDI
ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006 7
➜ mand for credit that is moving more quickly
than members are able to accumulate sa-
vings, which means that the capital held by
these institutions is not sufficient to satisfy
this demand. SIDI’s refinancing activities are
often accompanied by refinancing provided
by other institutions from the North who are
part of the same “alliance” and, as such,
have a significant leverage effect1.
•DevelopinglinksbetweentheLFSandthe
localbanks:issuingguarantees faced with a dilemma: if they do not assume
OMIPA in Uganda (through a CERUDEB
loan), the Fouta Djalon Foundation in Gui-
nea (BICIGUI loan), KRK in Kosovo (SEFEA
loan through Credit Cooperatif “solidarity
guarantee”), LIDE/CCRD (COODEFI loan
in the DRC).
In 2006, SIDI set up a guarantee mechanism
with local banks in favour of its partners,
thus enabling them to gain access to finan-
cial resources that are local but also quite
rare, since people tend to be overcautious
when they are asked to make them available.
Four institutions benefited from this type of
intervention in 2006. This continues to be an
important instrument for SIDI because:
❚ It enables the local banks to become in-
volved in the efforts deployed to reinforce
local financing services.
8 ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006
❚ It eliminates exchange rate risks for both
SIDI and the local institution.
❚ Above all, it provides the possibility to in-
itiate a long-term financial relationship bet-
ween the local institutions that work in the
same country.
•Developingbridgingloans
HATTA KAKSEKAR (Cambodia), KRK (Ko-
sovo), MCCH (Ecuador), MICROINVEST
(Moldova)
Since LFS generally have to wait a long time
before finally receiving funding once they
have put together their application for fi-
nancing, SIDI provided several bridging
loans in 2006. These loans, which have a
maximum duration of one year, are granted
to partners with whom a close relationship
– notably a financial relationship – already
exists, and enables them to overcome tem-
porary cash flow difficulties.
● Working with MFIs in crisis-stricken
areas
ACAD, ASALA and CD HOUSING (Pales-
tine), CCRD (Northern Kivu, DRC),
ADI/KIVU (Southern Kivu, DRC), Prefed
Rwanda (Rwanda), NAJDEH (Lebanon),
FONHSUD, KNFP, COD/EMH in Haiti.
For many years, SIDI has recognised the ef-
forts made by the local actors who find
themselves working on a daily basis in dif-
ficult conditions, whether this is in Haiti, the
Lebanon, Palestine and the Great Lakes area
of Eastern Africa.
Microfinance has been developed in these
countries thanks to the local actors who
have a great deal of conviction and who are
determined to carry out their mission. Ho-
wever, these institutions are permanently
responsibility for their mission, then they
lose their very raison d’être, but if they do
attempt to carry out their mission, they are
confronted with a major risk of decapitali-
zation that may be caused by the effects of
the contextual risks with which they are
confronted.
There are many such risks in Palestine in
particular: it is often difficult to find a mar-
ket for rural products, the Palestine territory
is being steadily eroded, it is virtually im-
possible to obtain real guarantees in an im-
poverished economy that does not offer
good economic prospects… Together with
UnSolMon in Spain and Banca Etica in Italy,
SIDI has been busy working on the design
and implementation of a portfolio guaran-
tee scheme that will help to overcome this
type of negative effects. ➜
Preparation of fruit
pastes in Laos, with
Lao Farmers Products
Photo SIDI
➜ In the eastern part of the Congo, the reper-
cussions of the conflicts of the last ten years
continue to have an impact in areas in
which the infrastructures have not been
maintained for decades.
SIDI has taken action to assist the creation
of financing products that are adapted to
these contexts and to rural areas (see spe-
cial report number 1), and in order to im-
prove management techniques.
● Promoting local products
LAO Farmers’ Products in Laos, AOPP in
Mali, JAPPOO in Senegal, SILAC/TSIRY in
Madagascar, study on the creation of a
fund for raw materials in Latin America.
The promotion and development of local
products enables local populations to pri-
marily consume their own products (instead
of imported products) and also helps them
to retain the added value of the processing
of agricultural and agri-food products. In-
deed, this might even help them to begin
contemplating the exportation of these pro-
ducts.
In 2006, SIDI conducted a first feasibility
study on the promotion and development
of local products in Senegal (JAPPO pro-
gramme), in connection with the develop-
ment of tourism in the coastal region.
Photo SIDI
The team of Taanadi in Niger
With the support of the Ford Foundation,
Cordaid and UnsolMon, SIDI began to work
on a large scale study on the creation of a
fund for agricultural raw materials in Latin
America. The idea behind this regional fund
is that it should serve to support producers’
organisations in the Andean region in their
efforts to gain access to the international
markets, particularly the markets for fair
trade and organic products.
● Working with producers’ organisa-
tions in order to increase the supply
of credits to farmers
UGPM and CREC in Senegal, FONDEFER
in Nicaragua, FAPECAFE and MCCH in
Ecuador, MOGTEDO in Burkina Faso, CAC
LA FLORIDA and CREDI Florida in Peru,
AOPP in Mali, MOGTEDO in Burkina Faso.
Producers’ organisations in the South play
an essential role in terms of the financial
and non-financial services that they provide
to their members. Indeed, some of them
have decided to create their own financial
instruments.
In 2006, SIDI worked along side 7 produ-
cers’ organisations in their efforts to: 1 For example, SIDI’s four
Togolese partners have
● Consolidate the financials instrument also been refinanced by
that the farmers have established in ➜ ALTERFIN.
Specialreport:anEU/ACPprogrammeinsupportofSIDI’swork
Inordertofindadditionalresourcesfortheworkitcarriesoutwithinstitutionsthat
areactiveintheruralareasandcrisis-strickenregions,SIDIhassoughtsupportfrom
theEU/ACPframeworkprogrammeonmicrofinance.ThisEuropeanUnionprogramme
infavouroftheAfrican,CaribbeanandPacific(ACP)countriesisdesignedtofacilitate
theaccessofdisadvantagedpopulationstofinancialservicesandproductsthathave
beenadaptedtomeettheirneeds.SIDIrespondedtothiscallfortenderstogetherwith
theBelgiancooperativesocietyALTERFINandtheAfricannetworkcalledMAIN.Indeed,
thisapproachispartofthealliancesstrategyadoptedbySIDIquiteafewyearsago.
Thetwoandahalfyearproject(May06toNovember08)hasatotalbudgetof
€ 990,000,80%ofwhichisbeingfinancedbytheEU/ACPprogramme.
Theprojectisfocussedaround2mainobjectives:
•Thedevelopmentofmicrofinanceservicesinpoorlyservedareas
•Toimprovetransparencyinthemicrofinancesector.
Theprojectwillbeofdirectbenefitto14institutionsthatareeitherSIDIorALTERFIN
partners(intheformoftechnicalassistanceortheprovisionofphysicalinputs),allof
whicharelocatedinruralorcrisis-strickenareas.However,itwillhaveanimpactona
substantiallyhighernumberoforganisationsifwetakeintoaccountthetraining
initiativesorganisedbyMAINinAfricaorbytheKNFPinHaiti,aswellastheactivities
organisedforthesolidaritymutuals.
ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006 9
➜ order to meet with their financing re-
quirements.
To this end, in 2006 SIDI entered into a part-
nership with FONDEFER, the financial in-
strument of FENACOOP (a national
cooperative that has 70 member associa-
tions in Nicaragua), by granting a long-term
loan and creating a tool to provide informa-
tion on a regular basis.
● Finance the economic and technical
initiatives developed by the organi-
sations for their members.
SIDI also granted a loan to the MOGTEDO
producers’ cooperative in Burkina Faso,
which brings together 370 rice and market
gardening producers, in order to finance
farm inputs and to help to computerise the
management of its portfolio.
● Accompanying the development of
the initiatives undertaken by the LFS
(formulation of development plans)
OMIPA in Uganda, UCMECS and TIMPAC
in Togo, JEMENI in Mali, SIPEM and TITEM
in Madagascar, AKIBA in Tanzania, Fonds
Coopératif du Laos, RIM (Rwanda), CO-
OCEC in DRC
The real challenge for the financing of rural
and urban areas is knowing how to adapt to
Photo SIDI
Development of plan of
development of Fondefer with
FENACOOP (Nicaragua)
10 ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006
the diversity of situations, integrating demand
not only from the point of view of the eco-
nomic activity and the borrower, but also
from the point of view of the other members
of the family. There is no doubt that the pro-
vision of products that have adapted to meet
with clients’ needs is a key factor for the long-
term future of an LFS.
TIMPAC has benefited from a perspective
study on the expectations of its current and
potential clients, so as to improve the adap-
tation of its products and in order to provide
guidance for its investments.
In order to establish future projects, both ex-
perienced and recently formed LFS wish to
formulate development plans over a period
of several years .
SIDI provides support for the formulation of
development plans, the establishment of in-
dicators and the organisation and follow up
of the working areas to be implemented. In
2006, SIDI took part in the working group set
up to define the strategy to be adopted by Al
Amana in Morocco for the period 2007-
2011. Similar work is currently underway in
the Great Lakes region.
After being operational for four years, in 2006
and with SIDI’s support, the Fonds coopéra-
tif in Laos draw up a strategic plan for the
period 2007-2010, to which all of the team
was able to contribute and which reaffirms
its position around the cooperative approach
and the financing of small enterprises.
Work of the CCRD in a crisis-stricken
zone in the Congo
The CCRD was created by the institutionali-
sation, in 2004, of the activities to promote
and to refinance the MUSOs of the LIDE
NGO, which has been a CCFD partner since
1996. SIDI took part in the institutionalisa-
tion of this small stock company, of which it
is a 40% shareholder, along side LIDE, indi-
vidual shareholders and members of the
workforce.
The CCRD provides awareness-raising, trai-
ning, accompanying services and refinan-
cing for people who do not have access to
the conventional banking system and who
are organised within Solidarity Mutuals
(MUSOs). The vast majority of MUSO mem-
bers (more than 90%) earn approximately
USD 0.50 per day.
In Kivu, in the eastern region of the Congo,
LIDE/CCRD has developed its activities in
the territories of Beni and Lubero (in a
100km radius around Butembo), in a situa-
● Promoting the MUSO (Solidarity Mu-
tuals) methodology and related in-
struments
TITEM (Madagascar), ASIENA (Burkina
Faso), UGPM (Senegal), FONHSUD (Haiti),
LIDE/CCRD (Congo), AOPP (Mali), PREFED
(Rwanda).
The specific context of rural areas and areas
regions afflicted by political instability
means that it is necessary to establish inno-
vative and adapted approaches such as the
Solidarity Mutuals3.
As well as supplying regular support to the
partners who have developed MUSOs, SIDI
has also worked with these institutions to
review the information and management
systems designed to monitor the MUSOs.
2 The development plan will enable the LFS to
establish a route map for the organisation, to set
priorities and to allocate resources. On this basis,
the institution will determine the working areas
to which it will give priority (creation of new
products, improving the organisation, seeking out
financing) and these indications will be updated
in order to follow up the activities.
3 This savings/credit system is based on three
colour-coded funds: there is a green fund that is
used to collect the fees paid in by MUSO
members, which are then used to grant credits, a
red fund, into which non-returnable fees are paid
to cover health expenses… and finally a blue
fund into which funding received from external
partners (microfinance institutions, NGOs, …) are
paid.
tion that is fraught with a high level of in-
security (armed gangs roam around the
area, roads are cut off) following the wars
which have led to 2.5 million deaths in the
country between 1996 and 2000 and which
have also led to the country’s economic col-
lapse.
The CCRD finances its growth with the fi-
nancial support of the CCFD (in the region
of 40,000 USD between 2003 and 2006).
This support is required in order to raise
awareness amongst MUSOs and to provide
training, both of which must take place be-
fore refinancing is provided.
Quality facilitators and the will to innovate
17 facilitators, all of whom are locals and
are members of one of the reference
MUSOs, cover an area around Butembo,
where the CCRD has its head office, that is
accessible by road within 12 hours, Each fa-
cilitator is responsible for 30 to 40 MUSOs
and also acts as the credit officer.
TherefinancingprovidedtotheMUSOsby
theCCRDmaytakeoneoftwoforms:
Helping to ensure the
good governance of micro-
finance institutions
CREDIT RURAL de GUINEE (Guinea), HAT-
THA KAKSEKAR and AMRET (Cambodia),
FONDS COOPÉRATIF du Laos,
CONFIANZA (Peru), KOKARI (Niger), ANED
(Bolivia), AL AMANA (Morocco), CERUDEB
(Uganda), AKIBA (Tanzania), MICROIN-
VEST (Moldova), SIPEM (Madagascar),
BANQUE MALIENNE DE SOLIDARITÉ
(Mali)
The participation in the capital of an LFS is
SIDI’s preferred method of investment, since
it is an expression of an advanced form of
solidarity because it represents long-term
commitment (10 years on average), without
seeking a financial return in the short term.
The members of the SIDI team spend a great
deal of time (and energy!) on preparing and
participating in board meetings, meetings of
the various technical committees (audit,
supervisory, asset management, etc….), as
well as the various general assemblies. As
well as its participation in the board level
meetings, SIDI also organises reflection
workshops and training sessions in order to
provide support for good governance prac-
tices. It plays a role in the creation of a
board which is a real protagonist within the
LFS, in other words, a board which is able
to take well-formed decisions that gua-
rantee the future of the institution (cf. spe-
cial report number 2 on working along
side the board of directors of the Crédit
Rural de Guinée).
An increasing number of public and private
institutions are turning their attention to the
microfinance sector, since it is considered to
be a good vector for growth and develop-
ment. The majority of the actors emphasise
the need for financial sustainability whilst
SIDI, together with other partners, also pla-
ces great emphasis on social performance.
The real challenge for an investor like SIDI,
working along side other organisations from
the North (such as ALTERFIN, CORDAID,
GRET, IRAM, the STROMME Foundation…)
and many local investors, is to accompany
the LFS in this new dynamic, by being inno-
vative, by finding ways to reduce service
costs, at the same time ensuring that the in-
stitution’s social mission is maintained.
Reinforcing the drivers of
solidarity financing in the
South: refinancing funds
TEMBEKA (South Africa), BMS (Mali), EA-
FUND (Eastern Africa Funds), MAF (funds
for South-East Asia), LACIF (funds for Latin
America), SEFEA (funds for Europe).
SIDI’s aim is to establish a financial rela-
tionship as soon as possible by becoming a
shareholder, working along side the part-
ner institution for a period of time and then
seeking out other potential financial insti-
tutions that can take over this work. In this
regard, SIDI accords particular attention to
the regional, local refinancing funds. In fact,
these funds represent the following advan-
tages:
❚ The majority are to be found in the Sou-
thern and Eastern countries, which means
that they have a good knowledge of the
local context and local challenges.
❚ They generally combine two missions: the
provision of technical support and financing
of LFS.
❚ They permit the pooling of both interna-
tional and local resources and visions.
Accordingly, in 2006 SIDI continued its ef- ➜

• 4 month loans at an interest rate of 2.5% cluding 8,864 women

per month (N.B: money lenders charge 10%
per month), for the refinancing of income
generating activities;
• credit leasing of materials and equipment
for a period of 9 to 15 months.
Furthermore, with a view to ensuring the
autonomy of the structure and in agreement
with the MUSOs, the CCRD management
has implemented a monthly fees system (2
USD per MUSO per month) in order to cover
facilitation costs in particular.
These fees serve to finance the monitoring
of MUSOs that have not yet taken out loans
and which therefore do not yet pay interest
to the CCRD. This is an innovative approach
when compared to the usual microfinance
principle of using the interest on loans to
cover charges.
Afastmovingdeveloping and monitoring of the MUSOs.
The CCRD
• is establishing 10 MUSOs per month
• provides training to the members of 486
MUSOs, in other words 13,473 members, in-
• is refinancing 209 MUSOs with outstan-
ding loans of 55,000 USD at the end of De-
cember 2006.
In December 2006, the total amount of fees
that had been accumulated in the MUSOs’
funds for economic activities was in the re-
gion of 600,000 USD, whilst the amount set
aside for social expenses stood at close to
39,000 USD.
Since 2002, SIDI has supported the CCRD
through regular and lengthy missions, thus
helping it to both set up and to monitor its
activities within the MUSOs:
• strategic reflection on the organisation, fi-
General meeting of 2006
nancing, participation of the MUSOs in the of the shareholders of the
CCRD dynamic, the legal framework. CCRD.
• Installation and maintenance of accoun-
ting and portfolio management software
• Training in accountancy
• The organisation of exchanges of expe-
rience between the promoters of MUSOs
• Recommendations to various institutions

ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006 11


➜ forts with the MAF, a refinancing fund for
MFIs in South-East Asia, helping it to ac-
quire statutory, financial and operational
autonomy. It also established a new part-
nership with the EAFUND, which is a re-
cently created Ugandan fund for
refinancing and the provision of technical
support for institutions in eastern Africa. By
providing support for this fund, SIDI was
also able to forge a new alliance with a
northern (the Norwegian Stromme Foun-
dation) and southern (local Stromme Foun-
Working along side the board of direc-
tors of the Crédit Rural de Guinée –SA
The Crédit Rural de Guinée-SA is the umbrella
structure of the CRG network, which is com-
posed of 114 local banks and 170,000 mem-
bers. SIDI became a shareholder and member
of the board of CRG-SA upon its institutiona-
lisation in 2002.
The CRG-SA board of directors is composed of
12 members, 5 of whom are elected by local
banks, 4 who represent the employees, one
state representative and 2 foreign investors.
The level of representation of the foreign sha-
reholders on the board (2 out of 12, SIDI and
IRAM) is significantly higher than their parti-
cipation in the capital of the CRG-SA (10% in
total, 8% of which is held by SIDI). However,
their position on the board enables the fo-
reign investors to play a role in providing trai-
ning and guidance for the local board
members.
Four years ago, the board established an ope-
rational charter that includes the following
12 ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006
Maraichages in Senegal with the UGPM
Photo SIDI
dation) organisation which shares our
values.
Furthermore, TEMBEKA, a refinancing insti-
tution in South Africa, of which SIDI is both
a shareholder and a board member, began
to seek out alliances in 2006 and the future
prospects for its work in this area are very
encouraging.
provisions in particular:
❚ A 1 to 2 day preparatory meeting before
each of the 4 annual sessions: 2 or 3 of these
preparatory meetings also provide the oppor-
tunity for training on topics that are jointly
chosen by all board members (good gover-
nance, cash flow management, business plan,
budget, etc…) and these sessions are led by
either the foreign investors or one of the
members of staff from head office
❚ At the beginning of each session the mee-
ting is informed of the progress made to date
in implementing the resolutions made at the
previous sessions. This enables the board to
carry out its task of monitoring the actions un-
dertaken by the management.
❚ The preparatory meetings are extremely en-
lightening. These sessions enable the board
members who have been elected to represent
the local banks that are far removed from the
daily life of the CRG and its global vision, to
acquire a better understanding of the wider
challenges faced by the CRG and of the items
due to be discussed at the session. Given the
Ensuring that the social
viability of investment
takes root
UGPM (Senegal), SIPEM (Madagascar),
CAC La Florida (Peru), AL AMANA (Mo-
rocco), FAPECAFES (Ecuador)
Evaluating the social and economic impact
of its financing services has been a major
concern for SIDI since 2003. Indeed, SIDI
and its partners have set themselves the tar-
get of promoting local initiatives that are
not only economically viable, but are also
socially viable.
However, it is difficult to measure the im-
pact that financing services have on the li-
ving conditions of clients due to the
fungibility of the credits, the difficulties en-
countered in trying to establish causal rela-
tionships and the cost of these evaluation
exercises…
In light of this situation, SIDI would like to be
involved in new study and research initiati-
ves . These initiatives focus on the issue of
social performance and social viability. ■
communication difficulties experienced in
Guinea, the board members are only provi-
ded with the management’s reports and the
preparatory documents to be used in order to
prepare the decisions that need to be taken,
at the beginning of the preparatory meeting.
The board members often go through the do-
cuments together, whilst the analytical work is
usually carried out in theme-based groups.
These preparatory sessions also allow each
member to express his or her ideas and op-
tions and this is especially important since
some of the members find it more difficult to
speak in the presence of the management at
the full meetings. In this way, during the pre-
paratory session the board draws up an opi-
nion on the various items to be discussed.
Following an exchange with the relevant
member of management during the full board
meeting, the definitive resolution may differ
from the opinion prepared beforehand, but
the preparatory session nevertheless ensure
that everyone has a clear understanding of
what is at stake.
The Solidarity
Chain
for Financing and North-South alliances
The Solidarity Chain for
Financing, a force for
solidarity
Setting up and cultivating the Solidarity
Chain for Financing (SCF) is a challenge that
SIDI has been pursuing for more than 20
years.
We are doing so because we believe it is ne-
cessary to formalize an innovative North-
South partnership in the area of solidarity
financing. This instrument enables us to
combine financial logic with our values of
sharing and solidarity.
In 2006:
- SIDI had a network of 50 partner institu-
tions in more than 30 countries in the
South, who granted more than 1 million
loans ranging from 50 to 5000 euros to
the local populations. The repayment rate
was more than 96%.
- and in the North a total of 876 sharehol-
ders.
SIDI brought together in the Epargne Soli-
darité Développement association, 750 in-
dividual shareholders, 200 of whom were
new in 2006, who together held 25.02%
of SIDI’s capital at the end of 2006. They
are the promoters in the North of solidarity
financing.
❚ SIDI had 5,000 subscribers to the Faim
& Développement investment fund who
Figure3:BreakdownofSIDIcapital
at31December2006
The Solidarity Chain for Financing forges
links with solidarity citizens (savers and sha- EUROPEAN
others 5,94%
reholders) in the North and financing struc- PARTNERS 5,94%
tures (the partners) in the South, who
CCFD 27,59%
contribute financial services to disadvanta- ESD
ged populations. The key goal is to meet the 25,02%
needs of partners and contribute to sustai-
nable improvements in the living conditions
of disadvantaged populations.
The Solidarity Chain for Financing sets the URSULINES
human dynamics for sharing that link the FRENCH DE JÉSUS
various participants. It features: FINANCIAL 7,04%
❚ a sharing of skills and know-how. INSTITUTIONS 11,16%
❚ a sharing of the risk (political, economic SŒURS AUXILIATRICES
and exchange rate risks). ➜ 17,32%
share the proceeds of their savings. SCF (an InfoSIDI issue featuring the tra-
Promotional work for the Faim et Déve- vellers’ experiences will be issued in July
loppement investment fund was set in mo- 2007).
tion with the CCFD et le Crédit Coopératif
consisting of a new brochure, a quest for ❚ The 26 volunteer SIDI correspondents
greater efficiency in procedures, promotio- who led 250 local meetings and brought
nal tools and campaigns, etc. together thousands of people willing to
learn about solidarity financing as car-
Thisdynamicisgrowingthanksto: ried out by SIDI and to become fully in-
❚ The 40 SIDI shareholders who travelled volved in their role of a SCF link.
to Peru to meet SIDI’s partner institu-
tions. The trip to Peru followed on the ❚ The CCFD’s national delegates in the re-
heels of trips by others to Senegal and gions.
other countries. French citizens who have
invested in SIDI’s capital were able to ❚ The strong involvement of SIDI in support
meet with Peruvian citizens benefiting of Finansol, both in decision-making bo-
from financial services. Upon their return, dies and in activities.
they all agreed to relate their experience
with a view to increasing the size of this
ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006 13

L'équipe d'Hattha Kaksekar
au Cambodge.
➜ ❚ a sharing of trust. Trust underpins the re-
lationship between SIDI’s intervention team
and the partners’ management team. The
success of the partnership turns on this re-
lationship. We are committed to acting
transparently and honestly throughout our
partnerships, while constantly seeking grea-
ter legitimacy and skills for our local part-
ners.
Why I became a SIDI/CCFD became real information sessions, answering with the partners is, we can say, modest, but
correspondent
As an individual SIDI shareholder, nothing led
me to believe I was going to become a
correspondent. In April 2004, I received a
proposal to sign up for a voyage of discovery
organized by SIDI in Senegal.
This trip was a real eye-opener for me. In two
weeks, I understood what people had been
trying to explain to me for years about
development and its financing.
One evening during the trip to Senegal, when
members of the group were involved in a long
discussion, my commitment to SIDI and the
CCFD, which to me are inseparable, began to
take shape.
On my return, during the CCFD’s 2005 Lenten
Campaign, I began to explain what I had seen
and experienced in Senegal. Then in 2006 and
2007, my talks gradually expanded and
14 ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006
Photo HK
The alliances in the North
Following up on the 2003-2005 strategic
plan, SIDI’s new 2006-2008 plan focuses on
promoting the Solidarity Chain for Financing
at all levels and creating solidarity financing
levers.
In so doing, SIDI seeks to mobilize additio-
nal financial resources for its partners in
order to meet their growing and diversified
questions such as What is the real meaning of
donations?, What is the significance of
money?, What is solidarity financing? Starting
in Charente, I then took my talks to Vienne,
Charente-Maritime and even further south to
Lot-et-Garonne. What motivated me to use my
personal time to lead meetings where
attendance was not always what one had
hoped?
During the long time I spent at Action
Catholique I received the principles of Voir,
Juger, Agir (see, judge, act). But, as far as the
“Agir” (act) is concerned, I still have difficulties
putting it into practice. The CCFD and SIDI, at
their foundation, interpreted the world in a
similar way. For me, action in this context takes
on its full dimension. We are not daydreamers.
Of course our actions, via microcredit and
microfinancing, will not change the face of the
world but they will help. What we do via SIDI
needs, which SIDI cannot fulfil on its own,
including equity financing, credit funds, gua-
rantees, etc. The aim is also to help them
mobilize financing that best meets their
needs, such as financing in local currencies
to limit exchange rate risks and long-term
financing. In 2006, financing of more than
3.6 million euros (see figure 4 for the geo-
graphic distribution) negotiated by SIDI was
provided to its partners, nearly 2.8 million
euros of which was for loans, €290,000 in
direct subsidies and €72,000 in financing
for SIDI services and missions to provide
specific technical assistance to partners.
Furthermore, SIDI became deeply involved
in the creation of a European financial in-
strument for solidarity financing called FE-
FISOL, a project that grew out of a European
alliance in the South Group of FEBEA (Fé-
dération européenne des banques éthiques
et alternatives) bringing together Alterfin
(Belgium), Etimos (Italy), the Fundation Un
Sol Mon (Spain) and SIDI.
In 2006, cooperation was stepped up via se-
veral alliances in the North:
❚ with the CCFD, in emergency and post-
emergency zones, such as the Great Lakes,
the Horn of Africa, Haiti and Palestine, and
for the benefit of TITEM in Madagascar, the
MAIN network in Africa, JAPPOO in Sene-➜
it makes sense and it works.
Each intervention recalls to me the people I
met in the field. They and their projects are
part of my memory. If, through my actions, I
can transmit a little of what I have received
and understood, and if I can persuade others
to join us to take action and relate their
experiences, then I will have participated fully
in the Solidarity Chain for Financing, which
enables us to be part of genuine development.
That is the meaning of my commitment.
Pierre Ancelin
➜ gal, the Fonds coopératif in Laos, TEMBEKA
in South Africa, etc.
❚ with CORDAID at institutional and opera-
tional levels (Mali, Haiti, Cambodia and
Peru), which led in 2006 to new co-funding
for the MAIN African network, for TEMBEKA
in South Africa and for NIAKO and ADER in
Mali.
❚ with MISEREOR that renewed its support
for the MAIN network via a three-year pro-
gramme (2007-2009) and that in 2007 will
renew its support for the Fonds cooperatif
in Laos after the end of the 2004-2006 pro-
gramme.
Cooperation also continued with the Fon-
dation Gilles/Belgium, SOS Faim/Belgium
(DRC), DGRV/Germany (Laos and South
Africa), as well as with French cooperation
(IMOFOR in Haiti and the MAIN network in
Africa) and Swiss cooperation (AOPP in
Mali).
New partnerships were set up with the Ford
Foundation in the Andean countries, the
Norwegian foundation STROMME in
Uganda, the Un Sol Mon foundation in Al-
geria, Palestine, the Andean Countries, etc.
Lastly, SIDI obtained financing from the Eu-
ropean Union for a three-year period under
the EU-ACP framework programme on
microfinancing (see insert chapter 2, page
9), via a project set up jointly with the MAIN
network and ALTERFIN.
Furthermore, SIDI has secured the renewal
or disbursement of new loans for five of its
partners: AMRET, BANCOSOLIDARIO,
CONFIANZA, HATTHA KAKSEKAR and
MICROINVEST from SICAV Nord-Sud, loans
from CORDAID and ETIMOS for Tembeka in
South Africa, loan from CORDAID for the
CREDIT RURAL of GUINEA, loans from GMF
for HATTHA KAKSEKAR in Cambodia, loans
from SEFEA for KRK in Kosovo and loans
from ALTERFIN for TAANADI in Niger. ■
Figure4:Geographicaldistributionoffinancial
resourcesmobilizedfromalliancesin2006.
THE CARIBBEAN 3% AFRICA / MAIN 5%
PECO 8 %
AFRICA 19%
ASIA 32%
LATIN AMERICA 33%
MapofthepartnersoftheSIDIin2006
ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006 15
Sidi’s 2006 financial
statements
2 These are provisions
SIDI’sbalancesheetatDecember31,2006inthousandsofeuro for operating risks and
financial provisions for
certain guarantees.
ASSET PASSIF
2006 2005 2006 2005
Capital 9,000 9,000
The Development 3

Net intangible assets 1 5 Balance carried forward 0 0

Incentive Fund (DIF) is a
mechanism for covering
Net intangible assets 100 116 Reserves 271 209
political, exchange rate
Netfinancialassets 6,617 5,236 Profit/loss for the year -13 63
and other risks. With
few exceptions, it
of which shares and claims 2,739 2,748 Totalequities 9,259 9,271
applies to all of SIDI’s
of which 3,787 2,427 investments. It
of which other financial assets 91 62 Provisions 2 153 150 comprises
accounts of
the current

Provisions on shares and loans - - shareholders who are

convinced of the
1 Cash is, in the main, importance for SIDI to
invested in Totalfixedassets 6,717 5,357 Loans 542 627 target difficult
transferable Other debts 750 723 intervention
Thanks to the
zones.
securities. The high
amount of this provisions for loans and
heading is explained F.I.D. International guarantee fund 3 2,292 2,292 equity investment,
there is no need to set
by the increase in
capital at the end of Claims (net value) 519 650 C.D.C. fund 343 335 up a provision for the
2005. CCFD-guarantee 219 358 corresponding amount
to SIDI’s accounts
Cash assets 1 6,322 7748 because these assets
can be acquired at any
time by the
TOTAL 13,558 13,755 TOTAL 13558 13755 Congregations that
"S.A. SOFIDEEC BAKER TILLY, external auditor, a member of CRCC in Paris, represented by its chairman signed these
agreements.
Mr Fouad EL M'GHAZLI, has certified without reservations SIDI's annual accounts, ended December 31, 2006."

Sidi’sincomestatementatdecember31,2006inthousandsofeuro

2006 2005
1
This heading mainly concerns funds IncomeTotal 1635 1581
received from the CCFD to finance Services (CCFD and additional income) 1 1 557 1 468 2 The other items are mainly attendance
support activities (€1.1 million). To that Other products and provision reversal 2 78 113 fees for the board of directors’
are added resources from allied meetings… etc.
institutions that are either transferred to ChargesTotal 1987 1855
partners in the South or are devoted to Current operating income 657 667
financing SIDI’s support activities. Wages and salaries 979 893
Depreciation expense 27 34
Additionnal financing transferred to partners 3 324 261
Operatingprofit/loss -352 -275
3
These are resources from allied IncomeTotal 455 497
institutions and are transferred directly to 4
Portfolio revenue increase by 12%
the partners. These funds only transit Income from portfolio (loans and shares) 4 261 233
between 2005 and 2006.
through SIDI (the counterpart of the Income from current assets 90 12
revenue recorded in the loans and co- FID resources 81 71
funding heading).
Exchange rate gains 3 113
Provisions reversal 5 52
Other 15 15
ChargesTotal 137 160
Provisions for risks on shares and loans 5 5
Interests on loans 26 27 5
The two bad loans (one in Haiti and the
Loss on loans and shareholdings 5 - 77 other in Senegal) that were recorded this
year were charged to the CCFD-guarantee
Exchange rate losses 102 12 account and therefore do not appear in
Othercharges 4 39 the 2006 “losses on loans/equity
Financialprofit/loss 318 337 investment” line.
Exceptional products 216 189
Exceptional charges 195 178
Exceptionnalprofit/loss 21 12
Income taxes 11
Netprofit/loss -13 63

16 ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006

Grossportfolioat31December2006(inthousandsofeuro)
Country SFPPartners Category Participations Loansand of which in local Total
guarantees currencies portfolio

Burkina Faso MOGTEDO Producers' organisation 15 15 15

DR Congo COODEFI Credit co-operative 11 11 11
RD Congo CCRD Financial Institution 3 8 12
Guinea CRG Cooperative bank 18 18
Guinea FPFD Producers' organization 50 50 50
Madagascar SIPEM Financial Institution 236 236
Mali AOPP Producers' organization
Mali JEMENI SACCOs' Union 114 114 114
Mali NIAKO SACCOs' Union 76 76 76
Mali BMS Commercial Bank 152 152
Niger KOKARI Credit co-operative 3 150 150 154
Niger TAANADI Credit co-operative 172 172 172
Tanzanie AKIBA Commercial Bank 232 232
Togo MICROFUND SACCOs' Union 69 69 69
Togo TIMPAC Association/NGO 152 152 152
Togo WAGES Association/NGO 9 9 9
Togo UCMECS SACCOs' Union 61 61 61
Sénégal SAPCA/EGAS Producers' organization 30 30 30
Sénégal UGPM Producers' organization 122 122 122
Sénégal MEC PROPEM Credit co-operative 160 160 160
Sénégal CREC Credit co-operative 114 114 114
Uganda CERUDEB Commercial Bank 475 475
Uganda OMIPA Financial Institution 54 54 54
South Africa TEMBEKA Regional fund 151 197 197 348
Multilateral / Africa EAFUND Regional fund 172 172 172
AFRICA 1271 1738 1 730 3009
Bolivie 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
Ecuador FAPECAFE Producers' organization 81 81
Ecuador MCCH Association/NGO 247 247
Nicaragua FONDEFER Producers' organization 99 99
Peru CONFIANZA Financial Institution 142 142
Peru CAC La Florida Producers' organization 125 125
Peru CREDI FLORIDA Credit co-operative 84 84
Peru CRSM Financial Institution 100 100
Peru EDAPROSPO Association/NGO 130 130
Uruguay SAINDESUR Financial Institution 109 109
Multilateral /Latin America LACIF Regional fund 102 102
Multilateral /Latin America PROFUND Regional fund
LATINAMERICA 782 921 1704
Cambodia AMRET Financial Institution 54 54
Cambodia HATTHA KAKSEKAR Financial Institution 51 213 264
Laos FONDS COOPERATIF Cooperative bank 150 34 184
Laos LAO FARMERS PRODUCTS Agricultural company 60 60
Vietnam CEP Association/NGO 30 30 30
Multilateral / Asia MAF (Cordaid/CRS) Regional fund 157 157
ASIA 412 337 30 749
Egypt EACD Association/NGO 139 139 139
Lebanoon NAJDEH Association/NGO 46 46
Morocco AL AMANA Association/NGO 246 246 246
Morocco AMSSF Association/NGO 77 77
MEDITERRANEANBASIN 509 385 509
Haiti CCG/INDEPCO Credit co-operative
Haiti COD Association/NGO 48 48
Haiti FONHSUD Association/NGO 24 24 24
CARRIBEAN 72 24 72
Kosovo KRK Financial Institution 50 225 75 275
Moldova MICROINVEST Financial Institution 80 170 250
Multilateral / Europe SEFEA Regional fund 15 15
Poland TISE Financial Institution
EUROPE 145 320 75 540
TOTALPORTFOLIO 2611 3971 2 243 6582
As%oftotal 40% 60% 100%

ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006 17

 MADAGASCAR- SILAC/Fédération TSIRY
Adress book BP 89 Avaradrova
503 Ambatondrazaka
Phone : 00 261 20 54 080 30
AFRICA Ou 00 261 20 22 230 54
E-mail : silac@wanadoo.mg
BURKINA FASO - ASIENA
04 PO BOX 8151 Ouagadougou MALI - AOPP
Phone : 226 50 39 58 78 PO BOX. 3066 – Bamako
E-mail : asiena@liptinfor.bf - Phone : 00 223 228 67 81
emiliesomda@yahoo.fr E-mail : aopp@cefib.com
BURKINA FASO - MOGTEDO MALI - BMS SA
PO BOX 48 Mogtedo Immeuble Diago Aoua. Quartier ACI
Tél: 00 226 70 12 69 12 2000 (près de l’Hotel Nord-Sud)
E-mail C/O FENOP : fenop@cenatrin.bf Bamako
Phone : (223) 223 693 9654
DR CONGO - ADI - KIVU E-mail : bms-sa@bms-sa.com
PO BOX. 1554 Bukavu ou BP 230
Lyangugu Rwanda MALI - JEMENI
Phone : 00 243 81 05 64 947 Immeuble Gadjaba Kadjel face place
E-mail : adikivu@yahoo.fr OMVS – Marché Dibida
PO BOX.E. 2100
DR CONGO - COODEFI Bamako
BP 78 BUTEMBO Phone : 00 223 223 4755
Ou C/O RESEAU WIMA Fax : 00 223 223 9405
PO BOX 251 E-mail : dgjemeni@ikatelnet.net
KASESE, UGANDA
coodefimupitanjia@yahoo.fr MALI - NIAKO
Tel : +243 98 70 97 72 ou +243 81 Quartier Légal Ségou
30 51 867 Kayes
Tél/Fax : 00 223 252 44 05
DR CONGO - LIDE/CCRD E-mail : reseauniako_kayes@yahoo.fr
PO BOX 94
Butembo – Nord Kivu MOZAMBIQUE - AMRU
Phone : 00 243 99 83 86 684 P.0. Box 1892 – Maputo
E-mail : lidelitembo@yahoo.fr; Phone : 258 1 422 809
ccrdmuso@yahoo.fr Fax : 258 1 422 809
E-mail : asmru@zebra.uem.mz
DR CONGO - PAIDEK
PO BOX. 257 Cyangugu- RWANDA MOZAMBIQUE - UGC
Phone : 00 243 98 611 677 et 00 243 Av. Agostihno Neto
98 611 639 Maputo
Fax : 00 250 053 8334 E-mail : ugcapm@tvcabo.co.mz
E-mail : mitimaremy@yahoo.fr -
ramosramazani@yahoo.fr NIGER - KOKARI
PO BOX. 11122
GUINEA - Crédit Rural de Guinée Niamey
PO BOX. 3790 - Conakry Tél/Fax : 00 227 75 25 12
Tel : 00 224 41 35 71/45 43 38 E-mail : kokaris@intnet.ne
Fax : 00 224 41 12 78
E-mail : crg@mirinet.net.gn NIGER - TAANADI
PO BOX. 13376
GUINEA - Fédération des Paysans Niamey
Producteurs du Fouta Djalon Phone : 00 227 74 15 69
PO BOX. 52 - PITA Fax : 00 227 34 01 84
Tél Inmarsat : 00 870 762 638 770 E-mail : crn@intnet.ne
Fax Inmarsat : 00 870 762 638 772
Site Web : www.paysansdufouta.org RWANDA - PREFED
PO BOX. 1897
MADAGASCAR - SIPEM Kigali
Immeuble SANTA LOT V Phone : 250 58 31 28 ou 27
24, rue Naka Rabemanantsoa
Antanimena SENEGAL – UGPM
PO BOX. 8616 - Antananarivo 101 - CREC
Tél. : 00 261 20 22 300 98 PO BOX. 43
Fax : 00 261 20 22 355 34 Meckhé
E-mail : sipem@wanadoo.mg Phone : 00 221 955 51 13
Fax : 00 221 955 52 86
MADAGASCAR - TITEM E-mail : ugpm@sentoo.sn
Lot IVM 7 - Ambodivona
PO BOX. 1291 SENEGAL - ASPRODEB
Antananarivo 101 8, boulevard de l'Est X - rue 2 bis
Tél. : 00 261 20 24 106 59 Dakar
Fax : 00 261 20 22 658 67 Phone : 00 221 825 56 65
E-mail : titem@wanadoo.mg Fax : 00 221 824 48 74
E-mail : asprodeb@asprodeb.org
18 ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006
SENEGAL - MEC PROPEM
Quai de Pêche
PO BOX. 1384 M’Bour
Phone : 00 221 957 38 79
E-mail : mecpropem@sentoo.sn
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
TANZANIE - AKIBA Commercial Bank
TDFL Building (Phase II)
PO BOX 669 - Dar es Salaam
Tél. : 00 255 222 11 83 40
Fax : 00 255 222 11 41 73
E-mail : Akiba@cats-net.com
TOGO - MICROFUND
PO BOX. 61652
Lomé
Phone : 00 228 226 63 20
Fax : 00 228 226 63 19
E-mail – microfund99@hotmail.com
TOGO – TIMPAC
PO BOX. 173 - Dapaong
Phone : 00 228 770 83 70
E-mail : timpac@ids.tg
TOGO-UCMECS
BP 247 Dapaong
Phone : 00 228 770 84 37
E-mail : ucmecs@ids.tg
TOGO - WAGES
PO 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
PO 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
PO BOX. 1240 Kabingo - Mbarara
Tél. : 00 256 48 52 26 11
E-mail : omipamicro@yahoo.com
MEDITERRANEANBASIN
EGYPTE - EACD
30 El Nile El Abiad de Midan Lebnan
Mohandessine, Giza. Le Caire
Tel : 00 20 2 304 81 90
Fax : 00 20 2 304 81 91
E-mail : mageacd@soficom.com.eg
LEBANON - NAJDEH
PO BOX 113
6099 - Beyrouth
Tél. : 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
Site Web : 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 – ASALA
P.O. Box 2316 Ramallah
Phone : 00 970 2 240 0532
Fax : 00 970 2 240 24 33
Site web : www.asala-pal.org
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
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
SOUTHAMERICA
BOLIVIA – ANED
Calle Rosendo Gutierrez Nº 679 esq.
pasaje Enrique Finot; zona Sopocachi
Casilla 12528 (Correo Central)
La Paz – Bolivia
Telef. (591-2) 2418716 – 2418643
Fax (591-2) 2419505
E-mail : anedbolivia@aned.org
CHILI - INDES
Serrano n° 14 - Dpto 202
Comuna de SANTIAGO DE CHILE
Tél/Fax : 00 562 63 26 00
E-mail : indes@terra.cl
Site Web : 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
Site Web : 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
Site Web : 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
NICARAGUA - FONDEFER-FENACOOP
Managua
Tél/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
Av. Peru N° 432-444
Pampa del Carmen
La Merced - Chanchamayo
Phone : 00 516 453 11 93
Fax : 00 516 453 11 90
E-mail : laflorida@infonegocio.net.pe
PERU – CREDIFLORIDA
Av. Peru N° 432-444
Pampa del Carmen
La Merced – Chanchamayo
E-mail : crediflorida10@speedy.com.pe
PERU – Edpyme CONFIANZA EASTERNEUROPE
Avenida Centenario N° 356 – San GOUVERNANCE
Carlos 6
Apartado 125 - Huancayo EUROPE- SEFEA S.c
Phone : 00 5164 217 000 Piazza dei Signori, 1 BOARD OF DIRECTORS
Fax : 00 5164 212 417 35139 - Padova – Italy
E-mail : Tel.: 0039 049 8755116 SCHMITZ Christian
presidenciaconfianza@terra.com.pe Fax : 0039 049 8755714 Chairman of Board of Directors
E-Mail: sefea@sefea.org
PERU - Caja Rural San Martin de Porres
(CRSM) KOSOVO – KRK (Kreditimi Rural I MORINCOME Martine
Jiron Martinez de Compagnon N° 235 Kosoves LLC) (as a replacement of
Tarapoto - San Martin MEB Building 3rd Floor AMZULESCO Odile in Décember
Phone/Fax : 00 51 42 52 32 45 UCK Street 2006)
E-mail : Pristina - Kosovo
jalvarado@crsanmartin.com.pe Phone : 00 381 38 24 35 54
COURTIN Christophe
URUGUAY – SAINDESUR MOLDOVIA – MICROINVEST
Bulevar Artigas 1119 - Subsuelo 16 Puskin Street SUPERVISORY BOARD
Montevideo Chisinau, MD-2012
Tél/Fax : 00 598 2 402 27 80 Phone : 00 373 22 21 27 64/65/68
E-mail : indesur@adinet.com.uy Fax : 00 373 22 22 99 02 THOMAS Joël
E-mail : microinvest@microinvest.md Chairman
ASIA
MESNY Philippe
SOUTHNETWORK Vice-chairman
ASIA - M.A.F.
Microfinance Alliance Fund AFRIQUE - MAIN
CAISSE DES DEPOTS
P.O. Box 1379, CPO Manila Bureau Abidjan - Côte d'Ivoire ET CONSIGNATIONS
CBCP Building – 470 Gen. Luna St. 20 PO BOX. 1359 - ABIDJAN 20 represented by Hocine
Intramuros 1002 Manila Bureau Addis Abeba - Ethiopie TANDJAOUI
Philippines PO BOX. 278 - Addis Abeba
Phone : 00 63 2 527 8331 to 35 E-mail : sefade@ethionet.et COMITE CATHOLIQUE
Fax : 00 63 2 527 41 40 Web Site : www.mfiain.org CONTRE LA FAIM ET
POUR LE DEVELOPPEMENT
CAMBODIA - AMRET AMERIQUE DU SUD – FOROLAC
represented by Joël THOMAS
35 B. Street 169. Avenida Arce 2081, esq. Montevideo
BP 411 Phnom Penh Edificio Montevideo – Piso 3 CONGREGATION DES SŒURS
Tél: 00 855 23 880 942 La Paz – BOLIVIA
E-mail : gerencia@finrural-bo.org
AUXILIATRICES
Fax : 00 855 23 881 342
E-mail : phalarin@amret.com.kh represented by Sœur Geneviève
Site Web : www.amret.com.kh BASSIN MEDITERRANEEN - SANABEL GUENARD
1 El Sad El Aly Square., 5ème étage,
CAMBODIA - HATTHA KAKSEKAR Suite 51, Dokki, Le Caire, CONGRÉGATION DES
PO BOX.2044 EGYPTE URSULINES DE JÉSUS
#239, Trasakpaem, blvd (63), Sangkat Tél: (20-2) 337-0714, 748-8624 represented by Sœur Christiane
Beng Keng Kang 1, Khan Fax: (20-2) 337-0714 GROSSIN
Chamkamorn Site web : www.sanabelnetwork.org
Phnom Penh 3 CORDAID
Phone :855-23-994 304, 224 102 represented by Jacob WINTER
Fax :855-23-996 306 NORTHNETWORK
E-mail : info@hkl.com.kh CRÉDIT COOPÉRATIF
Site Web: www.hkl.com.kh EUROPE - INAISE represented by Laurence
Chaussée de Charleroi 51B MORET
LAOS - Fonds Coopératif S.A. B-1060 Bruxelles
N° 071/01, Nouay 01 Belgique ÉPARGNE SOLIDARITÉ
Ban Thongkhankham-Tay Phone : 00 32 2 234 57 97 DÉVELOPPEMENT
Muong Chanthaboury Fax : 00 32 2 234 57 98
E-mail : inaise@inaise.org
represented by Guy DEQUEKER
PO BOX. 74 37
Vientiane BITSCH Gérard
Phone : 00 856 21 26 34 62 EUROPE- FEBEA
Member
E-mail: FCSA@etllao.com 4-6 rue de Pascal
1040 Bruxelles
LAOS- Lao Farmer Products Belgique
CXTERNAL AUDITORS
158 rue Mittaphab Lao-Thai Phone : 00 32 2 280 00 04
Nakhoneluang Vientiane Lao RDP E-mail : febea@scarlet.be
TEL 856 21 31 28 86 Fouad EL M’GHAZLI
FAX 856 21 31 44 25 FRANCE- ESF SOFIDEEC BAKER TILLY
email: lfps@laotel.com 32 Rue le Peletier
75009 Paris
VIETNAM - CEP Fund Phone : 01 48 00 96 82
14C, Cach Mang Thang Tam E-mail : esf@esf.asso.fr
Dist. 1 - Ho Chi Minh Ville
Tél. : 00 848 822 0959 FRANCE- FINANSOL
Fax : 00 848 824 56 20 57 bvd de la Villette
E-mail :cephcm@cep.org.vn 75010 Paris
www.cep.org.vn Phone : 01 53 36 80 60
ACTIVITIES OF SIDI AND ITS PARTNERS IN 2006 19
 Printed on recycled paper - ✬ POUSSIÈRES D’ÉTOILES - 33(0)1 60 92 42 75
INTERNATIONAL SOLIDARITY FOR DEVELOPMENT AND INVESTMENT
12 rue Guy-de-la-Brosse
75005 Paris - France -
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