The International Finance Corporation (IFC) a member of the World Bank group has just completed a feasibility survey to assess the environment in which the Micro Finance Institutions (MFIs) should operate.
According to Ignace Rusenganihigo the IFC Country Director, MFIs, will receive technical support as well as capacity building under this program.
The program is also part of IFC’s drive in supporting Small and Medium Enterprises (SMEs) in the country of which MFIs are part.
“We are committed to supporting SMEs and we are doing this in partnership with the private sector federation and MFIs are part and parcel of SMEs in the private sector,” explained Rusengamihigo.
Although the survey produced positive results according to the IFC official, the timeframe regarding the commencement of the availability of aid to MFIs is still not certain.
“There are still more processes, procedures, and considerations to make as well as consultations with the stake holders,” added Rusengamihigo.
IFC has also been engaged in the development of various sectors such as the development of the capital markets and mining.
The support that will be extended to the MFIs will help train them in human resource management, access to markets and market information as well as financial management.
IFC has also trained 20 trainers who will train many more Rwandans hence building capacity in various business sectors.