MEDA has been involved in microfinance since the early 1960s when it made small loans to farmers in Volendam Colony of Paraguay.[i] MEDA is known to have coined the concept that the “poor are bankable”. They are also known for their pioneering spirit and cooperative nature. In the world of non-profit organizations, Gerhard Pries (CFO of MEDA and President of MEDA Investments Inc.) said: “everybody likes to do it on their own, but it’s important to not just build our own empire. We think that partnerships, joint ventures and strategic alliances enable us to do much more to achieve our objective of serving the poor. Together, we want to introduce a lot of new investors to the potential of microfinance.”[ii] MEDA was also instrumental in the creation and the governance of MicroVest, one of the world’s largest and most successful investment funds devoted to microfinance. Fred Wall, Chairman of the MiCrédito board and long-time member and volunteer of MEDA, explains that “MiCrédito is the latest incarnation of a long series of successful Microcredit initiatives by MEDA.” The MEDA microfinance group also provides assistance and consulting services to MFIs around the world and brings their experience to bear on the governance structure and experience of the MiCrédito management team. [i] The Marketplace (2003): Banking on the Poor. November-December 2003 Issue printed by MEDA in KS. Page 50-51
[ii] The Marketplace (2003): Banking on the Poor. November-December 2003 Issue printed by MEDA in KS. Page 64-6
To learn more about MEDA, go to www.meda.org