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Purpose
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To develop and implement a capacity-building program and create a knowledge-sharing eco-system for MFIs in the region, building on the activities of CARIB-CAP I.
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Executing Agency
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INTER-AMERICAN DEVELOPMENT BANK
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Project Number
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RG-M1208, ATN/ME-13184-RG
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Administrator Country
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JAMAICA
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Beneficiary Country
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REGIONAL
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Type
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Technical Cooperation
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Status
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Approved
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Approval Date
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March 07, 2012
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Financial Information
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FOMIN
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Counterpart
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Disbursed Amount
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$334,203.16
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$0.00
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Available amount
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$1,000,546.84
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$1,330,000.00
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TOTAL:
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$1,334,750.00
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$1,330,000.00
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Timeline
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Executing Agency
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INTER-AMERICAN DEVELOPMENT BANK
1300 NEW YORK AVE., N.W.
UNITED STATES
Phone: 2026231000
Fax: 2026233608
Website: http://www.iadb.org
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Goal
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To create a more developed microfinance industry in the English-speaking Caribbean (a frontier market).
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Purpose
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To develop and implement a capacity-building program and create a knowledge-sharing eco-system for MFIs in the region, building on the activities of CARIB-CAP I.
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Components
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- Component 1. Institutional Capacity-Building: The objective of this Component is to strengthen the institutional capacity of MFIs providing financial services to micro-entrepreneurs.
- Component 2. Consolidation of the Caribbean Microfinance Alliance (CMFA): The objective of this component is to strengthen the institutional capacity of the Caribbean Microfinance Alliance in order to create a credible regional organization providing services to the microfinance sector in the English-speaking Caribbean.
- Component 3: Knowledge-Sharing and Dissemination : The objective of this component is to develop materials, lessons learned and good practices for microfinance in the Caribbean frontier market and to make it available for public dissemination.
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Milestones
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Value
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Date
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Expected
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Achieved
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Expired
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Achieved
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1. Conditions Prior: the signature of the agreement with the EC and formal notification of the approval of the CDB and Citi Foundations contributions.
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1
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1
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9/3/2012
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9/3/2012
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Components
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1. Component 1. Institutional Capacity-Building
This component will therefore: a)provide performance assessments and capacity-building training to improve financial performance to a new group of MFIs that did not benefit from this activity in CARIB-CAP I; b) provide additional training/knowledge-sharing opportunities to CARIB-CAP I beneficiaries in order to further improve financial skills needed to foster further gains in financial performance; and c) provide training in corporate governance, consumer protection and other elements of social performance to the MFIs from CARIB-CAP I, to give them additional tools to promote their sustainability.
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Indicator
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Achieved
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Status
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Baseline
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Intermediate values
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Final target
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1.1. At least 10 MFIs have successfully developed at least 1 new product .
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4
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On Course
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0
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0
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10
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1.2. At least 10 have implemented best practices in governance.
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0
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On Course
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0
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0
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10
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1.3. At least 5 implement best practices for social performance.
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0
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On Course
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0
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0
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5
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1.4. At least 5 institutions with a 15% to 25% yearly increase in portfolio beyond levels of CARIB-CAP I.
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0
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On Course
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0
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0
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5
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1.5. The 12 to 15 institutions participating have increased their outreach on an average of 50%.
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0
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On Course
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0
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0
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12
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1.6. At least 5 institutions with PAR reduced by a minimum of 50% from their baseline levels.
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0
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On Course
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0
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0
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5
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2. Component 2. Consolidation of the Caribbean Microfinance Alliance (CMFA)
The project will support its efforts to promote information-sharing, and interaction between MFIs in the region in order to: a) improve collaboration and learning among institutions; and b) foster advocacy by MFIs vis a vis governments. This component also seeks to work on the “demand” side by supporting CMFA’s efforts to increase financial literacy among MFI clients to foster a culture of loan repayment, increase savings, avoid over-indebtedness etc.
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Indicator
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Achieved
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Status
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Baseline
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Intermediate values
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Final target
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2.1. One regional network (the CMFA) consolidated formally and operating in a sustainable way.
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1
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On Course
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0
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0
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1
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2.2. At least 7,000 clients trained in financial literacy
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0
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On Course
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0
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0
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7000
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2.3. Two MFIs and two micro-entrepreneurs have received a Citi Foundation awards.
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2
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On Course
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0
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2
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4
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3. Component 3: Knowledge-Sharing and Dissemination
Activities under this component will include the preparation of a series of knowledge products as outlined below, and support to the annual Caribbean Microfinance Forum, financing experts from outside the region to share best practices at this event.
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Indicator
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Achieved
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Status
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Baseline
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Intermediate values
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Final target
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3.1. Communication strategy complete
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0
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On Course
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0
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0
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1
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3.2. Market studies and informal market study complete?
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0
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On Course
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0
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0
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2
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3.3. Report on the impact of microfinance in the region complete
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0
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On Course
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0
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0
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1
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