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| Project Name: | Sustainable Credit for Growth of Micro-Entrpreneurs (CRESCE) |
| Project Description: |
CRESCE seeks to increase household economic security for rural and urban poor families along the Beira
corridor in Manica and Sofala Provinces, and in Quelimane and Mocuba in Zambezia Province. Funded by DfiD, the
project provides sustainable savings and credit services for rural and urban micro-enterprises. The project: builds a
financially viable micro-finance institution; elaborates an institutional development plan that permits testing,
refinement and large-scale implementation of an appropriate financial services methodology based on solidarity
group lending; provides loans to micro-entrepreneurs; and promotes the use of micro-finance ''best practices'' through
communication and coordination with other local and international institutions. At the end of September 2003,
CRESCE was serving about 8,800 clients and had an outstanding loan portfolio valued at about $540,000. CRESCE
plans to become part of a new micro-bank by the end of 2004. |
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