1、 外文翻译 FINANCING MICROFINANCE FOR POVERTY REDUCTION1 by David S.Gibbons and Jennifer W.Meehan II.THE NEED FOR A NEW FINANCING PARADIGM Demand for Micro Finance Services There is no doubt that strong demand exists for microfinance services,among the poor around the world.Recent statistics on the globa
2、l outreach of microfinance institutions(MFIs)report that as of December 31,2000,over 30 million families had access to microfinance services,of which more than 19 million qualified as poorest.This is both encouraging and daunting.Encouraging because the number has increased substantially since 1997,
3、when the Microcredit Summit Campaign was launched.Daunting because that still leaves 81 million poorest families to be reached by 2005 if the Campaign target of 100 million of the poorest is to be achieved.On a regional basis,coverage remains extremely low.In Asia,where almost 15 million poorest fam
4、ilies have access to microfinance services,still only 9.3%of all poorest families are being reached.And in Africa and Latin America,only 6%of all poorest families have access to financial services. 2 It is not surprising,therefore,that NGO-MFIs wanting to increase their outreach to the poorest,havin
5、g the necessary institutional capacity and access to the necessary funding,have no difficulty in 1 The authors would like to thank the Microcredit Summit for inviting them to write the paper and for extending full co-operation in the process.Valuable comments were received from a large number of rea
6、ders to whom an earlier draft was circulated by the Summit Secretariat.Particularly valuable comments were received from CIDA,Ramesh Bellamkonda,Brigit Helms,Dushyant Kapoor,John Lewis,Benji Montemayer,as well as participants in the CASHPOR-PHILNET Financing Microfinance for Poverty Reduction Worksh
7、op in Manila,the Philippines,from June 5 th to June 7 th.We thank all commentators for the time they have taken out of their busy schedules.We have done our best to incorporate your suggestions,and feel the paper is much stronger because of them.Helen Todd proof-read the final draft and made valuabl
8、e suggestions.Nevertheless,we take final responsibility for what we have written. 2 State of the Microcredit Campaign Report 2001,p11. attracting new clients3. R e gi on al B r e ak d ow n of A c c e s s t o M i c r of i n an c e157.861.512.13.514.73.80.7 0.4020406080100120140160180A s i a A f r i c
9、 a “With all the funds pouring into the sector,why do MFIs find it difficult to 5 In most poor countries,certainly in the bigger ones like India and Indonesia,there are huge pools of under-employed,educated youth.Experience tells us that within three months most of them can be trained to identify an
10、d motivate poor women to see micro finance as a good opportunity for themselves,and to manage the provision of micro finance services to them.We know also that educated young people in the rural areas,who have never touched a computer,can learn to use efficiently a user friendly software for purpose
11、s of data entry at the branch-level.The manpower is waiting for micro finance,at least in the poorer countries. 6 The termcapitalas used in this section refers to all sources of financing available to microfinance institutions.Please see Glossary,definition a. access needed financing?“ Why do“manage
12、rs of many high-potential MFIs face serious funding constraints“?The answer CGAP provided:“Much of the supply of funds to microfinance is ineffectivenarrowly targeted and poorly structured.“ The first problem is that while donors played a critical role in building the microfinance industry by provid
13、ing early support to pioneers,they seem reluctant to graduate a new generation of industry leaders.Everyone wants to fund the established “winners,“rather than take the risk of funding and helping to build new winners from among the hundreds of smaller MFIs looking for funding.This means that profit
14、able MFIs get subsidized funding,crowding out the commercial investors who do have the vast resources to allow for rapid scaling-up.The venture capital role of the grant funding donors should instead be directed at potential winners,those with the vision to reach large numbers of the poorest,strong
15、management teams,a commitment to transparency and professionalism and a drive towards efficiency and sustainability.As the CGAP Viewpoint states“the principal task of donors should be to identify and bet on promising MFIs and leave the known winners to commercial investors.“ A second problem is that
16、 donors have a hard time moving moneyfunding is not designed to meet the needs of the MFIs,but rather the priorities of donors or governments.These can include country or regional priorities and/or an unhelpful insistence that the funds be used only for onlending.Limitations can be compounded by int
17、ernal organizational concernscountry-level vs.global programmingand a lack of local knowledge. CGAPs current Peer Review exercise among its member donors,aimed at disseminating best-practice financing for microfinance,should result in a significant reduction of the current funding mismatch.However,i
18、t is not directed specifically at the main funding problem of MFIs,the dearth of equity and equity-like financing for microfinance institutions at any stage of maturity.In fact,this is the major funding problem in the industry and will remain so for the foreseeable futurean issue that has yet to be
19、accepted broadly by its non-practitioner actors. The Primary Obstacle is Equity In the lively discussion that followed the posting of the CGAP Viewpoint on the internet,it became clear that it is not just a lack of supply in general,which is hindering growth in outreach,but rather the type of financ
20、ing being made available.Practitioners in particular focused on this point.Nejira Nalic,Executive Director of MI-BOSPO in Bosnia and Herzegovina noted that“our decision making processes are lead by our environment and we are in a way suppressed by lack of capital base“Roshaneh Zafar,Managing Directo
21、r of Kashf Foundation in Lahore,Pakistan also expressed the need for“socially motivated equity funds.“Our experience in Asia,through CASHPOR,reaffirms these views.A recent workshop in the Philippines,Financing Microfinance forPoverty Reduction7,attended by leading MFIs from across the region,indicat
22、ed that 72% of those attending were constrained in their growth specifically by a lack of funds to cover operating losses,prior to break-even of the expansion. As we are targeting 81 million new clients,and if we assume an average loan outstanding of US100,then around$8.1 billion would be needed in
23、onlending funds.Assuming a capital adequacy requirement of 8%,about US$650 million would be needed as capital for leverage. International financier George Soros,in his book George Soros on Globalization,observes that: The difficultyof microlendingis in scaling it up.Successful microlending operation
24、s,although largely self-sustaining,cannot grow out of retained earnings,nor can they raise capital in financial markets.To turn microlending into a big factor in economic and political progress,it must be scaled-up significantly.This would require general support for the industry as well as capital
25、for individual ventures8. We agreeeven when MFIs become profitable,accumulated profits will not support the kind of large-scale growth required to reach large numbers.Until now,many MFIs have utilized grants from donors to support their operations both in the early years and as they scale up.Yet suc
26、h grants,already limited in size and availability,are becoming harder to come by as the pool of global MFIs grows.Unfortunately,beyond donors,there really are no private sources of equity financing available to MFIs around the world,particularly those working with the poorest.We must start thinking
27、more innovativelyas most commercial businesses doabout our financing strategies.This will require the microfinance industry to embrace the concept of quasi-equity,to adjust their financial statements to reflect a truer and fairer picture of their financial strength,to challenge prevailing standards
28、7 CASHPOR-PHILNET workshop from June 5th7th,Manila,the Philippines. 8 George Soros on Globalization,George Soros,pp.83 and 84. for calculating capital adequacy and to set levels appropriate for different MFIS,according to their risk profiles. III.COVERING OPERATING DEFICITS Two decades ago pioneers
29、such as Muhammad Yunus of the Grameen Bank showed the world that poor,rural women without collateral were bankable.It is time that we recognize that microfinance institutions working with the poor,but lacking conventional capital adequacy,are also bankable.The reason is the same:most poor women,supp
30、lied with capital on reasonable terms,will invest it profitably and repay the loans,plus interest,faithfully in full on time.Just as this makes poor women bankable so too does it make MFIs servicing them bankable. The problem is not onlending funds.Local commercial banks are being persuaded that MFI
31、s are worthy,if somewhat unconventional,customers;experience and Asia and Latin America prove this true.Apex institutions have been established in some countries,particularly in Asia,with the support of the World Bank(PKSF in Bangladesh) and the Asian Development Bank(PCFC in the Philippines and RMD
32、C in Nepal),offering financing to MFIs on semi-or near-commercial terms.And social investors and large international NGOs still play an important role in financing loans for onlending.Savings,where MFIs are able to use this as a source of funds,can also play a critical role. Operating deficits to br
33、eak-even are typically covered by grants,and where possible,private investment.After that,gradual expansion can be covered by retained profits.But few MFIs working with the poor have been able to attract much investment.And few donors are keen to sink funds into what they see as the bottomless pit o
34、f operational losses.Some donors insist that their grants be used only to finance onlending,ignoring the reality that onlending costs money.Even were this to change,none of these traditional sourcesgrants,investment(for non-NGO MFIs)and profits-are available in anywhere near enough supply to propel
35、MFIs to meet the massive demand for microfinance that exists.Given the potential of microfinance to reduce poverty,we must look for prudent alternatives to traditional equity that would allow for faster growth of its outreach to the poor. 小额信贷扶贫资金 9 资料来源： 小额信贷扶贫资金， 2002(06) 作者： 大卫 S 吉本斯 ， 詹妮弗 瓦特米汉 二
36、、需要一种新型的融资范例 小额信贷服务的需求 毫 无疑问，小额贷款服务在贫困世界存在着强劲需求 ,据全球外展小额贷款机构 (MFIs)的报告 ， 2000 年 12 月 31 日 ,有超过 30 万的家庭有权申请小额信贷服务。其中， 19 万是特困家庭。这个数据既令人振奋又令人生畏。令人振奋的原因是自 1997 年小额信贷峰会运动推出至今，小额信贷需求在大体上是有所增长的。而令人生畏是因为假设峰会的目标是 1 亿个特困家庭参加此项运动， 那么 2005 年已经有 8100 万个这样的家庭参加了。从地域来看，这个运动的覆盖面并不是很广。在亚洲，只有近 15 万的家庭有资格参加小额信贷服务，还有9
37、.3%的家庭在努力申请此项服务。而在非洲和拉丁美洲，只有 6%的特困家庭有资格获得金融帮助 10。但是，非政府组织小额信贷机构有理由相信，通过他们必要的机构能力和资金，在穷人中推广此项服务增加新客户是没有任何难度的 11。 9 作者首先要感谢小额信贷峰会邀请他们写此篇文章，还要感谢小额信贷峰会在整个过程中都很配合他的工作。在文章初稿期，峰会秘书处就收到了大量读者提出的宝贵意见。这些宝贵的意见，有来自加拿大国际发展署、 Bellamkonda 监狱、 Brigit Helms,Dushyant Kapoor,John Lewis,Benji Montemayer，也 有来自菲律宾的 CASHPO
38、R-PHILNET 小额信贷扶贫资金。我们衷心的感谢，感谢大家在百忙之中还抽出时间给我们提意见。我们会虚心接受大家提出的建议，尽力完善文章。在文章完稿后，海伦托德仔细阅读了文章，并提出了最后的修改意见。最后，在此声明，我们会对我们所写的文章负责。 10 数据来源：小额信贷报告 (2001)第 11 页。 11 例子来源：印度书籍 SHARE，菲律宾书籍 CARD，乌干达书籍 FINCA和玻利维亚书籍 CRECER 小额信贷在本土拓展业务（除孟加拉国）失败的原因，不是因为缺少小额信贷机构。截止 到 2000 年 12 月，已有超过 1600 个小额信贷机构（大多数是非政府组织 小额信贷机构）参加
39、小额信贷峰会运动。但是，主要成员机构的规模都比较小，一般一个机构都不超过 2500 个成员 12。 12 世界银行通过农村邮局、公共电话亭这些公共事业扶助 “一体化”小 额贷 款，还是受穷人欢迎的。但是，这些措施还刚刚实施，而且世界银行很不明智的忽略了小额信贷峰会大多数的小额信贷都是为穷人提供的。 小额信贷成员人数比例图 小于 2,500 客户 63% 小于 10,000 客户 22% 大于 100,000 2% 10,000 和 100,000 之间 13% 如果目前只有 10%的小额信贷机构为特困家庭提供信贷，或者是大约 162个小额信贷机构为大约 500,000 特困家庭提供服务，再或者
40、是 324 个小额信贷机构为 250,000 特困家庭提供服务，那么 1997 年一次小额贷款峰会所确定的到2005 年达到 1 亿户的目标看来可以实现。 我们必须承认在先，不是所有 的小额信贷机构都想真正扩大机构内部成员(250， 000500,000)；甚至有些机构根本就没能力去提升自己的机构能力。看清以上两点是很重要的。但是据小额信贷峰会介绍，其中有 10%的机构还是有这个意愿和这个能力去完成以上两项任务。 能力建设是永远的任务 全世界的小额信贷峰会努力扩大他们的服务范围，也在努力制定制度。因为有像世 界银行、 SEEP、小额信贷网络、世界妇女银行组织、 ACCION、 FINCA、th
41、e Grameen Trust 和 CASHPOR 为小额信贷事业做出先锋模范作用， 所以制定制度相比以前，已 经容易了许多。许多受训资料都可能这些机构的网页上下载。一方面，越来越多具有成本效益的新型管理工具被 开发，被传播；另一方面，小额信贷峰会也被要求去利用这些新型管理工具。虽然目前的工作是提升能力，但将来会有更多方面需要慢慢提升。如果不这么做，人力资源只会被限制 13。 无论捐赠人和创办人是否来自于非政府组织或金融中介，同样都需要从小13 在许多贫穷的国家，例如印度、印尼这些大国，虽然有大批的知识青年，但就业极低。而经验告诉我们的是，在三个月内，大批贫穷的妇女可以通过训练认识到，小额信贷是一个脱离贫穷的好跳板，他们可以申请小额信贷。我们同样也知道，对于从未接触过电脑、来自偏远地区的知识青年，可以学习来掌握信息。对贫穷国家的人来说，最重要的事就是等待小额 信贷的降临。 小额信贷成员人数中特困家庭比例所占图 小于 10,000 客户 18% 小于 2,500 客户 70% 大于 100,0002% 10,000 和 100,000 之间 10%
