European Microfinance Week 2015

Crédit Rural de Guinée (CRG) was announced as the winner of the 6^th European Microfinance Award, focusing this year on Microfinance in Post-Disaster, Post-Conflict Areas & Fragile States, for its innovative response to the Ebola outbreak in Guinea. The Award was presented during European Microfinance Week by Her Royal Highness the Grand Duchess of Luxembourg, during the ceremony on 19th November held at the European Investment Bank Headquarters in Luxembourg.

CRG was hit by the Ebola virus outbreak beginning in early 2014. Unlike many others, CRG continued to operate, while taking special measures to prevent infection and protect both clients and staff. This included contacting clients and processing payments by phone, rescheduling loans for affected entrepreneurs (including cancelling debt in cases of death), continuing disbursement of new loans, and providing clients with the means to withdraw their savings. CRG also provided grants to the families of staff who were victims of Ebola. In addition, CRG launched a national awareness campaign to inform clients and the general population of measures to prevent the transmission of the virus. Over 4,000 people participated in these sessions. With support from the World Food Programme, CRG is currently distributing compensation to over 1000 Ebola survivors who continue to be stigmatised by their communities, as well as to 55,000 affected families.

CRG was one of three finalists for the Award, alongside First Microfinance Institution Syria (FMFI-S), which has been operating in the country since 2003, including throughout the civil war that has ravaged the country and its people for the past four years, and Taytay Sa Kauswagan Inc. (TSKI), from the Philippines, which suffered a devastating earthquake and Typhoon Haiyan in 2013.

The importance of providing continuity and resilience to vulnerable clients in these difficult contexts was highlighted during the ceremony by the inspiring keynote address of Mr. Peter Maurer, President of the International Committee of the Red Cross (ICRC) who provided historical context for these challenges. “With record numbers of people displaced since the Second World War – over 60 million people are currently fleeing violence worldwide – and the average duration of displacement has increased to 17 years.”

Dr Werner Hoyer, President of the European Investment Bank, also addressed the audience and argued that “microfinance can be a formidable tool for helping local communities increase their resilience even under the most difficult circumstances.” 

The audience appreciated the finalists’ short films, which were followed by comments from Mr Romain Schneider, Minister for Development Cooperation and Humanitarian Affairs.

Her Royal Highness the Grand Duchess of Luxembourg announced the winner, adding “Even in times of war, epidemics and natural disasters, institutions such as Crédit Rural de Guinée have continued not only to provide services to their clients, but also to adapt their services to the needs of their population.”

When accepting the prize, the Director General of Credit Rural de Guinee, Mr. Lamarana Sadio Diallo said: “We are proud to accept this Award and will use the E100,000 prize to continue supporting clients, mitigating the impact of Ebola and boosting the solidarity fund to help clients increase their resilience against the outbreak and economic challenges”.