YANGON, 27 March, 2015 – United Nations Under-Secretary General and UNOPS Executive Director, Ms. Grete Faremo visited a rural finance centre in Pakokku, operated by Pact Global Microfinance (PGMF).
The Pakokku branch is part of a larger project that was set up with funding from LIFT, which is managed by UNOPS. The project provides poor and vulnerable households in the country with access to financial services. After only three years the PGMF project is fully self –financing, allowing LIFT to end its financial contribution.
“This demonstrates lasting change for the better, “said Ms Faremo. “Access to financial services is crucial to allow rural families to increase and diversify their incomes. LIFT itself was set up to help Myanmar towards achieving Millennium Development Goal 1 – to eradicate extreme poverty and hunger – and this is an excellent sign.”
Since 2012, the project has disbursed $21 million to more than 37,000 clients in the country; 57 percent of these loans are for agriculture, while the rest are for small businesses in villages across the Dry Zone and Shan State. The project also provides non-formal business training to all microfinance clients, of which 98.5 per cent of these are women.
“LIFT has just closed the call for proposals for the next stage of its Financial Inclusion Programme, worth USD 40 million,” said Ms Faremo. “In line with government policy, this shows LIFT’s commitment to extend access to financial services to the country’s most vulnerable people”
