CEFOR: 10 years supporting small projects

The Association CEFOR (Credit, Savings – Training) celebrated its 10th anniversary yesterday at the Motel Anosy. 41 people have been decorated during the ceremony, 15 of whom received medals while 26 received certificates. It is to be noted that the association operates in microfinance and vocational training in fields like industrial machinery, knitting, housework, security and computer word processing. In terms of microfinance, it offers loans starting from 20 000 Ariary up to 3 million Ariary, repayable over one year.

According to its General Manager, Andrianome Samoela, today, CEFOR grants 10 000 loans amounting to 1.9 billion Ariary, while in 2001, it granted 2500 loans worth about 123 million Ariary. Through its nine agencies, it provides supports especially to interesting small projects. Furthermore, it is important to mention that CEFOR does not demand guarantees from its clients. However, its loan system is based on the creditworthiness of its clients. According to the promoters of the association, the repayment capacity of the population has declined significantly with the current crisis.