New rural development support project in Vietnam for DID
Développement international Desjardins (DID) will help farmers and rural enterprises throughout Vietnam increase their productivity and revenue through improved access to agricultural financing.
To achieve this, DID will participate in capacity building for the Cooperative Bank of Vietnam (CBV) and its network of financial cooperatives in order to expand the range of financial products and services they offer.
The Government of Canada, through Global Affairs Canada, will provide CAN $18 million in financing for this project which will run from 2016 to 2021.
Focusing on sustainable economic growth and poverty reduction, this partnership will provide more families with access to the financial services that they need and in turn stimulate the local economy.
About the People’s Credit Funds
Created in 1995, based on the Desjardins financial cooperative model, today the People’s Credit Funds (PCF) constitute the largest microfinance network in Vietnam. DID has worked with this network since its inception, notably helping it to set up a federation and integrate information technology to facilitate intercoop services and international transfers of funds.
With 1,145 financial cooperatives, the PCF network reaches nearly two million people in Vietnam. Covering almost the entire country, it is particularly present in rural areas where 67% of the population live.
Source: Desjardins. Date: January 21, 2016