In the South, Louvain Coopération is implementing numerous initiatives to combat poverty and debt. These include strategies to provide access to savings and credit. Starting out with traditional microfinance projects, Louvain Coopération has now moved more towards community microfinance. Here we take a closer look at these initiatives, which are helping to restore economic security to families.
‘One of our top priorities in the countries where we operate is to enable people to save. By building up capital, families can either invest in a business or cope with unforeseen events,’ explains Vincent Henin, food and economic security expert for Louvain Coopération. ‘When you work in microfinance, you realise that saving is one of the most effective ways of lifting people out of poverty.’
Since the early 2000s, Louvain Coopération has been involved in several microfinance projects. Each of the initiatives implemented had a threefold objective: to enable beneficiaries to save, to invest in starting or strengthening their small businesses, and to include microcredit funds in a broader project aimed at improving health or food security.