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Detail of this record |
|---|---|
| Title/Description | Microcredit (Panama) |
| Country | Panama » |
| Specific location (city, region, etc) | Ciudad de Panamá |
| Actors/Partners | Programa de Integración Local / Cruz Roja Panameña / Microserfin |
| Funding | UNHCR » |
| Objectif(s) | To implement the Microcredit Programme for Refugees in Panama, the UNHCR Office in Panama hired a local microcredit institution, Microserfin, in December 2007. This is a private financial institution and is overseen by the Administration of the Ministry of Commerce and Industry. At the national level, Microserfin has channeled about USD 52 million through nearly 31,000 loans. In December 2007 an agreement was signed between the official partner of UNHCR, the Panamanian Red Cross, and Microserfin to allow the disbursement of loans (through UNHCR funds) for refugees recognized by the Panamanian government in order to initiate, strengthen, develop or expand their own businesses. These loans allow the beneficiaries to obtain working capital (such as purchasing raw material needed) to improve or expand their business or to buy the necessary machinery. In order for refugees to qualify, they must meet the following requirements: 1. Being recognized as a refugee; 2. Copy of the identity card of refuge; 3. Copy of the card of refuge of the spouse, if applicable; 4. Copy of receipt of electricity, water or phone; 5. Copy of business license; 6. Good commercial and personal references; 7. Copies of purchase invoices and sales receipts; and willingness to excel. Refugee beneficiaries can receive up to three microcredits and their participation in the programme can also facilitate other services. |
| Results/Impact | When loans are paid properly, refugees have the opportunity to obtain a bank reference. Therefore, this opens up new possibilities for higher loans from regular banks, which otherwise (without bank reference) are extremely restrictive towards refugees. In summary, a microcredit can have a macro impact on the lives of beneficiaries, as the following achievements of refugee beneficiaries will demonstrate.
During 2010, 25 operations by a net amount of USD 20,100.00 were incurred. |
| Why is this considered a Good practice? | Raises self-reliance of the refugee population in Panama. Allows refugees access to other loans from other banks. |
| Pertinent MPA/BPA Component | Cities of solidarity » |
| Theme (s) | Microfinance » Income Generation » |
| Links | http://www.acnur.org/t3/fileadmin/scripts/doc.php?file=t3/fileadmin/Documentos/RefugiadosAmericas/Colombia/Situacion_Colombia_-_Programas_de_Microcredito_2011 |
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