From skepticism to success : the World Bank and Banco do Nordeste
Brusky, Bonnie
Despite an initial reluctance to undertake a microfinance program within a large state bank, the Bank chose to take a chance on an apparently risky endeavor. The risk paid off. This case study tells the story of how it happened. With the emergence of CrediAmigo in Brazil, a favorable institutional environment evolved, setting the stage for an attractive market opportunity: Microfinance. Decisions were made on: 1) enlisting technical experts to assess project viability, and starting with a small project; donor staff received training in microfinance, while their involvement was initially limited. Finally, a performance -based contract was signed. In the case of Banco do Nordeste (BN), effective donor assistance focused on appropriate technical assistance and performance-based funding criteria. Initial Bank investment in the CrediAmigo program was small and directed toward institution building.
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