Ebola : What impact does this outbreak have on microfinance?, 30th Midi de la Microfinance, 26 February 2015, Luxembourg
The last Midi de la Microfinance focused on the impact of Ebola on the microfinance sector in Guinea.
The managers of the Crédit Rural de Guinée S.A. (CRG), Mr Aboubacar-Demba Sankhon and Mr Lamarana Sadio Diallo, together with Mr. Gilles Goldstein from the Institute for Research and Application of Development Methods (IRAM ), shared their testimonies on the consequences of Ebola epidemic not only for the financial sector but also for the social and economic development of the country. As of 20th February 2015, Guinea counted 3 132 Ebola cases and 2 073 deaths.
The CRG, the largest Guinean microfinance institution (MFI), covers 60% of the microfinance market in Guinea and provides financial products and services to 300 000 clients. The CRG is heavily affected by the crisis: deaths of clients and employees, closure of land borders and markets avoiding economic transactions. The impact of Ebola on the CRG activities is wide ranging. Therefore, the CRG had to adapt its services to the situation. For instance, the reimbursement terms of microcredits have been adjusted and the institution provides financial help to the Ebola Orphans.
Today, the CGR suffers over EURO 1 700 000 financial losses. The representatives of the MFI are in Europe to look for a one-off financial support for their programs.
