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Sustainable development and Community relations |
Micro finance initiativesMicro finance initiatives
In the Fort-Dauphin region, one of the primary obstacles to local participation in economic opportunities was the absence of “micro finance” – the provision of small loans for people living in poverty.
In 2001, in collaboration with two local NGOs, QMM capitalised and co-managed a micro credit pilot programme for the community adjacent to our mine site.
QMM is now stimulating the local economy (in partnership with local authorities, PIC and NGOs) through the creation of support structures such as the Anosy Business Centre (ABC), a micro-finance institution (IFRA) and a local training centre (CFPTA).
A fully fledged micro finance programme under the leadership of International de Crédit Agricole Rural (ICAR) and the Anosy Region Financial Institution (IFRA) – is now accessible to 16,000 customers. Target customers include all the craftsmen, shopkeepers, farmers, small contractors and salaried employees who could not engage with the formal banking sector.
When ICAR sought to raise US$90,000 from the private sector, QMM bought 50 shares in IFRA, equivalent to around US$25,000 of this total, and then brought together its own suppliers and contractors to demonstrate to them the sustainable development value of participating in IFRA and the money was quickly raised. QMM has now donated its shares to local communities for future development.
QMM continues to monitor a range of social and economic indicators to ensure that the project is maximising benefits to the local communities.
