The World Bank Group has chosen Thrissur-based ESAF Microfinance as one of the 20 beneficiaries for executing its India Development Marketplace initiative.
The initiative is aimed at scaling up innovative business models in the target States of Madhya Pradesh, Chhattisgarh and Jharkhand.
CAPACITY BUILDING
ESAF Microfinance was among the 200 organisations which had submitted proposals called for in the month of January, a company spokesman said.
ESAF and other peer beneficiaries will get capacity building support services from the World Bank Group over the next 18 months.
They will also receive business mentoring and support services in areas such as business development, financial management and strategic planning.
The World Bank Group will help them with identifying local partners to expand reach and sustainability, the spokesman added.
It will evaluate services and delivery models by assessing successes and challenges in reaching out to the underserved.
International Finance Corporation, a World Bank affiliate, is an important strategic partner in this project as it works with the private sector to support financially viable business models.
Omno Ruhl, Country Director, World Bank, and Drew Von Glahn, development marketplace team lead, had visited the stall that ESAF had put up at Bhopal.
K. Paul Thomas, Managing Director, ESAF Microfinance, said winning the $100,000 grant was a moment of pride for the microfinance player.
SUSTAINABLE MODEL
“Our efforts have been accepted as scalable, replicable and financially sustainable by apex international development organisations such as the World Bank and International Finance Corporation.”
ESAF Microfinance’s holistic business models in the chosen states included expanding access to basic services such as livelihood and employment; education; women and child welfare; energy, and financial services.
Covers 35 districts
ESAF Microfinance operates across five States, covering 35 districts and reaches out to more than 5.5 lakh households.
vinson.kurian@thehindu.co.in