Jakarta, Indonesia, 8 April 2015
—IFC, a member of the World Bank Group, is supporting Indonesian venture capital firm PT Dana Mandiri Sejahtera and CARD-MRI Development Institute Inc. (CMDI), the biggest microfinance institution in the Philippines, to train more microfinance experts and promote responsible finance toward low income households and microenterprises in Indonesia.
PT Dana Mandiri Sejahtera signed a memorandum of understanding with CMDI today to establish the Institute of Microfinance Indonesia, which plans to launch its first training program by the end of the year. Indonesia has about 60,000 formal financial institutions providing financing for more than 50 million microenterprises; more institutions are being set up following the passage of the Microfinance Law in 2013. Yet, a significant lack of qualified microfinance professionals limits these institutions’ capacity to further develop the sector.
“We need a lot of passionate, dedicated, and skilled professionals to develop the microfinance industry in Indonesia. That’s why we have decided to set up the Institute of Microfinance Indonesia with CMDI to provide education programs and certifications to these professionals,” said Franky Suhenda, Founder and CEO of PT Dana Mandiri Sejahtera.
As part of the process to establish the new institute, IFC, PT Dana Mandiri Sejahtera, and CMDI held an Indonesia Microfinance Forum today with key stakeholders to discuss microfinance training and education ahead of the formation of the ASEAN Economic Community in December 2015. Participants shared key lessons from the Philippines and discussed challenges in Indonesia’s microfinance industry with the imminent economic integration of ASEAN countries.
“Microfinance is an effective tool to eradicate poverty,” said Dr. Jaime Aristotle B. Alip, Founder and Managing Director of CARD MRI. “We are delighted to share our three decades of experience and best practice in microfinance with Indonesian enterprises.”
IFC sees microfinance as a key building block for financial inclusion to develop a country’s economy, reduce poverty and share prosperity. Since 2008, IFC has been providing $123 million worth of advisory services on 190 projects in 62 countries to promote the development of microfinance under its financial inclusion program.
“Through its contribution to the Indonesia microfinance training and education initiative, IFC is committed to supporting the development of the microfinance industry in Indonesia,” said Anastassiya Marina, IFC’s Program Manager for the Finance and Markets Global Practice.
IFC’s microfinance program in Indonesia is supported by the Swiss State Secretariat for Economic Affairs, or SECO.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
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About Card MRI Development Institute Inc.
The CARD-MRI Development Institute Inc. (CMDI) is a globally recognized learning institute that provides an array of practitioner-led training and education services to staff and members of CARD Mutually Reinforcing Institutions (CARD MRI) and other microfinance institutions interested in innovative development methodologies as well as microfinance practitioners seeking advanced education in applied microfinance. All training programs and courses are developed and taught by CMDI’s faculty comprising competent CARD MRI personnel, microfinance experts and development practitioners who have dedicated themselves to alleviating poverty in the Philippines.
About PT Dana Mandiri Sejahtera
Dana Mandiri Sejahtera (DMS) is a national venture capital company focusing on developing microfinance in Indonesia as well as building the capacity of professionals who serve microenterprises. DMS’s initiative to set up the Institute of Microfinance Indonesia (IMI) is aimed at making Indonesia a hub of microfinance development in Southeast Asia. By partnering with CMDI and SAIDI (Southeast Asian Inter-study Development Institute), IMI will boost cooperation between ASEAN members and contribute to the formation of the ASEAN Economy Community.
