UNCDF in Comoros Islands

UNCDF in Comoros Islands

The Challenge

The Union of the Comoros is a small island developing state where economy is particularly vulnerable because of its remoteness, vulnerability to natural disasters, fragile environment, excessive dependency on international trade, small size, and little to no opportunity to create economies of scale. The country ranks 169 out of 187 countries in the 2013 Human Development Index.

How We Are Helping?

UNCDF has been helping the Comoros meet its development challenges by promoting diversification and access to inclusive finance. Exploratory studies with the government led to the establishment of an inclusive finance programme the Programme d’Appui à la Finance Inclusive aux Comores (PAFIC)  , an initiative that aims to promote access to finance by providing the country with a master plan for inclusive finance and by expanding the range of available institutions. 

 

In Detail

Project

Programme d’Appui à la Finance Inclusive aux Comores (PAFIC)

Goal To facilitate innovative and universal access to basic financial services.
How
  • Supporting the growth of the formal economy through the development of a master plan for inclusive finance;
  • Expanding the range of institutions offering affordable services;
  • Providing grants to Financial Service Providers.
Period 2009-2012
Partners UNCDF, UNDP, Government of Comoros
Total project cost and UNCDF contribution USD 2,165,110
USD 1,073,625

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