Press release
RURAL FINANCE CORPORATION – AT 10 YEARS OF ACTIVITY
On November 28, 2007 Rural Finance Corporation celebrates its 10 years of activity. Being the first microfinance institution in Moldova, the Corporation has succeeded to fully affirm itself by serving its mission – to ensure access to financial services of marginalized segments of rural clients, small farmers and rural entrepreneurs.
The activity of the Rural Finance Corporation (RFC) has generated a major economic and social impact in the rural areas of the country. It has significantly contributed to the development of the network of savings and credit associations, which during years have grown into autonomous financial cooperatives, providing today a range of financial services to their over 100 thousand members in 500 communities of the country. Also, one cannot underestimate the role of RFC in the development of peasant farms and small and medium enterprises in the rural area, providing them, besides financial resources, the so necessary knowledge and know-how in financial management.
In all those years, RFC has continuously improved its financial position and the quality of operations. The RFC assets have grown to 365.0 mln MDL, 90% of which are provided in form of loans to clients. The quality of operations in the last 4 years has been evaluated by the international rating agency Microfinanza Rating, which has upgraded in 2007 the rating held by RFC from BBB+ to A-. This rating grade confirms „a strong capacity to meet its financial obligations”, and qualifies RFC operations as being of „very good quality”.
The results achieved by Rural Finance Corporation place it among institutions in which both local and foreign investors, including the European Bank for Reconstruction and Development, the World Bank, the International Fund for Agricultural Development, local commercial banks and the Government of Moldova, invest with safety, which opens new horizons for our clients in the future. With the occasion of 10 years anniversary, we congratulate the shareholders and clients of Rural Finance Corporation with the successes achieved, and express our gratefulness to all our partners for their contribution and support. We confirm that Rural Finance Corporation will continue its social mission and will further contribute to the rural development and eradication of poverty, by providing loans to viable rural businesses, by stimulating the entrepreneurship spirit of the start-ups, and by supporting the financial cooperation in the villages of Moldova. The Executive Board
