Mr. Soy Tith, a project officer of the project ” Community-led Saving Development for Poverty Reduction and Self-reliance in Pailin province” is working on the first quarterly report covering from 15th October to December, 2009.
The project is fudned by CARE to work ininvolve in Community-led Saving Groups. Up to the end of December 2009, the project has supported 39 saving groups comprising 837 members (of whom 55% are women). The total capital mobilized by all saving group members is 77,423,300 riel (equivalent to USD 18,883.732). These Saving for Self-Reliance Groups operate in 22 villages across 5 communes in Pailin province. 22 village-based saving group animators are now in place in all 22 target villages.
The project has drawn the interest of the most vulnerable villagers to mobilize and use capital, which had been invested so far on the borrowing costs from MFIs/Banks and Money Lenders within their own villages. The villagers seem to be aware and willing to reduce their financial dependency on outsiders and to become self-reliant in the near future. Their voluntary participation in the saving groups reflects this position. The project contributes to building of collaboration and trust among villagers, as well as to the accessible, safe and profitable financial services for the most vulnerable families. A number of new groups have been formed into 4 new groups. At the same time, many new members joined the existing groups. Moreover, the savings mobilized by the villagers has also been increasing. Saving group members were able to take larger loans at a lower interest.