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Le financement des très petites entreprises urbaines : étude d'impact d'un projet de micro-finance à Antananarivo (Madagascar)

Author

Listed:
  • Flore Gubert

    () (DIAL, IRD, Paris)

  • François Roubaud

    () (DIAL, IRD, Paris)

Abstract

(english) This article highlights the main findings of an evaluation report on the impact of a microfinance program based in Antananarivo. It first provides background information on microfinance programs in Madagascar and on the market-demand for micro-loans. It then describes the main characteristics of the participants to the microfinance program under concern. It finally presents the results of the economic impact analysis of the program on the clients' microenterprises, using the matching estimators' method. The analysis is based on two original surveys conducted in 2001, which were administered to a large representative sample of microenterprises in Antananarivo and to a representative sample of clients respectively. The results suggest that the gains from microborrowing accrued to participants are large. Productivity, production levels and turnover are all found to have significantly increased thanks to credit. However, the accrued benefits from microfinance are likely to be small at a more aggregate level, as microfinance programs have a very low coverage in urban areas. In terms of targeting, the results show that the microfinance program does exclusively benefit small unregistered production units but only the better-off ones. _________________________________ (français) Cet article expose les principaux résultats d'une étude d'impact d'une institution de micro-finance opérant à Antananarivo. Il débute par un état des lieux de la micro-finance à Madagascar et une présentation des besoins en financement des unités de production informelles. Il s'attache ensuite à décrire la clientèle de l'institution de micro-finance (IMF) concernée par l'étude. Il présente enfin les résultats de l'analyse de l'impact des financements accordés par cette institution à sa clientèle, en mobilisant la méthode des groupes appariés. L'ensemble de l'exposé repose sur les résultats de deux enquêtes ad hoc réalisées en 2001 : l'une sur un échantillon représentatif de 1 000 unités de production informelles de l'agglomération d'Antananarivo, l'autre sur un échantillon représentatif de 200 clients de l'IMF. Les résultats obtenus suggèrent que d'un point de vue strictement micro-économique, l'impact des financements accordés est largement positif. Les performances des micro-entreprises clientes semblent en effet avoir fortement évolué avec le recours au crédit, que ce soit en termes de productivité par travailleur ou par nombre d'heures travaillées, ou en termes de volume de production ou de chiffre d'affaires. Toutefois, en raison du très faible taux de pénétration des IMF à Antananarivo, il est vraisemblable que l'impact significatif et substantiel à l'échelle micro-économique soit extrêmement faible à l'échelle macro-économique. En terme de ciblage, l'analyse des caractéristiques des bénéficiaires montre que si l'IMF, conformément à sa mission, touche bien une clientèle de petites entreprises urbaines du secteur informel, elle ne s'adresse qu'à la frange "supérieure" de ce secteur.

Suggested Citation

  • Flore Gubert & François Roubaud, 2003. "Le financement des très petites entreprises urbaines : étude d'impact d'un projet de micro-finance à Antananarivo (Madagascar)," Working Papers DT/2003/16, DIAL (Développement, Institutions et Mondialisation).
  • Handle: RePEc:dia:wpaper:dt200316
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    File URL: http://www.dial.ird.fr/media/ird-sites-d-unites-de-recherche/dial/documents/publications/doc_travail/2003/2003-16
    File Function: First version, 2003
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    More about this item

    Keywords

    Microfinance; Impact; matching; matching estimator.;

    JEL classification:

    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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