Alay Sa Kaunlaran Inc. (ASKI) has used micro-credit to improve food security, strengthen food distribution networks, increase yields and empower agricultural communities in the Philippines. In recognition, they received the 4th European Microfinance Award on 15th November in Luxembourg from a jury chaired by the Nobel prize-winning microfinance pioneer Muhammad Yunus.
ASKI has provided micro-loans to nearly 19,000 farmers, helping them diversify their activity and boosting their financial solidity. Not only will the award raise the firm’s profile but it comes with a EUR 100,000 prize. The two other finalists were also highly praised by the jury: Banco FIE from Bolivia and Kompanion of the Kyrgyz Republic.
The award marks the end of the European Microfinance Week, held every two years in Luxembourg, this year on 14-16 November. The EIB helped organise this prize along with the Luxembourg Ministry of Foreign Affairs, the European Microfinance Platform and the Luxembourg Round Table on Microfinance. The award was created to highlight contributions to the sector and to support innovative thinking.
