Analyser l’impact d’un projet de micro-finance : l’exemple d’ADéFI à Madagascar

This study aims at assessing the impact of a microfinance institution serving micro-entrepreneurs in Antananarivo (Madagascar). It starts by reviewing the recent literature on the socioeconomic impact of microfinance, then moves on to describe the current state of supply and demand of micro-credit in Madagascar. Finally, the results of the examination of the impact of ADéFI financing on micro- entreprises are presented. The methodology consists of comparing the situation of a representative sample of micro-enterprise ADéFI clients with a control group, constructed in an almost experimental way through a standard matching technique. Overall, the results indicate a positive impact of the project. Taken as a snapshot, the studies conducted in 2001 and 2004 indicate that the micro- enterprises financed recorded better average performance than informal production units without funding. With a dynamic perspective however, the results were more nuanced. If the positive effect of the project is clear during growth phases, its effect during contractions appears less certain.