President & CEO
Scotiabank

2006 has been an outstanding year for the Micro Enterprise Financing Limited in which the organization further distinguished itself as a first-rate, effective progamme for breaking the cycle of poverty and empowering the men and women who live in disadvantaged communities in Jamaica.

As the organization pioneers new ways of reaching those who need financing, and achieving its objective of helping them towards economic independence, the programme is now well on its way to becoming a household name in the innovative and potentially-powerful field of micro-financing.

The MEFL's approach of providing broad-based support, which includes not only loan financing but training in money management and other life skills, has set the organisation apart as more than merely a financial institution. We are pleased with the very positive changes which the MEFL's support has brought in the lives of thousands of individuals - some of whom live in circumstances and communities that many would dismiss as "unfixable".

We note in particular that savings accumulated by persons who have taken up MEFL loans stood at approximately $18 million as at October 2006, overturning some assumptions regarding the possibilities of good savings practices for persons from this segment of the population. These positive effects confirm the rightness of the commitment to continue to expand the programme, including extending its reach into the rural areas of Jamaica. We are pleased that a second rural branch was opened in Savanna-la-mar in September.

I want to commend the commitment and tireless work of the MEFL's dedicated staff and I anticipate the organisation's continued effectiveness in the coming year.