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  • 08 février 2018 - 09:15
  • Joël Burri 4090 signes
Economie

Financer une économie plus équitable dans les pays émergents

pièces d'euro CC(0) via https://www.pexels.com/photo/close-up-of-coins-on-table-332304/Faire des dons n’est pas le seul moyen d’aider les pays à faible revenu. Des fonds spécialisés proposent de soutenir des prêts permettant le développement de micros et petites entreprises dans ces pays, permettant à autant de familles de sortir de la misère.

Par Joël Burri

«La microfinance reste perçue par le banquier lambda comme un placement risqué», reconnaît Jacques Grivel. Pourtant, début février, à l’occasion d’une conférence proposée au personnel de l’entreprise Debiopharm, à Lausanne, il a présenté une réalité bien différente. Fondateur de la société Fundo Asset Manager, spécialisée dans le conseil et la gestion de risque pour les investisseurs institutionnels, il propose un fonds appelé «Finethic Microfinance». En 15 ans, les résultats mensuels de ce produit n’ont été en recul que trois fois.

Pratiquement, l’argent investi dans ce fonds ou dans l’un de ses concurrents est prêté à des organismes financiers dans des pays en développement ce qui leur permet à leur tour d’accorder des fonds à microbanque qui vont se rendre dans les différentes régions pour octroyer des microcrédits à des créateurs d’entreprises. Quelques dizaines, centaines, voire milliers de francs permettent à des personnes de créer un petit commerce leur apportant ainsi un moyen de subsistance. Le seul fonds Finethic a ainsi permis en 15 ans la création de 2 millions d’entreprises dans 65 pays.

Investir dans l’économie réelle

«Ça coûte extrêmement cher d’être pauvre. Tout est plus compliqué quand on est pauvre», note Jacques Grivel. Le microcrédit permet donc à des individus de sortir d’une situation de pauvreté et d’entrer dans un cercle vertueux. «Ce qui est universel, c’est que quand vous avez des moyens, vous pouvez vous développer», résume l’économiste.

Diverses stratégies sont mises en places pour assurer la sécurité des prêts. Par exemple, une solidarité entre les différents emprunteurs d’un village. Si vingt prêts sont accordés et qu’il y a une personne qui est en défaut de payement, les 19 autres doivent solder la dette. Mais c’est une autre raison qui fait que Jacques Grivel croit tout particulièrement en ce type de produits financiers: «on sait que la création de richesses se fait par le travail, ce qu’on a tendance à oublier quand on fait de la finance. Parfois, on a l’impression que l’économie réelle sert la finance alors que c’est la finance qui devrait servir l’économie.»

La plupart des emprunteurs sont en fait des emprunteuses. «Je ne sais pas si les femmes ont davantage l’esprit entrepreneurial que les hommes», sourit Jacques Grivel. «Peut-être qu’elles sont plus responsables. Ce qui les motive c’est de pouvoir envoyer leurs enfants à l’école!»

Pas de la charité

Alors ce type d’investissement relèvent-ils de la charité? Non pour Jacques Grivel. «L’idée c’est de travailler dans une dimension financière.» De fait, ce type d’investissements permettent de combler le manque de petites et moyennes entreprises (PME) que l’on retrouve fréquemment dans les pays émergents. «Alors que dans les pays développés, la part des PME représente plus de 50% du PIB et plus de 60% de l’emploi, les PME font moins d’un cinquième (17%) et moins du tiers (30%) dans ces pays à faible revenu», résume le site web de Fundo. Investir dans un fonds de microfinance c’est donc participer au développement de cette zone moyenne et de participer à une «distribution plus équitable de la croissance économique.»

«Le risque majeur de ce produit, c’est la politique», note Jacques Grivel. Une décision gouvernementale peut avoir des conséquences importantes pour les investisseurs étrangers. «Par exemple en Azerbaïdjan, toute l’économie dépend d’une seule famille qui exploite le pétrole. Pour faire face à la chute des cours, la banque centrale a décidé soudainement de dévaloriser sa monnaie en 2015. On ne peut pas faire grand-chose contre les risques politiques, si ce n’est diversifier ses investissements».

«Lorsque le principe de microfinance s’est développé, nous pensions qu’elle allait sauver le monde», admet Jacques Grivel. Mais, lucide il reconnaît que «ce n’est pas vrai. La microfinance n’est qu’un élément. Il faut aussi lutter contre la corruption et régler le problème de l’accaparement des terres.» La Suisse est l’un des leaders sur ce marché financier. À eux seuls les investisseurs suisses et néerlandais représentent plus de la moitié du marché mondial de la microfinance.

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