Top PDF Contemporary Challenges and Sustainability of Microfinance Institutions in Ghana

Contemporary Challenges and Sustainability of Microfinance Institutions in Ghana

Contemporary Challenges and Sustainability of Microfinance Institutions in Ghana

The study adopted the cross-sectional survey design to solicit information from Managers, an Administrative and Operational staff of 36 Tier 2 microfinance companies. The study operationalizes microfinance institutions as those ―Tier Two‖ MFIs with the word ‗microfinance‘ as part of their names. The 36 companies were randomly selected from the list of Microfinance Companies from Western, Central, Ashanti, Greater Accra, Brong Ahafo and Eastern. The choice of the microfinance companies over the other informal financial institutions is that they form a major part of the total informal financial companies in the country and also they are pivotal as far as credit for development is concerned (Chronicles Business News of Ghana, 2014). In addition, studying these institutions is important because in recent times alleged cases have been reported about their operations. The cross-sectional survey design was employed to support the quantitative analytical procedure. This is appropriate as the study structure requires selection of microfinance institutions and administer data collection instrument. The survey is applied through the use of standardized questionnaires to collect the required data of interest (Anlo, 2012, p.79).
Show more

18 Read more

Determinants Of Sustainability Of Microfinance Institutions In Ghana

Determinants Of Sustainability Of Microfinance Institutions In Ghana

The high level of expansion and growth sustainability indicates market opportunities available for microfinance businesses. The target groups and market are often the low income categories which are often neglected or underserved by the mainstream banking making them continuously rely on these microfinance institutions (Schreiner & Colombet, 2001). The expansion and growth sustainability potentials of microfinance business was affirmed and echoed also in the study of Guntz (2011). Therefore, it is not surprising that the expansion and growth sustainability was highest. The results thus meet study expectations and theory of intuition. The results confirm the assertion by Martzys (2006). Martzys revealed that microfinance institutions grow more rapidly than public commercial banking services because MFIs are established to resolve the credit access problem of the poor, low income level and middle income level that are in majority. According to CGAP (2011), the results of their survey showed that 78 percent of the participated microfinance institutions reported a strong strategy exist to continually increase their outreach to small enterprises while 70 percent also have strategy to expand their credit portfolio for these small enterprises. These findings are similar to the findings in this study using exploratory factor analysis as the bottom line of their results are that microfinance institutions have strategy for sustaining expansion and growth as evident in the present study. This means that microfinance institutions in Ghana are motivated to continually increase and serve the growing number of their customers through their micro-credits.
Show more

11 Read more

Sustainability of Small and Medium Scale Enterprises in Rural Ghana: The Role of Microfinance Institutions

Sustainability of Small and Medium Scale Enterprises in Rural Ghana: The Role of Microfinance Institutions

This paper is based on a research work undertaken in 2012 on the dynamics of microfinance institutions (MFIs) and their contribution to the development of small and medium scale enterprises (SMEs) in Ghana. It investigates the effects and challenges of MFIs on the development of SMEs in rural Ghana. Using a case study approach, both theoretical and empirical data were sourced to explore the role and impact of MFIs on 93 SMEs in rural Ghana. Although there are challenges of untimely disbursement and repayment of loans, the paper suggests recipients of microfinance products and services are better off in terms of enhancing the activities of their SMEs, improving outputs and ensuring prudent financial management than those without microfinance services. The paper recommends timely disbursement of credit, flexible terms of credit repayment and awareness programmes to ensure the sustainability of SMEs.
Show more

15 Read more

Analysis of Financial Performance and Sustainability of Microfinance Institutions in Ghana

Analysis of Financial Performance and Sustainability of Microfinance Institutions in Ghana

Against this background, a lot of the academic studies in the field of microfinance have largely focused on issues of sustainability of microfinance schemes. Woolcock stresses that sustainability implies the capacity of the programme to remain financially viable without any domestic subsidies or foreign support and that calls for enough profits to be generated to cover operational costs and thus do away with subsidies [10]. To that effect one important thing which has remained in the policy domain has been the issue of microfinance profitability; profitability in the views of some academics is most critical in making microfinance schemes stay their courses. The central position of profitability is put in context by Aremu et al. when they alluded to the fact that, the existence, growth and survival of a given business depends on its ability to make profits [11]. Indeed in the words of Aremu et al., profit is raison d’etre for any business
Show more

10 Read more

The Interactions between Microfinance Institutions and Small and Medium Scale Enterprises in the Sunyani Municipality of Ghana

The Interactions between Microfinance Institutions and Small and Medium Scale Enterprises in the Sunyani Municipality of Ghana

Microfinance is a concept in development and business literature dating to the 1970s. The concept, however, caught on early as Robinson (2001) states that the 1980s represented a turning point in the history of microfinance in that Microfinance Institutions (MFIs) such as Grameen Bank began to show that they could provide small loans and savings services profitably on a large scale. It was now clear for the first time that microcredit could provide large- scale outreach profitably. During the 1980s, MFIs received no continuing subsidies, were commercially funded and fully sustainable, and could attain wide outreach to clients (Robinson, 2001). It was also at this time that the term “microcredit” came to prominence in development studies. According to a World Bank (2012) report, an estimated 22 percent of the population of the developing countries live below $1.25 a day. Most people in the developing world barely have enough to spend and save towards the creation and sustainability of a business venture. This makes it difficult for many individuals with entrepreneurial skills to fund and grow their businesses no matter how small. Microfinance has been identified as a desirable measure to support such individuals and their initiatives (Duvendack, 2011).
Show more

14 Read more

A CRITICAL APPRAISAL OF RISK MANAGEMENT STRATEGIES OF MICROFINANCE INSTITUTIONS IN GHANA

A CRITICAL APPRAISAL OF RISK MANAGEMENT STRATEGIES OF MICROFINANCE INSTITUTIONS IN GHANA

An MFI may adopt certain elements of risk management although it may not have installed a comprehensive risk management system. According to the Federal Reserve Bank [16] comprehensive risk management includes systematically and quantitatively identifying, monitoring and controlling aggregate risks the activities and products of a financial institution. It also includes the institution of mechanisms to limit risk associated with individual product lines. For risk management to be comprehensive, it needs to have the attributes that will address both the risks associated with the Microfinance businesses in general and those specific to the clients in particular including their capacity development needs. If the risk management approach takes these two dimensions of MFIs into consideration, it will reduce the risk of loss, build credibility in the marketplace, facilitate the expansion of the MFI, enrich beneficiaries and create new opportunities for growth [16]. A comprehensive risk management approach is therefore effective in the sense that it ensures institutional sustainability and facilitates wealth creation for MFI beneficiaries. Despite this realization, MFIs have regrettably not always incorporated a comprehensive risk management system in their operations.
Show more

17 Read more

The effect of Microfinance Institutions on the growth of small businesses in Kumasi, Ashanti Region of Ghana

The effect of Microfinance Institutions on the growth of small businesses in Kumasi, Ashanti Region of Ghana

The influx of Microfinance institutions in Ashanti Region of Ghana over the past two decades and their importance to small businesses has attracted heated debate. This study reports on the effect of microfinance Institutions (MFIs) on the growth of Small Businesses (SBs). The main data collection instruments were questionnaires and interview. Twenty (20) Microfinance institutions and two hundred (200) Small Businesses respectively were sampled for the study. The study assessed the services Microfinance Institutions render to Small Businesses, how SBs manage and utilize MFI credits, and the challenges both face in dealing with each other. The study revealed that MFIs provide loans to businesses and create enabling environment to save. The study further showed that SBs use greater portion of their profit to service the loan due to high interest rate and short repayment period. The study therefore recommends that MFIs should give flexible terms of repayment of loan to enable SBs raise the capital needed. The government should provide funds to SBs at no or reduced borrowing cost. It is also recommended that Microfinance Institutions initiate insurance schemes for SBs. SBs should keep proper financial records to enable them measure the growth of their businesses using profitability ratios. Finally SBs should fully implement the advices MFIs offer to them to promote their business growth.
Show more

69 Read more

ANALYSIS OF THE FEATURES AND OPERATIONS OF MICROFINANCE INSTITUTIONS IN GHANA: THE CASE OF SINAPI ABA TRUST

ANALYSIS OF THE FEATURES AND OPERATIONS OF MICROFINANCE INSTITUTIONS IN GHANA: THE CASE OF SINAPI ABA TRUST

SAT operates four main programmes of microfinance to provide a comprehensive microfinance service to the poor. These are microcredit, savings, remittance services, micro insurance and non-finance operations. It was found out that the remittance services were opened to the general public but SAT clients had an upper hand over non-clients because the clients could keep their monies in their individual savings and earn interest on them. The micro insurance serves as a security for beneficiaries’ health and fire outbreak and other adverse occurrences (Ledgerwood, 1999). The non-finance operations focus on non-cash but relevant activities aimed at improving clients’ lives in association with the loans for livelihood development. All the services enumerated corroborate to what some studies have found. For instance, Armendáriz de Aghion and Morduch (2010) note that, beside their traditional role of providing loans, contemporary microfinance covers many other services.
Show more

17 Read more

THE EFFECT OF MICROFINANCE INSTITUTIONS ON THE GROWTH OF SMALL BUSINESSES IN KUMASI, ASHANTI REGION OF GHANA

THE EFFECT OF MICROFINANCE INSTITUTIONS ON THE GROWTH OF SMALL BUSINESSES IN KUMASI, ASHANTI REGION OF GHANA

The influx of Microfinance institutions in Ashanti Region of Ghana over the past two decades and their importance to small businesses has attracted heated debate. This study reports on the effect of microfinance Institutions (MFIs) on the growth of Small Businesses (SBs). The main data collection instruments were questionnaires and interview. Twenty (20) Microfinance institutions and two hundred (200) Small Businesses respectively were sampled for the study. The study assessed the services Microfinance Institutions render to Small Businesses, how SBs manage and utilize MFI credits, and the challenges both face in dealing with each other. The study revealed that MFIs provide loans to businesses and create enabling environment to save. The study further showed that SBs use greater portion of their profit to service the loan due to high interest rate and short repayment period. The study there for recommends that MFIs should give flexible terms of repayment of loan to enable SBs raise the capital needed. The government should provide funds to SBs at no or reduced borrowing cost. It is also recommended that Microfinance Institutions initiate insurance schemes for SBs. SBs should keep proper financial records to enable them measure the growth of their businesses using profitability ratios. Finally SBs should fully implement the advices MFIs offer to them to promote their business growth.
Show more

39 Read more

Harmonization Of Microfinance Regulation In Ghana: Panacea To Microfinance Problems In Ghana.

Harmonization Of Microfinance Regulation In Ghana: Panacea To Microfinance Problems In Ghana.

scarce supervision resources or foster neglect until the prob- lems become severe. The researchers identified the biggest challenge in regulating Rural and Microfinance Institutions (RMFIs) as finding the right balance between ease of entry for greater outreach, prudential regulation to promote sustainabil- ity, and supervision capacity. A research conducted by Staschen S. (2003) which compared microfinance regulation in eleven (11) countries across the world found that Ghana‟s Non-Banking Financial Institution (NBFI) Law caters for nine different types of financial institutions, of which only a few offer microfinance services. The research found that the case of Ghana illustrates how difficult it can be to clearly separate reg- ulatory tiers. Ghana does not offer a legal window for MFIs per se, but rather defines a number of institutional types, which could potentially provide microfinance services. A concept note on microfinance scaling up in Africa: Challenges ahead and way forward sponsored by African Development Bank (ADB), Mokaddem L. (2009) the researcher identified that many African policymakers have recognized the importance of an enabling macro-economic and legal framework, and in this regard are promulgating policies to support the development of microfinance institutions and inclusive financial system that serve all. He further noted that prudential regulation is needed to protect the financial system, protect depositors, and man- age the money supply. The researcher identified difficulties in drafting microfinance legal framework at two levels: Regulation and supervision: “A very inflexible and conservative approach may unduly restrict the supply and expansion of microfinance by not allowing financial institutions to adopt appropriate lend- ing technologies. On the other hand, and much more common, well-intended efforts to promote microfinance may result in an overly lenient framework that enables and permits weak insti- tutions to operate, which in turn may lead to bankruptcies, shake confidence in the industry and cause poor people to lose their savings.” It was noted that drafters of new legislation may typically fail to give enough attention to the practical fea- sibility of supervising compliance with the new regulations. The researcher identified Indonesia, Ghana, and the Philippines, as examples, where dozens of new institutions took advantage of a newly created licensing window, but supervision proved grossly inadequate and a high proportion of them failed them.
Show more

7 Read more

Financial Sustainability of Sacco’s in Kenya: Challenges and Opportunities

Financial Sustainability of Sacco’s in Kenya: Challenges and Opportunities

Abstract:- Saving and credit cooperative societies have been cited to contribute immensely to economic development, alleviation of poverty and unemployment in the developing and developed nations. Despite this contribution, many Saccos have been faced with challenges which may threaten their sustainability and survival. The study sought to investigate the major challenges that have threatened the sustainability of Saccos in Kiambu County and propose practical solutions that can be adopted by the Saccos to ensure their survival. Guided by a descriptive survey design the study randomly sampled fifty (50) deposit taking Saccos which formed the basis of investigation. Data was collected with the help of a self- administered questionnaire and analyzed using descriptive statistics. The findings of the study established that among the challenges facing the sampled Saccos three featured prominently, which included competition from other financial institutions such as commercial banks, microfinance institutions, insurance companies and pension provident funds. In addition the study identified that majority of the Saccos are struggling with capital inadequacy and poor liquidity management which is fuelled by poor leadership and improper governance structures. To alleviate competition challenges the study recommends that Saccos can adopt aggressive marketing strategies as well as diversifying their sources of funds. To deal with inadequacy of capital and liquidity management challenges, the study recommends that the directors of such Saccos should develop and implement effective internal control system to ensure proper control, monitoring and maintaining proper level of cash flows. Dealing with the challenge of poor leadership and governance the study recommends that the directors should adopt good cooperative governance principles with regard to appointment of the board of directors, remuneration and determining their terms of service. When the government implements these solutions the Sacco sector will spur economic growth and development.
Show more

6 Read more

Challenges and constraints of loan repayment performance: The case study of Dendi microfinance institutions

Challenges and constraints of loan repayment performance: The case study of Dendi microfinance institutions

Therefore, financial sustainability is a prerequisite for making micro financial services permanent as well as widely available (ICC, 2001). Llanto et al. (1996) argue that to continue providing financial services to the poor on a sustaining basis, the MFIs themselves must be viable and sustainable and the study shows that many of the MFIs are far from attaining these goals. Currently, the country has one commercial and two specialized government owned banks and 14 privately owned commercial banks, one government-owned insurance company and eleven private insurance companies. There are also 30 micro-financing institutions established by private organizations (NBE, 2010). Microcredit helps the poor to be involved in income generating activities that allow them to accumulate capital and improve their standard of living. As quoted by the late Milton Friedman, Nobel Prize winner in the Economics 1976, “The poor stay poor not because they are lazy but because they have no access to capital” (Smith and Thurman, 2007, p.1). This is true since many of poor people around the world are already benefiting from microfinance.
Show more

8 Read more

The role and performance of microfinance institutions (MFIS) in Ethiopia

The role and performance of microfinance institutions (MFIS) in Ethiopia

Their major findings were that MFIs are facing funding challenges, have poor corporate governance structures and management Information Systems (MIS) have not been fully exploited. Further, they suggested that MFIs must be adequately regulated and be encouraged to have suitable governance structures in order to attract funding. Andinet Asmelash, (2013), chose the main objective in his study is to assess the institutional viability and financial performance and draws conclusions and makes recommendations for improving the institutional viability and financial performance of the MFIs. In this study the researcher focused the micro financing and its impact in Ethiopia by selecting three microfinance institutions in Addis Ababa to know the problems in achieving institutional sustainability and strong financial performance by taking selected indicators and also concluded that the Microfinance institutions, regardless of their social mission, are financial intermediaries and emphasized that should be financially viable and sound to achieve its mission.
Show more

6 Read more

Microfinance Institutions In India – A Comparative Study of Developments and Challenges Faced by Mfi’s

Microfinance Institutions In India – A Comparative Study of Developments and Challenges Faced by Mfi’s

The basic strength of all these MFI‟s in the fact that they have a massive reach and appeal in the unreached sectors , and found great support and assistance from the area locals of places where they operated from as well as the government. Cheston and Kuhen (2004) have opened in their research that MFI‟s have been very successful in reaching out to the women who on becoming financially independent have found increased respect and better relationship with extended families as well as in with laws, which along with economic progress has catered to a social cause itself. Due to their strong presence and wide acceptability , these have found great patronage even from the private sector which has formed strong economic liaisons with them. It is evident from the fact that many private sector banks and other financial institutions have been actively disbursing financial resources to ensure smooth working of these MFI‟s . Moreover , these have also been favoured by the private sector due to the customer credit evaluation mechanism adopted by these institutions which strengthens the risk. The presence of this parallel unorganized sector has thus served as a catalyst in channelizing funds from the organised financial sector to the financially deprived sectors thereby tapping their growth potential ,at the same time aiding micro
Show more

5 Read more

Benefits and Challenges of Mobile Learning Implementation: Story of Developing Nations

Benefits and Challenges of Mobile Learning Implementation: Story of Developing Nations

being erected without these facilities. The most common solution today is to either cut into walls and floors or to use trunks to lay cables for LANs external to the building sites or campuses, which acts to destroy the aesthetics and characters of many areas in African cities/towns.The telecommunication companies in Africa don’t seem to plan ahead in terms of laying cables that can be used in the future to carry both voice and data. For example, voice communication activities in many companies as well as educational institutions in Ghana, are still done using dual copper cables through both metropolitan area telephones and local telephones. This makes it even harder when a local area network has to be put in place for some institutions. Furthermore, in some cases, additional nodes have to be added to LANs, existing trunks and cables have to be taken out to lay new ones. Today, in some African countries such as Ghana, citizens live in a society where there is so much uncertainty about internal processes of organizations: a person can be moved from one office to another quite frequently and sometimes even without ample notice [6]. This frequent moving of personnel often requires wiring of new offices or buildings, and sometimes this work is accompanied by the movement of workstations and shared network equipments.
Show more

5 Read more

Microfinance and Entrepreneurship in Jordan Conceptual and Empirical Literature Review

Microfinance and Entrepreneurship in Jordan Conceptual and Empirical Literature Review

Customers are pleased to pay for an administration; evaluations are a misuse of assets when the market can give satisfactory intermediaries to affect. In any case, this is excessively oversimplified a basis as market intermediaries covers the scope of customer reactions and advantages to the MFI. Along these lines, affect the evaluation of microfinance mediations is fundamental, not simply to exhibit to contributors that their intercessions are having a positive effect, yet to take into consideration learning inside MFIs with the goal that they can enhance their administrations and the effect of their activities [20]. Destitution is something other than the absence of a salary. [21]features the deficiencies of concentrating exclusively on expanded pay as a measure of the effect of microfinance on destitution, which is a critical contrast between expanding wage and lessening neediness. Thus, concentrating exclusively on expanding earnings is insufficient. The concentrate should be on helping the poor to maintain a predetermined level of prosperity by offering them an assortment of money related administrations custom fitted to their necessities so their net riches and wage security can be progressed [16]. Notwithstanding, in spite of a few pundits' doubt of the effect of microfinance on neediness, ponders have demonstrated that microfinance has been fruitful much of the time. As indicated by Littlefield, Murduch and Hashemi the different examinations record increments in wage and resources, and declines in defenselessness of microfinance customers. Also, the ventures in India, Indonesia, Zimbabwe, Bangladesh, and Uganda show extremely positive effects of microfinance in diminishing neediness. For example, a cover a SHARE venture in India reported that 75% of customers experienced critical enhancements in their monetary prosperity and that half of the customers graduated out of neediness (2003)[12].
Show more

8 Read more

Dangers in Mismanaging the Factors Affecting the Operational Self-Sustainability (OSS) of Indian Microfinance Institutions (MFIs) - An Exploration into Indian Microfinance Crisis

Dangers in Mismanaging the Factors Affecting the Operational Self-Sustainability (OSS) of Indian Microfinance Institutions (MFIs) - An Exploration into Indian Microfinance Crisis

maintain the quality of its loan portfolio by disbursing group loans, with joint liability on all the group members. Peer pressure and threat of social punishment within the groups effectively replaces the need for physical collateral and ensures high recovery rates for MFIs. Repayment rate and efficiency is seen higher under joint-liability contracts as compared to conventional individual-liability contracts because the former exploits a useful resource that the latter does not—the information borrowers have about each other in the groups (Ghatak, 2000). This reduces the information asymmetric credit market risks in lending operations. Though this has been the experience in India, the microfinance crisis 2 in the district of Andhra Pradesh has deteriorated the portfolio quality of Indian MFIs. Uncontrollable metrics of portfolio quality like Portfolio at Risk >30 days 3 and recovery rates were found to be adversely affected due to the crisis (Intellecap, 2010). In this scenario, provisioning of loan loss reserves towards bad loans becomes crucial for the OSS of MFIs (Malegam Committee Report, 2011). Therefore this work uses the adjusted impairment loss allowance ratio [Adjusted Impairment Loss Allowance Ratio = (Loan Loss Expenses + Write offs) / Gross Loan Portfolio] to denote the portfolio quality of MFIs. This measure reflects the MFI‘s reserves for loan loss and write-offs, on its overall portfolio. Compared to past works by Ayayi and Sene (2007) and Crombrugghe et al., (2008), that uses Portfolio at Risk >30 days as a proxy variable, this measure gives a broader view of portfolio quality. Usage of Portfolio at Risk >30 days can be misleading because write- offs can reflect an excellent portfolio at risk ratio, while the MFI is assuming big losses in its profit and loss account directly or is using their past reserves or provisions for non- performing loans. Instead, by summing up Loan Loss Expenses 4 and Write-offs 5 and dividing it by an MFI‘s loan portfolio, a better knowledge of the cost that an MFI assumes from the quality of its portfolio can be obtained.
Show more

16 Read more

Microfinance institutions and efficiency

Microfinance institutions and efficiency

We now turn our attention to the country effect. There is a country effect, best seen in Principal Component 4. Figure 3 plots component scores in principal component 1 versus principal component 4. The names of the MFIs have been replaced with the names of the countries in which MFIs operate. We can see that there is very little overlap between the countries. From top to bottom, all Nicaraguan MFIs appear together; all but one Peruvian MFIs appear together; all but one Colombian MFIs appear together; and all Bolivian MFIs appear together. Nothing can be said about Salvador, Ecuador, and the Dominican Republic, since these countries are represented by just one MFI each. There is no right to left grouping of countries in Figure 3, indicating that country of origin and overall efficiency are unrelated. Remembering that Principal Component 4 is associated with output 2 (gross loan portfolio), one would conclude that efficiency of MFIs in Bolivia is associated with building large portfolios, while efficiency of MFIs in Nicaragua has to be assessed in terms of the number of loans or the amount of interests and fees collected by the MFI. In fact, Bolivia has one of the more developed microfinance markets, where margins are narrowing and this is resulting in mergers and acquisitions within the MFI industry, Silva (2003).
Show more

40 Read more

Microfinance Institutions in Nigeria

Microfinance Institutions in Nigeria

Every Microfinance Institution shall submit its audited financial statements and the abridged version of the accounts to the Director of Other Financial Institutions of the CBN for approval not later than four months after the end of the company’s financial year. The Domestic Report on the Accounts from the External Auditors should be forwarded to the Director, Other Financial Institutions Department (OFID), not later than three months after the end of the accounting year. After approval, the MFI shall publish the accounts in at least two (2) national daily newspapers. Every published account shall disclose in detail the penalties paid as a result of the contravention of BOFIA 25, 1991 (as amended) and any policy guideline in force during the year in question and the auditor’s report shall reflect such contraventions. Any Microfinance Institution that fails to comply with any of the above requirements will be liable to a fine not exceeding N20, 000.00 each day during which the offence continues.
Show more

25 Read more

SUCCESSES AND CHALLENGES OF CONTEMPORARY HIGHER EDUCATION INSTITUTIONS

SUCCESSES AND CHALLENGES OF CONTEMPORARY HIGHER EDUCATION INSTITUTIONS

The challenges were a significant reason for introducing many reforms that should be viewed from the perspective of time in terms of the success of the higher education system. It is proven, inter alia, by increased gross enrolment ratios (table 1). Taking into account the first quarter of a century since the introduction of the Higher Education Act, the coefficients have increased almost fourfold. Thus, a significant desire to learn was observed, which was probably intensified by facilitating access to education for students in many localities, because under the Act, non-public HEIs were established in cities where it was not possible to take advantage of higher education. In addition, the problems of financing education were largely solved by introducing a scholarship system. The development of the Polish higher education sector should be highlighted as the undoubted success of the implementation of the EHEA development process. In addition, the possibility of cooperation between academic centers in Europe creates further opportunities for the development of HEIs, as well as students or employees that participate in scientific-didactic programs such as ERASMUS
Show more

25 Read more

Show all 10000 documents...