Introduction

This work, part of a research project (by Sapienza University of Rome) related to “ Sustainable microfinance: guarantee funds and securitization”, aims to analyse the conditions for expanding the “future of sustainable microfinance” in the Mediterranean countries. Specifically, the work addresses the issue of guarantee funds as a response to the trade-off between the promotion of policies facilitating the access to credit for the poor and “non-bankable” subjects and risk profile reduction of the corresponding portfolios. In light of the above, our research offers a comprehensive comparative analysis of the most significant models operating in the microcredit sector, along with the guarantee funds adopted in three European countries (Italy, Spain and France) and in three African countries (Morocco, Tunisia and Egypt). Given that the Mediterranean area of North Africa consists of a non-homogeneous group of countries, the choice was made according to some distinctive features related to their economic, structural (trade, investment, banking structure) and institutional profiles.