Archives: June 2012

Microfinance Mechanism

ofid opec

The Arab Gulf for Development Program "AGFUND" and the OPEC Fund for International Development "OFID" was organized an international symposium, entitled "The role of donors in meeting the basic needs of the poor (education, health, energy, housing, agriculture) through the mechanism of microfinance" ; Which was held in the Austrian capital, Vienna, headquarters of the "OFID", 5 June 6, 2012. The main objectives of the workshop focused on: the definition of effective role for the use of microfinance mechanism to meet the basic needs for the life of a large segment of the poor in developing societies.

The workshop reviewed the benefits of linking the provision of financial services in the microfinance industry of non-financial services in the sectors of health, education, energy, agriculture and housing. Addressing the seminar, Prince Talal bin Abdul Aziz, President of AGFUND, and displays the vision program for the development of Arab Gulf in the recruitment of microfinance to fight poverty, and the positive results achieved by the project "AGFUND" to establish banks for the poor in the region. Was to provide models of successful experiences in the application of international microfinance.

 It is noteworthy that the most important challenges facing the microfinance industry and hinder their growth is the presence of a large financing gap in the industry between demand and supply for microfinance services, as they limit the expansion and the spread of existing institutions aiming to provide services to the poor in an effective manner to narrow this funding gap initiated "AGFUND" launch a fund to provide "financing facility" for microfinance banks founded by a number of Arab and African countries, and for other MFIs in the Arab region.

 Such an initiative of the International Symposium to encourage donors and financial institutions to open the windows to support the MFIs operating in developing communities to reduce poverty rates. And broke up a seminar to develop new mechanisms for definition by the microfinance sector and its future, and develop its role in reducing poverty, combating unemployment. Has also been monitoring the number of experiences and successful applications in the delivery of microfinance services integrated. It will AGFUND and OFID on the dissemination of these applications for the benefit of MFIs.

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