1 Million Poor Have Benefited From AGFUND Microfinance

Surpassed the number of beneficiaries of the Arab Gulf Programme for Development "AGFUND" for lending to small and medium- 1.3 million people .

The WFP Executive Director Nasser Al-Qahtani said the initiative of Prince Talal bin Abdul Aziz, head of the program aimed to combat poverty in the region, and establish banks for the poor , progressing steadily, expanding horizontally creates more banks , and perpendicular to upgrade the performance of banks .

He said during a post "AGFUND" at the campaign Microcredit Summit to be held in the Philippines during the period from 9 to 11 October / November first , entitled " partnerships to fight poverty " that " team AGFUND to the summit holds success stories impressive for his project , which pursues the principle of social business , within the framework of the initiative of Prince Talal . "

The Qahtani paper at the summit AGFUND 's experience in the fight against poverty and the establishment of microfinance banks in 8 countries, namely Jordan , Yemen, Bahrain, Syria, Sierra Leone , Lebanon , Sudan, and Palestine.

AGFUND organized a seminar on the sidelines of the Philippines to expand the definition of the initiative Prince Talal , and revenue target segments dealing with procedures for the establishment of banks for the poor , and steps to establish a microfinance bank within 6 months from the date of completion of the requirements .


He stressed that the program is moving forward in the implementation of its strategy to combat poverty through two approaches essential first is vertical , a concentration of the ingredients for success in the banks, microfinance institutions established by , and the other horizontal established Binary Prestige banks in the countries where it is satisfied the usefulness of microfinance, and has a willingness to cooperate with the requirements of AGFUND , improve their environments legislative favor this mechanism of development actors.

He is scheduled to meet AGFUND team to the top of the Philippines Filipino businessmen , in a move that paves the way for the launch of Bank of the Poor in Manila, where it is expected that the Prince Talal NARC early 2014 .

The current summit to be hosted by the Philippines is the sixteenth of microfinance that are organized around the world since 1997 , led by " Microcredit Campaign " , based in New York.

The Binary Prestige program of cooperation with lending campaign in 2004 in the establishment of the Regional Conference of micro- lending in the Middle East and North Africa in Jordan , which was opened by Prince Talal Bin Abdul Aziz , and was one of the most successful conference that specializes in microcredit at the level of the Arab countries.

And participate in the summit of the Philippines thousand international expert viewing the most successful Same Day Profits models and progress of partnerships between the public and private sectors in the field of microfinance.

According to the current rate of progress , almost a billion people remain in extreme poverty by 2015, and today there are approximately 2.6 billion people in the world do not have access to formal financial services .


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