MICROCAPITAL BRIEF: Arab Gulf Program for United National Development Organizations (AGFUND) Unveils Plans to Open Microfinance Banks in Jordan, Lebanon and Sudan

The Arab Gulf Program for United National Development Organizations (AGFUND), a regional non-profit development institution, recently announced that it will establish microfinance banks in Jordan, Lebanon, and Sudan within the next few months. Further details have not been released. AGFUND, led by Prince Talal bin Abdul-Aziz, has previously helped establish banks in Jordan, Yemen, Bahrain and Egypt.

By: Stefanie Rubin, Research Associate

About The Arab Gulf Program for United Nations Development Organizations (AGFUND):

The Arab Gulf Program for United Nations Development Organizations (AGFUND) is a non-profit regional organization founded in 1980. Prince Talal Bin Abdul Aziz Al Saud serves as president of the organization. According to its website, as of March 2010, AGFUND has taken part in financing 1,242 projects in 133 countries.

AGFUND has established a number of major projects, including: the Arab Open University, the Arab Network for NGOs, the Center of Arab Women for Training and Research, the Arab Council for Childhood and Development, the Arab Family Health Project, the Arab Strategy for Early Childhood Development, and the Banks for the Poor.

AGFUND has helped establish four microfinance banks: National Bank for Small Projects Financing, with 10 branches in Jordan, has loaned a total amount of USD 46 million; Al-Amal Foundation for Small Projects in Egypt has loaned a total of USD 8 million; Al-Amal Bank for Microcredits in Yemen, founded in September 2008, has not yet released its financial data; Al-Ibda’ Bank for Microcredits in Bahrain has USD 5 million in capital and is in the process of acquiring its final license to practice loaning activities.

Additional Resources:

Al Arabiya News Channel: “AGFUND Opens Banks for the Poor in Arab World,” http://www.alarabiya.net/articles/2010/02/28/101764.html

MicroCapital Universe: The Arab Gulf Program for United Nations Development Organizations (AGFUND): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+Arab+Gulf+Program+for+United+Nations+Development+Organizations+%28AGFUND%29

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