MICROCAPITAL BRIEF: International Fund for Agriculture and Development (IFAD) Allocates $8m to Al-Amal Microfinance Bank in Yemen
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Friday, July 2, 2010

MICROCAPITAL BRIEF: International Fund for Agriculture and Development (IFAD) Allocates $8m to Al-Amal Microfinance Bank in Yemen

» Posted by in Category: Key Players,Middle East,Trends/Challenges at 12:03 am

The International Fund for Agriculture and Development (IFAD), an agency of the United Nations, has allocated a total of USD 8 million – equal parts equity and debt investment – to Al-Amal Microfinance Bank, a microfinance bank established by the Yemeni government in 2002. Yukiko Omura, the vice-president of IFAD, commented on the “importance of partnership between the Fund and the bank to enable the Fund to reach the poor people in rural areas to provide loans to small farmers, fishermen and other groups with low incomes.”

In May 2010, Al-Amal reported USD 2.6 million in disbursed loans, USD 1.2 million in outstanding loans, USD 556,000 in total savings, 8,300 active borrowers and 9,500 active savers.

By Conner Brannen, Research Assistant

About the International Fund for Agricultural Development (IFAD):

The International Fund for Agricultural Development (IFAD), an agency of the United Nations, was established in 1977 as an outcome of the 1974 World Food Conference. IFAD is dedicated to eradicating rural poverty in developing countries by focusing on country-specific solutions.

Since 1978, IFAD has invested USD 11.3 billion in 829 projects and programs. Another USD 18 billion has been contributed in co-financing from governments; project participants; and multilateral, bilateral and other donors.

About Al-Amal Microfinance Bank:

Established in 2002, Al-Amal Microfinance Bank was the first microcredit bank formally established in Yemen. The bank was created through a joint effort between the Yemeni Government, which was represented by the Social Fund for Development (SFD), and the Arab Gulf Program for United Nations Development Organizations (AGFUND). The Yemini Government currently holds 45 percent of the outstanding shares while AGFUND owns 35 percent. The remaining shares are held by a variety of private investors.

In May 2010, Al-Amal reported USD 2.6 million in disbursed loans, USD 1.2 million in outstanding loans, USD 556,000 in total savings, 8,300 active borrowers and 9,500 active savers.

Sources and Additional Resources:

Saba Net: “IFAD allocates $1 mln to support Al-Amal Microfinance Bank?s capital,” June 29, 2010: http://www.sabanews.net/en/news218402.htm

MicroCapital Universe Profile: International Fund for Agricultural Development (IFAD): http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Fund+for+Agricultural+Development+%28IFAD%29

MicroCapital Universe Profile: Al-Amal Microfinance Bank: http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Al-Amal+Microfinance+Bank

MICROCAPITAL BRIEF: CGAP, Deutsche Bank, Grameen-Jameel and Islamic Development Bank partner to launch Islamic Microfinance Challenge 2010, March 15, 2010: http://www.microcapital.org/microcapital-brief-cgap-deutsche-bank-grameen-jameel-and-islamic-development-bank-partner-to-launch-islamic-microfinance-challenge-2010/

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