Al-Ebda’a, a Sudanese microfinance institution (MFI), was recently established with USD 5 million in capital. The capital consists of contributions from the Islamic Development Bank (IsDB), a development finance institution aiming to support economic development and social progress in the Islamic world; the Arab Gulf Program for United Nations Development (AGFUND) and the Sudan Government Microfinance Corporation.
IsDB contributed 25 percent of the paid-up capital, 40 percent will come from AGFUND, 20 percent is from the Sudanese government and the remainder will be raised from the private sector.
By its fifth year of operations, Al-Ebda’a plans to provide USD 23 million microfinance loans to approximately 80,000 people [1].
By Amira Berrada, Research Associate
About Al-Ebda’a: Al-Ebda’a is a Sudanese microfinance institution that was established in 2012 with startup capital of USD 5 million. The Islamic Development Bank contributed 25 percent of the paid-up capital, 40 percent came from the Arab Gulf Program for United Nations Development (AGFUND), 20 percent is from the Sudanese government and the remainder is to be raised from the private sector. Al-Ebda’a plans to provide USD 23 million in microfinance loans to approximately 80,000 people by its fifth year of operation.
About Islamic Development Bank: The Islamic Development Bank (ISDB) is a development finance institution that was founded in 1973 in Saudi Arabia. It aims to support economic development and social progress in its 56 member countries and in Islamic communities in non-member countries around the world. ISDB participates in equity capital and disburses loans to support projects and enterprises that are compatible with its own mission. As of 2011, ISDB has a loan portfolio worth USD 4.4 billion.
About Arab Gulf Program for United Nations Development (AGFUND): The Arab Gulf Program for Development (AGFUND) is a regional developmental funding organization based in Saudi Arabia. AGFUND was established in 1980 upon the initiative of His Royal Highness Prince Talal Bin Abdul Aziz Al Saud with the support of the leaders of the Gulf Cooperation Council countries: United Arab Emirates, Kingdom of Bahrain, Kingdom of Saudi Arabia, State of Qatar, Sultanate of Oman and the State of Kuwait. AGFUND works in development at the international level through a partnership with the United Nations, a global humanitarian organization; other international, regional and national development organizations; public institutions; the private sector; and civil society organizations.
Sources and Additional Resources:
[1] http://news.sudanvisiondaily.com/details.html?rsnpid=208610
MicroCapital.org story, April 4, 2012, “MICROCAPITAL BRIEF: Islamic Development Bank (IsDB) Approves $10m Participation in Irada Microfinance Institution of Sudan” https://www.microcapital.org/microcapital-brief-islamic-development-bank-…
MicroCapital.org story, March 16, 2012, “MICROCAPITAL BRIEF: Sudan’s Northern Darfur State Forms Higher Council of Microfinance” https://www.microcapital.org/microcapital-brief-sudans-northern-darfur-st…
MicroCapital.org story, February 23, 2012, “MICROFINANCE BRIEF: Central Bank of Sudan (CBOS) to Pay Salaries of New Graduates Employed in Microfinance Sector for Two Years” https://www.microcapital.org/microcapital-brief-central-bank-of-sudan-cbo…
MicroCapital Universe Profile for Islamic Development Bank: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Isl…
MicroCapital Universe Profile for Arab Gulf Program for United Nations Development (AGFUND): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ara…
MicroCapital Universe Profile for Al-Ebda’a: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Al-Ebda%E2%80%99a
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: IsDB, La Poste Tunisienne to Replicate Digital Financial Services via Postal Service in Djibouti
- MICROFINANCE EVENT: Islamic Finance & Banking Summit; September 27-28, 2023; Dubai, UAE – NEW DATES
- MICROFINANCE EVENT: 3rd CIS Islamic Banking and Finance Forum; March 14-16, 2023; Tashkent, Uzbekistan
- MICROCAPITAL BRIEF: Arab Women Authority, National Bonds Partner on Financial Inclusion for Women in MENA
- MICROFINANCE EVENT: 10th African Islamic Finance Summit; May 3, 2023; Serrekunda, The Gambia – NEW DATE