MICROCAPITAL BRIEF: Islamic Development Bank, UN’s AGFUND, Sudanese Government Fund Provide Capital of $5m to Microfinance Institution Al-Ebda’a

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/

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Amira joined MicroCapital while working at Export Development Canada (EDC) as a Credit Insurance Underwriter. Amira holds a Bachelor degree in International Business and Finance from Concordia University in Montreal. While completing her bachelor degree, Amira spent a semester in France and upon graduation, three months in India working with non-governmental agencies, political and spiritual groups for various socioeconomic initiatives such as the advancement of women. While travelling to different cities and rural areas in India, Amira was touched by the poverty she witnessed and was dedicated to finding a way to intertwine her business interests with her passion for development. She hopes this internship in microfinance will provide the framework to integrate an element of development into her professional career as well as positively contribute to the field of microfinance. Amira speaks English, French, and Spanish fluently and has conversational knowledge in Portuguese and Arabic. In her spare time, she enjoys reading, trying new restaurants such as molecular gastronomy, restaurants made out of ice and Nicaraguan meals wrapped in banana leaves. Most of all, she loves to travel with loved ones.