MICROCAPITAL STORY: Dubai’s Community Development Authority (CDA) is Collaborating with PlaNet Finance Group in the development of its Microfinance Sector

The Community Development Authority of Dubai (CDA) and the PlaNet Finance Group have held talks on collaborative opportunities within Dubai’s microfinance sector. Established as a government entity in July 2008, the CDA is responsible for the social development frameworks within Dubai. Its goals are to complete the objectives of Dubai’s Strategic Plan of 2015 which was unveiled in February of the same year. The Strategic Plan is expected to generate an annual GDP growth of 11 percent to Dh396.36 billion (USD 108 billion) by 2015 from the country’s current  GDP of Dh137.25 billion (USD 37.4 billion).

Its talks with PlaNet Finance Group centered on developing possible strategies about the various types of support its microfinance subsidiary – PlanNet Mirofund, can offer the CDA. These include a possible advisory role on future projects and initiatives, which can center on the fund’s goal of poverty reduction through microfinance development.

The PlaNet Finance Group is a non-governmental institution (NGO) established in 1998 in Paris,France. It reports to the MIX Market, the microfinance information clearinghouse and is active in more than 60 countries with an international network of 38 offices in Europe, North America, Latin America, Asia, Africa and Middle East. Its assets were reported as USD 407,129 as of 2005, with USD 380,658 allocated towards microfinance investments. Its previous activities within the United Arab Emigrates have been reported by MicroCapital here.

By Yrenilsa Lopez, Research Assistant

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