Source: Sudan Tribune.

Original news wire available here.

KHARTOUM, SUDAN, August 24 — President Omer Al-Bashir will inaugurate on Tuesday the Bank of Family, which is the first Sudanese financial institution specialized in the microcredit. The bank will extend very small loans to the unemployed, to poor entrepreneurs and to others living in poverty who are not considered bankable. With a capital of USD 32 million, the bank is will include public and private partners.

Engineer Widad Yagoub, the chairperson of the board of directors of the financial body said the capital of the bank is expected to reach during the next five years USD 500 million

Abdul Rahman Derar General Manager of the bank said the ceiling of the individual funding to be offered by the bank is USD 18,500 (ten thousand pounds) and that there are seven mechanisms to ensure their salary guarantee, guarantee fund, social guarantees.

Abdel-Rahman said that the bank completed the procedures of establishment, and exercises its activities in state of Khartoum. It is also opened fives branches in Northern State, Nile State, and the three states of Darfur. It provides financial services like small loans and transfers of small amounts, besides non financial services as to spread awareness Credit and contributing to the organization of communities.