Microloan products for Afghanistan
XPRESS (United Arab Emirates)
March 24, 2008
A partnership between the Jumeirah Rotary Club, Dubai, PlaNet Finance UAE and Sunduq has been established to stimulate small rural businesses in Afghanistan and help families to fight the poverty cycle.
The project will aim to reduce poverty in Afghanistan by developing sustainable agriculture through the creation of a microfund.
Funded by the Jumeirah Rotary Club, Dubai, the project will see Sunduq, a microfinance institution in Jalalabad, disburse new loan products to Afghan farmers in order for them to develop new cultivations.
The microloan products do not exist in Afghanistan but are urgently required to help the rural micro-entrepreneurs diversify their activities and stay away from poppy cultivation. The new loans will help them to generate and increase their income activities and will help to improve the conditions of living standards for their families.
The microfund, managed by PlaNet Finance UAE, will start in April with $35,000 donated by the Jumeirah Rotary Club of Dubai.
“This is only the beginning,” said Hussain Al Jaziri, President of the Jumeirah Dubai Rotarians.
“The aim is in fact to collect more funds in order to increase the size of the microfund to $300,000, meaning that more than 1,500 micro-entrepreneurs will be helped every year.”