National Microfinance Foundation receives Program “A” [Archives:2004/740/Local News]

May 24 2004

Wednesday, 19 May 2004- A contract was signed at the Headquarters of the Social Fund for Development as a basis for the National Micro-Finance Foundation to receive the Program “A” for financing small businesses. It is one of the pioneering programs in financing small businesses by women in Yemen, which was started in 2002 based on an initiative from the Social Fund for Development.
The program started in three regions, Dhamar, Taiz and Ibb and then expanded to include Sana'a and Yarim. The program during the two years presented 3351 loans totaling 86 million Riyals. The loans are granted to women's organizations with 15-25 members. The size of the loan is gradually increased to more than 30 thousand Riyals following the payment of first loan.
The signing ceremony was attended by Mr. Abdulkareem Al-Arhabi, Executive Director of the Social Fund for Development, and Dr. Abdulkareem Al-Eryany, Chairman of the Foundation.