Arab development fund targets the Philippines

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AgfundThe Arab Gulf Programme for Development (AGFUND) has decided to expand its programme to Southeast Asia and will launch first activities in the Philippines after opening a micro-finance bank in Manila this week.

In a statement, AGFUND Executive Director Nasser Al-Qahtani said that such a project in the region “is a new step that reflects a positive attitude toward developing communities through the programme.”

AGFUND has established similar branches in many Arab countries in order to provide income and jobs to local communities.

Prince Talal bin Abdul Aziz, AGFUND president, will travel to Manila to inaugurate the micro-finance bank in partnership with the Philippine government and the private sector. AGFUND bank is expected to grow and mark an expansion of the organisation’s services in the Southeast Asian regions.

Al-Qahtani said that AGFUND will serve as host during the inaugural forum in the presence of the Larry Reed, director of the Microcredit Summit Campaign, and AGFUND representatives based in banks in Jordan, Yemen, Lebanon, Sierra Leone.

He said “the bank is to be launched in Manila as part of a comprehensive initiative aimed at integrating the poor into the economic process, empowering women and confronting social and economic imbalances with logical and easy solutions.”

According to him, AGFUND’s micro-finance project aims to combat poverty in eight countries, where there are now over 1.4 million beneficiaries. As such, micro-finance, according to AGFUND, should be utilised as a tool to reach out to the youth and provide products that help create self-employment opportunities.

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Reading Time: 1 minute

The Arab Gulf Programme for Development (AGFUND) has decided to expand its programme to Southeast Asia and will launch first activities in the Philippines after opening a micro-finance bank in Manila this week.

Reading Time: 1 minute

AgfundThe Arab Gulf Programme for Development (AGFUND) has decided to expand its programme to Southeast Asia and will launch first activities in the Philippines after opening a micro-finance bank in Manila this week.

In a statement, AGFUND Executive Director Nasser Al-Qahtani said that such a project in the region “is a new step that reflects a positive attitude toward developing communities through the programme.”

AGFUND has established similar branches in many Arab countries in order to provide income and jobs to local communities.

Prince Talal bin Abdul Aziz, AGFUND president, will travel to Manila to inaugurate the micro-finance bank in partnership with the Philippine government and the private sector. AGFUND bank is expected to grow and mark an expansion of the organisation’s services in the Southeast Asian regions.

Al-Qahtani said that AGFUND will serve as host during the inaugural forum in the presence of the Larry Reed, director of the Microcredit Summit Campaign, and AGFUND representatives based in banks in Jordan, Yemen, Lebanon, Sierra Leone.

He said “the bank is to be launched in Manila as part of a comprehensive initiative aimed at integrating the poor into the economic process, empowering women and confronting social and economic imbalances with logical and easy solutions.”

According to him, AGFUND’s micro-finance project aims to combat poverty in eight countries, where there are now over 1.4 million beneficiaries. As such, micro-finance, according to AGFUND, should be utilised as a tool to reach out to the youth and provide products that help create self-employment opportunities.

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