AGFUND Commits to Inject $ 1 Billion into Microfinance Industry, Reach 20 Million Beneficiaries 2 Geneva

AGFUND Executive Director Nasser Al-Qahtani announced a plan to expand microfinance banks that achieve financial inclusion for the poor, integrate them into the financial system and promote sustainable development within the initiative being led by Prince Talal bin Abdulaziz, President of AGFUND, to establish specialized banks to integrate the poor in the financial system and turn them into productive capabilities, stressing AGFUND’s commitment to reaching 20 million new customers by 2021 through the disbursement of one billion dollars by the current and future banks.
Al-Qahtani added that AGFUND is leading a plan to expand Prince Talal bin Abdul Aziz’s initiative to establish specialized banks to achieve financial inclusion for the poor by setting up 14 new banks in Africa so as AGFUND’s banks would increase to 23 banks to be the largest network in the world’s microfinance industry.
AGFUND, in partnership with the Arab Bank for Economic Development, is working to establish 8 banks in West Africa in the countries of the West African Economic Monetary Union: Benin, Burkina Faso, Ivory Coast, Guinea Bissau, Mali, Niger, Senegal and Togo.
AGFUND’s plan also includes the creation of six banks in Central African Economic and Monetary Community countries: Cameroon, Central Africa, Chad, Equatorial Guinea, Gabon and Congo.
16:08 LOCAL TIME 13:08 GMT