The first-time project will aim to reduce poverty among the rural areas of 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 micro-loan 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.”
Thursday, March 27- 2008 @ 13:32 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.