IFAD invests €700,000 for microfinance in Sudan

Feb 27, 2013

The International Fund for Agricultural Development (IFAD) has granted on Monday (February 25th) $925,000 (€706,100) to the Republic of the Sudan in a bid to improve access to finance for rural households.

The International Fund for Agricultural Development (IFAD) has granted on Monday (February 25th) $925,000 (€706,100) to the Republic of the Sudan in a bid to improve access to finance for rural households.

The investment will support the Agricultural Bank of Sudan Microfinance Initiative (ABSUMI), which aims to improve the livelihoods of 150,000 poor households by increasing income and savings through access to a wide range of investments, according to an IFAD press release.

Offering Islamic sharia-compliant credit, savings and microinsurance products, particularly to women, the ABSUMI has already reached - as of September 2012 - more than 60,000 people in 10,000 households across 97 villages.

With this new project, IFAD will have financed 20 programmes and projects in the Sudan since 1979 for a total investment of approximately €193 million benefiting 455,500 households.

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