The Initiative of creating banks for the poor adopted by His Royal Highness Prince Talal Bin Abdulaziz, the President of AGFUND, has achieved remarkable works that considered of great value on the human development level. With the beginning of the third millennium, AGFUND has steadily initiated in implementing the initiative of Prince Talal Bin Abdul Aziz to establish banks for the poor, through disseminating Microfinance culture. AGFUND’s involvement in Microfinance goes back to 1997, when Prince Talal Bin Abdul Aziz valued the thoughts and ideas of Prof / MuhammedYunus, founder of Grameen Bank in Bangladesh and leader of Microfinance around the Globe. His Royal Highness had introduced this idea to the Arab world and launched his initiative in establishing banks for the poor in the developing countries to improve their living conditions of this category and turn them into an independent, productive and supporting force.
Moreover, Microfinance practices have proven through banks for the poor a tremendous success in helping many of the poorer segments in rising them out of extreme poverty, plus increase their productivity capabilities. Along the same lines, Prince Talal confirms that AGFUND determines to promote microfinance practices through drawing on the shared performances criteria of each bank then share those experiences and apply them on better grounds, investing those successes and spread it around the world.
Therefore, due to the continuous success and accomplishments, AGFUND would like to expand its initiative to include Mauritania, Tunisia, The Philippines, Senegal and Morocco through establishing some form of partnerships with the Public and/or Private sector of those countries. To better govern and supervise present and future banks, AGFUND intends to found an Advisory Council that is responsible for improving the Microfinance banks experience and promoting the Microfinance Industry as a tool of fighting poverty and sustainable development on the international level.