Prince Talal declares the formation of advisory council for “AGFUND banks of the poor”

Al-Kahtani: AGFUND banks proved to be a powerful tool for financial inclusion of the poor Prince Talal Bin Abdul Aziz, President of the Arab Gulf Programme for Development (AGFUND), announced the formation of advisory council for the banks of the poor, which was founded by AGFUND in nine countries so far. The Advisory council aims to carry out AGFUND’s experience in the field of microfinance, financial inclusion and integrating the poor into the production process.The council will also maximize the objective experiences of AGFUND’s banks, and disseminate the benefits in the Arab countries in particular, and in Least Developed communities that are in need of the innovative services offered by the banks for the poor , as well as providing advice regarding the work of the banks. The council came along with the success of AGFUND bank in achieving financial inclusion of the poor, with total loans of 300 million US dollars, beneficiaries more than 2000000 persons. The advisory council will hold its first meeting sessions on the sidelines of AGFUND’s Internal Prize event to be held in the Moroccan capital Rabat in 12-14 January 2015. The Council is headed by Prince Talal bin Abdulaziz, and membership of Professor Muhammad Yunus, ChairmanofYunus Centre for Social Business Administration, the founder of the Grameen Bank, and Mr. Larry Reid Executive Director of the micro-credit Summit Campaign, HE Eng. Youssef Bin Ibrahim Al-Bassam, Vice President, Representative of Saudi Arabia at AGFUND and General Manager of the Saudi Fund for Development (SFD. The council also includes representatives of the private sector, and the chairmen of the AGFUND banks. AGFUND’s Executive Director, Nasser Bakr al-Kahtani, said :the formation of the Advisorycouncil keeps pace with the success of AGFUND banks , which proved to be the real core of the microfinance industry in the Arab societies and other developing countries, leading true financial inclusion, besides investing in the wide mobility resulting from AGFUND’s efforts inmicrofinance industry. The Advisory council also aims to sustain the momentum support of AGFUND banks. Kahtani pointed out that the Council is characterized as featuring a selection of international, regional and Arab expertise, and a group of businessmen who has developmental roles in their communities .. Such membership strengthens AGFUND’s experience that moved microfinance in the region from the traditional work to existing development practice based on social business AGFUND establishes its banks in partnership with the businessmen who believe in social business that directs the profits and dividends to solve social problems.