“AGFUND Board” approves 8 projects and supports the expansion of the banks for the poor

The Board of Directors of the Arab Gulf Programme for development (AGFUND ) has held its tenth meeting at the headquarters of the AGFUND in Riyadh, on Wednesday, December 24th 2014. The meeting was chaired, on behalf of Prince Talal Bin Abdulaziz (President of AGFUND) by H.E. 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 Board was briefed on the performance of banks for the poor founded by AGFUND in 8 countries (7 Arab countries and one in West Africa), in order to integrate the poor in the financial process The Board expressed its appreciation for the efforts led by Prince Talal bin Abdulaziz which has expanded the benefits of the poor from the banks services and products up to more than two million beneficiaries,( mostly women), and increased amounts of loans disbursed to $ 300 million, During its meeting, the Board reviewed AGFUND achievements throughout year 2014 as well as the submitted projects in order to consider the possibility of financing them. Upon discussions, the Board approved supporting and financing (8) development projects and likewise, the Board also approved the estimated budget for 2015 , the administrative budget and AGFUND Prize budget.