Under the patronage of Jordan's Queen Rania Al Abdullah and Prince Talal Bin Abdul Aziz the President of Arab Gulf Program for United Nations Development Organization,(AGFUND) the regional micro-credit summit in the Meddle
East and North Africa will be held in Amman during October.
Speaking during a press conference in the presence of Executive Director of AGFUND Nasir Qahtani, Jordan's Minister of Planning and International Cooperation, Basem Awadallah, said that this event is the first of its kind at the regional level and is considered as an important component in the process of fighting poverty and unemployment.
According to Petra news agency, Awadallah stated the Jordanian government and AGFUND agreed to establish the National micro financing Bank. The authorized capital of the bank is JD10 million whereas the paid up capital is JD2.4 million, AGFUND's contribution is JD1.4 million and the Jordanian government contributed through King Abdullah II Fund for Development with JD1 million, Awadallah said, adding that the bank is expected to start its operations before the end of 2004. (menareport.com)
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