NEWS WIRE: Future of Micro finance in the Middle East Promising

» Posted by Diana Yang in Category: Middle East at 12:01 am

Source: Emirates Business 24|7.
Original news wire here.

Being more “closely” related to the “real economy”, micro finance holds the advantage of managing the challenges that the current situation offers better, Jack Lowe, President, BlueOrchard Finace S.A. United States, told Emirates Business.

This region, where micro finance has a penetration of less than 10 percent so far, holds tremendous potential. As Arab investors get to tap into micro finance, it would result in more MFIs in this region reach out to small borrowers and help in building wealth and alleviating poverty, said Lowe.

“For investors in this region, investing in micro finance provides an opportunity to earn returns and contribute their bit to the society at the same time. Micro finance is on its way to become a true asset class,” added Lowe.

More than 100 investors, leading financial experts and representatives from investment-ready Arab microfinance institutions (MFIs,) got together at the First Arab Microfinance Investment Symposium.

The UAE Ministry of Economy has been assigned the task of launching a strategy to develop a programme to support and finance micro and small businesses to be set up in the UAE, said symposium organiser Grameen-Jameel, the first social business in the Arab World.

The task, that has been assigned by the Cabinet and is to be executed in co-operation with the Central Bank, aims to improve the livelihood of many Emirati families across the country with a focus on supporting women, youth, and pensioners who are eager to improve their economic and social environment, it said.

A meeting took place last week among officials from the UAE Ministry of Economy and the Central Bank and Grameen-Jameel to explore co-operation possibilities. The meeting highlighted the importance of a number of issues to tackle, focusing on applicable structures


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