Djiboutian government enables micro-lender to offer loans to poor

September 21, 2012

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The Djibouti Agency for Social Development (ADDS) signed an agreement enabling the Popular Union for Savings and Credit (CPEC) to extend 70 million francs ($398,000) of credit in micro-loans on Wednesday (September 19th), Djibouti's La Nation reported.

ADDS Director General Mohamed Mahdi Djama and Director of CPEC Hawa Djama Idleh signed the memorandum of understanding at the Ministry of Economy and Finance.

CPEC's lending programme will target the poorest members of Djibouti's society, especially low-income households and unemployed youth and women who are excluded from conventional banking systems, the official agency reported. CPEC was founded in 2009 as a co-operative of 800 women from rural associations with 150 million francs ($848,000) in start-up capital.

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