Agreement on Establishment of Micro-finance Institution in South Kordofan State

Kadugli
September 1, 2008 (SUNA)

South Kordofan State and Central Bank of Sudan have agreed to establish a micro-finance institution in the state aiming at provision of funds to small-scale projects of poor and limited income groups. The agreement was reached during the meeting held recently in Kadugli town between South Kordofan State government and a delegation from the Central Bank of Sudan (CBOS).

South Kordofan Wali (Governor) Omer Sulieman told the Sudan News Agency (SUNA) that the study on the formation of the micro-finance institution was reviewed during the meeting and the preliminary approval was made.

He said the state government will own 30% of the shares against 10% for the unions and some organizations and 50% to be put for public underwriting. He added that procedures of registering the institution would be completed during the coming two days, pointing out that the state government would gradually withdraw from it in three years, leaving it to be completely owned by the private sector.

CBOS representative, for his part, said that branches of banks in the state would be directed to exploit the funds allocated to the micro-finance in coordination with the said institution in the state.

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