Beneficiaries of micro credit and saving program on the rise

The branch office of the Micro-credit and Saving Program in the Northern Red Sea region stated that the number of beneficiaries witnessed significant growth in the past nine months, and that credit amounting 5 million and 53 thousand Nakfa was extended to beneficiaries in the region.

Massawa, 23 October 2017- The branch office of the Micro-credit and Saving Program in the Northern Red Sea region stated that the number of beneficiaries witnessed significant growth in the past nine months, and that credit amounting 5 million and 53 thousand Nakfa was extended to beneficiaries in the region.

Mr. Mebrahtu Kebede, head of the branch office, indicated that the number of beneficiaries from the micro-credit and saving program has reached 3962 including 58% women and that has significant impact in improving the lives of the beneficiaries.

Mr. Mebrahtu reiterated that majority of the beneficiaries of the program comprise farmers and is significantly contributing in the development of farming activities including vegetable and fruits farms.

He also said that as part of the expansion of the micro-credit and saving service new branches have been opened in Dahlak and Gelalo sub-zones and so far 4.1 million Nakfa has been disbursed.

Documents from the office of  the Micro Credit and Saving program indicate that there are 68 micro credit banks and 35 branches in the Northern Red Sea region and since last year 19.1 million Nakfa has been disbursed and thus encouraging small scale businesses and creating job opportunities.