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Eritrea: Savings And Micro-Credit Scheme Extends Over 100 Million Nakfa in Loan to Needy Nationals

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Shabait.com (Asmara)

11 March 2008
Posted to the web 11 March 2008

Asmara

The Savings and Micro-Credit Scheme has extended over 108 million Nakfa in loan to more than 14,000 needy nationals, according to Mr. Getachew Eyob, head of operation in the office.

He indicated that the loan was extended through 358 village banks and that about 85% of the beneficiaries are repaying it on time. Noting that the majority of the beneficiaries are those living in remote areas and semi-urban centers, Mr. Getachew stated that additional branch offices have been opened in 20 areas, including Elaberead, Hamelmalo, Agordat, Haikota, Tessenei, Ginda, Dekemhare, Adi-Keih, Adi-Guadad and Tsaeda-Kristian, among others.

The Savings and Micro-Credit Scheme is a semi-independent institution established in 1996 and currently operating under the Ministry of National Development.

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