5 February 2013

Eritrea: Micro-Credit and Savings Program Gains Traction

Mendefera — The inhabitants of the Southern region have expressed satisfaction with the service being rendered by Micro-credit and Savings Program, and indicated that they are in a position to witness improvement of livelihood.

Among the beneficiaries, Mr. Teklehaimanot Fisehaye and Mr. Andebirhan Habtegabir, who are engaged in farming and tailoring respectively, disclosed that they managed to raise their capital upon effective utilization of credits.

Likewise, Mr. Eyob Tsehaye pointed out that he is in a position to own barber and music shops on the basis of credit extended to him through the program.

Mr. Gebremedhin Adhanom, head of the program's branch in the Southern region, explained that it is committed to the improvement of the livelihood of lower-income nationals, and that accordingly there exist 85 multi-functional village Banks in the region.

Reports indicate that a credit amounting to 35 million Nakfa has been extended to 9,000 inhabitants of the region, 89% of whom have already made timely reimbursement.

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