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Microfinance Network of Arab Countries, Sanabel, Starts Annual Meeting Tuesday

Damascus - Microfinance Network of Arab Countries (Sanabel), in cooperation and coordination with the State Planning Commission, holds its 7th conference under the title Responsible Growth: Learning from Global Trends and Regional Experiences on Tuesday at the Damascus-based Conferences Palace.

The conference is held under the patronage of Mrs. Asmaa al-Assad. More than 600 people from Arab and foreign countries and a number of international and regional experts are participating in this conference.

The conference aims at exchanging the Arab and international experiences in the field of microfinance and achieving best results for the targeted segments from the services of this sector.

In a joint press conference with Chairman of Sanabel Board of Directors Youssef Fawaz, Chairman of the State Planning Commission Dr. Amer Husni Lutfi said the conference will discuss the axes which constitute the core of this sector on top of which targeting the poorest classes and observing performance in addition to measuring the social impact of microfinance.

He added that the conference comes simultaneously with the preparations for the strategies of micro and medium sized projects and microfinance and the 11th Five-Year Plan, which will include several issues related to education, health, culture and society where 50 percent of investment spending will be allocated for those issues which are of priority.

Lutfi pointed out that the draft law No. 15 for 2007 on microfinance was discussed extensively with the non-governmental authorities concerned.

He said that more than 30 percent of the coming Five-Year Plan will be spent on health, education and social protection to meet the needs of people. For his part, Fawaz said the industry of microfinance is still new for the Arab World as it entered rapidly in mid 90s.

"Sanabel was founded to develop the capacities of this industry depending on transparency in conveying numbers used and evaluating performance best," he added. Fawaz pointed out that Syria was a forerunner to issue the law No.15 which organizes the work of microfinance, clarifying that the rate of loans differs from one place to another from USD 50 to USD 5000 and that foundations are taking interests to ensure surviving.

The Microfinance Network of Arab Countries, Sanabel, Sanabel was established in 2002 when 17 representatives from seven Arab countries gathered in Tunisia to launch a network designed to serve microfinance institutions in the Arab world. At this meeting the group adopted by-laws and membership criteria, articulated a vision, mission and objectives and elected an executive committee.

At its General Assembly meeting in December 2003, Sanabel members voted to formalize the organization by registering Sanabel as a not-for-profit organization and opening a regional office. In 2004, the organization was incorporated and registered as a nonprofit organization in both Atlanta, Georgia, USA and in Cairo, Egypt where the headquarters is located.

By Fadi Allafi .Ghossoun

© SANA (Syria Arab News Agency) 2010