Making microfinance work for youth in Sudan- Microfinance Unit Central Bank of Sudan and UNDP
Khartoum – Today the Central Bank of Sudan Microfinance Unit endorsed the recommendations proposed by United Nations Development Programme sponsored study on Making Microfinance policies in Sudan to serve the needs of young females and males between ages of 15-30 Years for “Youth Financial Inclusion Policy Reform”.
Sudan adopted Microfinance as one of the tools to support poverty alleviation, create job opportunities and access to finance for small businesses among economically active youth. As the lead agency in supporting Sudan Poverty Reduction efforts and creating job opportunities for youth, UNDP lead a study to assess the Microfinance policies inclusiveness for youth.
The study comes as one of main building blocks of the UN joint programme “Creating Opportunities for Youth Employment in Sudan in Blue Nile, North Kordofan and South Kordofan States” with funds from the Millennium Development Goals Achievement Spanish Fund (MDG-F),
One of the key recommendation of the study that may shape the future of Microfinance in Sudan is how to make financial and non-financial services complement each other in a youth friendly approach”, Dr. Bader Eldin Abdel Rahim, Director of Micro Finance Unit, stated during the endorsement of the key recommendation of the study.
“The study and recommendations endorsed serve as one of the key milestones to improve microfinance access to young girls and boys in rural and remote areas of Sudan. This in turn will result to youth to youth empowerment and contribute to economic and social stability in Sudan”, stated Mr. Sayed Aqa, UNDP Country Director.
Youth Microfinance Institution General Manager Representative Mr. Haider Hussein stated “we welcome the efforts of UNDP and the Microfinance Unit and urge similar studies to be conducted in different states of Sudan, the study findings and key recommendation are crucial for establishment of appropriate legal framework for Youth Microfinance Institutions”
The study is introducing a series of recommendations for microfinance policy, regulatory, and program reforms as well as institutional capacity building in Sudan.
”We highly appreciate our partnership with UNDP in this important undertaking leading to poverty reduction and affirm our commitment to implement the recommended policy reforms in a short timeframe.” Said Mr. Rahim Director of Micro Finance Unit.
Yusra Salim : Communications Analyst UNDP Sudan: firstname.lastname@example.org