Algerian Minister Launches Micro Loan Programme
2004-11-08
Algerian Minister of Employment and Solidarity Djamel Ould-Abbas recently launched a micro finance campaign despite the poor performance of a similar system tried by the government in 1999. Unlike the first attempt, the minister said the government will closely monitor how loans are spent at the local level, limit the number of banks allowed to grant loans, and create an organisation to better explain the process to loan recipients.
With $6.9m in seed funds, this latest micro finance programme focuses on helping unemployed women start small businesses. Loans vary from $700 to $5500 and must be repaid within five years. (El Khabar)
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