Savings And Micro-Credit Scheme In Northern Red Sea Region Improving People’s Lifestyle

The Savings and Micro-Credit Scheme in the Northern Red Sea region is playing commendable role in improving the living standard of nationals through extending loans, according to Mr. Haile Embaye, Head of the Office. Massawa, 30 May 2011 – The Savings and Micro-Credit Scheme in the Northern Red Sea region is playing commendable role in improving the living standard of nationals through extending loans, according to Mr. Haile Embaye, Head of the Office.

He told ERINA that the program is aimed at extending financial service to low-income nationals in remote areas and semi-urban centers, and thereby encourage them engage in small-scale investment ventures.

The scheme has opened over 35 village banks through setting up branch offices in the sub-zones of She’ib, Ginda, Foro, Gelalo and Massawa, Mr. Haile added. Out of the 3,000 beneficiaries of the program, 35% are women.

There are also plans to extend loan amounting to 700 to 100,000 Nakfa in the next five years to about 1,000 nationals engaged in marine activities and marine-related trading activities,  he stated.