Northern Red Sea region: Beneficiaries of micro-credit and savings program witnessing improvement of livelihood

The beneficiaries of micro-credit and savings program in the Northern Red Sea region said that they have by and large improved their livelihood on the basis of effective use of loans. Massawa, 15 June 2012 – The beneficiaries of micro-credit and savings program in the Northern Red Sea region said that they have by and large improved their livelihood on the basis of effective use of loans.

Stating that he is in a position to own 150,000 Nakfa capital, Mr. Hamd Mohammed, one of the beneficiaries, expressed conviction that the program is a good basis through which beneficiaries can strengthen their financial capabilities from scratch. Similarly, Ms. Hadas Mezgeb indicated that she has become a wholesaler thanks to the micro-credit and savings program. Ms. Harnet Mebrahtu, a taxi driver, on his part explained that commendable services are being rendered there as regards the micro-credit and savings scheme.

Mr. Haile Embaye, head of micro-credit and savings program in the region, stated that the main objective of the scheme constitutes ensuring loan in remote areas and promoting the norm of savings. He further pointed out that there exist 35 village banks and a total of 2,500 beneficiaries of the program in the sub-zones of Gelalo, Foro, Ginda, She’ib and Massawa.

A total of13 million Nakfa was extended to beneficiaries, while 463,000 Nakfa saving deposits were made in the year 2011, he added.

Mr. Haile also called on the inhabitants of the region to make judicious use of micro-credit and savings program.