The 2005 Aga Khan Agency for Microfinance Annual Report

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IN BURKINA FASO, AKFED'S SN-SOSUCOREFINERY HAS PROVIDED JOBS TO OVER4,000 PEOPLE. AKAM IS NOW MAKINGLOANS TO FARMERS OUTSIDE THE SUGARCANE GROWING SEASON, HELPING THEMMANAGE SEASONAL FLUCTUATIONS INTHEIR INCOME.Afghanistan, with a view to opening 14 branches in the next threeyears. Its main underpinnings are sustainability, broad geographicaland service outreach, as well as maximising impact.The establishment of the Bank is an integral part of the AKDN’slong-term commitment to contribute to the reconstruction andrehabilitation of the economic infrastructure and civil societyinstitutions in Afghanistan.BURKINA FASOA microfinance initiative in Burkina Faso began in 2005 in theBanfora area. The area is home to SN-SOSUCO, a sugar plantationand refinery acquired by AKFED under the Burkina Fasoprivatisation programme. The company, which farms its own24
sugar cane plantations and operates the country’s largest sugarrefinery, employs nearly 4,000 permanent and seasonal workers.The Banfora area near the company is home to 70,000 people.The microfinance programme is designed to complement and expandthe input credit scheme currently managed by SN-SOSUCO.The programme caters to the population at large and particularlytargets seasonal workers, who often must find other economicactivity during the off-season. It will include credit for education,health, housing improvement, economic diversification, groupcredit, emergency loans, as well as others.A second initiative in Burkina Faso concerns the vast cottongrowing areas south of Ouagadougou, where over 15,000 farmersare cotton growers. The local ginneries are operated by FASOCOTON, a subsidiary of AKFED. As in the case of SN-SOSUCO,the concept is to deliver microcredit first to cotton farmers,building on the infrastructure of the industrial venture, whichwill then serve as a cornerstone for the broader local populationand provide them with an array of services extending far beyondcotton finance.IN COLLABORATION WITH AKTC, AKAMPROVIDES LOANS TO RESIDENTS OF HIS-TORIC CAIRO TO ASSIST IN THE REHABILITA-TION OF HOUSES AND THE REVITALISATIONOF THE DISTRICT’S CULTURAL HERITAGE.EGYPTThe microfinance programme in Egypt began in the district ofDarb Al-Ahmar in Cairo’s Historic City. It is managed centrallyby the First MicroFinance Foundation, which was established in2005 and since expanded beyond Cairo to the rural areas of theAswan Governorate.The programme in Cairo focuses on the revitalisation of animpoverished and dense district, called Darb al-Ahmar, whichborders Al-Azhar Park, one of the AKTC’s largest projects. Duemainly to the lack of infrastructure maintenance, low family incomesand the severe deterioration of monuments and privatehousing, development of the area has lagged behind other partsof Cairo. Living conditions have deteriorated over the past fewdecades. The institution supports local ownership, stimulates the25
Page 1 and 2: Aga Khan Agency for Microfi nanceA
Page 3 and 4: 2005CONTENTS25811151618203940444547
Page 5 and 6: 2005James Wolfensohn, Former Presid
Page 7 and 8: 2005THE YEAR IN REVIEWThe year 2005
Page 11: Afghanistan, they have supported re
Page 14 and 15: Aga Khan Education Services (AKES)
Page 17 and 18: OBJECTIVES AND PRINCIPLESThe underl
Page 19 and 20: initiative in microinsurance is see
Page 22 and 23: COUNTRY REVIEWSAKAM’s microfinanc
Page 24 and 25: of financial stability and have dev
Page 28 and 29: development of enterprise, traditio
Page 30 and 31: KYRGYZ REPUBLICTHE PURCHASE AND REA
Page 32 and 33: MALIIn 2005, the Malian government
Page 34 and 35: a total of over US$10 million had b
Page 36 and 37: AKTC to help finance housing improv
Page 38 and 39: SMALL LOANS FOR FUEL AND TRANSPOR-T
Page 41 and 42: THE MICROINSURANCE INITIATIVEMicroc
Page 43 and 44: Balance Sheet 2005UNAUDITED CONSOLI
Page 45 and 46: Kyrgyz RepublicMozambiquePakistanSy
Page 47: FACTS AT A GLANCEFounder and Chairm
Page 50: THE IMAMATAGA KHAN DEVELOPMENT NETW

The 2005 Aga Khan Agency for Microfinance Annual Report

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