The 2005 Aga Khan Agency for Microfinance Annual Report

FACTS AT A GLANCEFounder and Chairman:His Highness the Aga Khan,spiritual leader of the ShiaIsmaili Muslims and Chairmanof the Aga Khan DevelopmentNetworkSources of funding:His Highness the Aga Khan,grants, loans and contributionsfrom developmentagencies, private foundations,corporations and individuals.Board of Directors:His Highness the Aga Khan,Prince Amyn Aga Khan,Prince Rahim Aga Khan,Princess Zahra Aga Khan, IainCheyne, Thomas Kessinger,Luis Monreal, Shafik SachedinaOrganisation: Established inNovember 2004 in Geneva,Switzerland. Under Swiss law,AKAM is a private, not-forprofit,non-denominationalinternational developmentagency. It is part of the Aga KhanDevelopment Network, agroup of nine institutionsworking in health, education,culture, and rural and economicdevelopment, primarily in sub-Saharan Africa, South and CentralAsia and the Middle East.Staff: 888 worldwide. AKAMdevelops local human resourcesand capacity; the majority ofemployees are nationals oftheir countries.Mandate and goals:AKAM’s mandate is to alleviatepoverty, diminish the vulnerabilityof poor populations andreduce economic and socialexclusion. It aims to:• Help people become selfreliant and eventually gainthe skills needed tograduate into the mainstream financial markets;• Realize long-term sustainabilitythat covers costsand contributes toexpansion;• Reach out as broadly aspossible, in terms of bothgeographical coverage andrange of services offered;• Maximise impact onintended beneficiaries byensuring that resourcesflow primarily to the poorand the excluded.External Auditor:KPMG Switzerland45