Eritrea: 157 Million Nakfa in Loan Extended Last Year Under Loan And Micro-Credi...

Mar 2007
Eritrea, March, 09 2007 - 157 million Nakfa was extended to inhabitants of the six administrative regions last year in loan under the Loan and Micro-Credit Scheme. Mr. Tsehaye Araya, Acting head of the program, disclosed that clients have made a dramatic change in their living standards as a result of the program.

Mr. Tsehaye stated that the aim of the program is to enable people of all the 6 regions, especially those living in rural areas to become self-sufficient and make significant improvements in their standards of living.

In addition, Mr. Tsehaye underlined that 70 new local banks were constructed last year and extended 22 million Nakfa in loan to 1,722 demobilized persons with the cooperation of the Demobilization Commission to oversee the long-term successes of the program. He further indicated that there are a total of 337 local banks in all the regions.

It is to be recalled that the Loan and Micro-credit program was set up by the Government in 1996, and is at present operating under the Ministry of National development.

Over the past the 10 years, the Program extended around half a billion Nakfa in loan.


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