Grameen Foundation : Where we work : Middle East / North Africa : Saudi Arabia : PFP
PFP
In 2004, the Adbul Latif Jameel Company launched PFP based on a business plan developed by Grameen Foundation. The purpose of the PFP is to empower low-income women in Saudi Arabia to improve their lives. It is breaking entrenched barriers and stereotypes even as it addresses economic hardships, and has piloted a “micro-retail” strategy that could have implications region-wide and beyond. Within in first six months of operation, PFP was benefiting 529 entrepreneurs. It now reaches more than 7,000 women entrepreneurs and since its first loan, has enjoyed 100 percent repayment. All of its loan officers are women.
PFP plans to open 10 branches around the Kingdom under the umbrella of ALJ Community Services Programmes. It has received technical advisory services from a senior Grameen Bank official who is on loan to the PFP for two years since mid-2005. It is an offshoot of the Initiative and an expression of Muhammad Jameel’s commitment to reducing unemployment and promoting the status of women in the Kingdom of Saudi Arabia.
Outreach:
PFP plans to reach 10,000 clients by the end of 2006, and 77,000 by 2011.
Grameen Foundation : Where we work : Middle East / North Africa : Saudi Arabia : PFP
Grameen Foundation uses microfinance and innovative technology to fight global poverty and bring opportunities to the world's poorest people. With tiny loans and financial services, we help the poor, mostly women, start businesses and escape poverty. Our global network of 55 microfinance institution (MFI) partners including our Growth Guarantee partners has touched more than 34 million people in 24 countries. In addition, we introduced and now sustain technology initiatives (Mifos and Village Phone) in Cameroon, Kenya, Rwanda, and Uganda, bringing our total country outreach to 28.
+1-202-628-3560 www.grameenfoundation.org
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