DAMASCUS, 5 October 2010 (IRIN) – Farmers and herders are being targeted with microfinance in an effort to relieve drought-related poverty in Syria. Widely used across the developing world since the 1970s, Syria has relatively few providers.
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In drought-prone areas the Aga Khan Foundation is working with its subsidiary, the First Microfinance Institution (FMFI). FMFI provides 25 percent of its loans, which range from SYP 3,000-150,000 (US$65-3,247), to the agricultural sector. Much of the microfinance is targeted at measures to combat drought.
“We have concentrated efforts on improving the productivity and efficiency of water used for agricultural use,” said Mohamed Seifo, head of the Aga Khan Development Network in Syria. “FMFI has given loans to farmers to adopt modernized drip irrigation systems.”
via IRIN Middle East | SYRIA: Microfinance to combat drought | Syria | Natural Disasters | Aid Policy.
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