The workshop on Promoting Microfinance for Economic Development in IORA Region was held on 8-9 April 2015 at the Palli Karma-Sahayak Foundation (PKSF) in Dhaka, Bangladesh. The workshop was jointly organised by the Ministry of Foreign Affairs of the People's Republic of Bangladesh, IORA and PKSF. It was attended by Experts from 13 IORA Member States: Australia, Bangladesh, Comoros, India, Indonesia, Kenya, Madagascar, Mauritius, Mozambique, Seychelles, Sri Lanka, Thailand and Tanzania; and the IORA Secretariat.
Dr. Qazi Kholiquzzaman Ahmad, PKSF Chairman highlighted the importance of effective initiatives in poverty reduction in the context of ensuring the longevity of major public services including education and health. PKSF was supporting the rural economy by earmarking 40 percent of the loans for the agriculture sector, said Abdul Karim, Managing Director of PKSF. IORA Director Firdaus Dahlan said the workshop would provide a platform for IORA Member States to share their experiences and best practices in Microfinance.
The objectives were:
• To promote sharing of knowledge and best practices of IORA Member States in implementation of microfinance scheme.
• To promote the sustained economic growth and balanced development in IORA.
• To reduce economic disparity among Member States and enhance economic development opportunities.
• Promote peer-to-peer learning in IORA.
• Enhance the sense of community among our Member States.
Discussions on microfinance included the inherent synergy between microfinance and development in Member States; disbursement-based financing to integrated development financing; microfinance for inclusive growth; poverty alleviation and financing for enterprise development; policy frameworks; institutional structures; and monitoring mechanisms. Key recommendations included: IORA Member countries to enhance Government interventions to promote microfinance and financial inclusion programmes; IORA Member States to promote ICT through workshop/ seminars for better management, monitoring and delivery of services; Member States to exchange appropriate methodology for microfinance development; IORA Dialogue Partners to support IORA programmes related to poverty reduction.
The workshop stemmed from the Sustainable Development Programme (approved at the 14th Meeting of the Council of Ministers held in Perth on 9 October 2014), to stimulate economic development among its least developed Member States and balance growth among the rim countries while reducing economic disparity.
Click here to read the Press Release of the event.
