Habitat’s Housing Microfinance Project Recognized at Microcredit Summit in Abu Dhabi
March 15 (Bratislava/Abu Dhabi) – Habitat for Humanity Europe Middle East and Africa is set to receive the first prize from the Arab Gulf Programme for Development (AGFUND) for its innovative microfinance project to assist women headed households in Nepal to learn and master bamboo construction and seismic resistant technology. The award is presented by H.R.H. Prince Abdulaziz bin Talal Bin Abdulaziz Al Saud at the 18th Microcredit Summit in Abu Dhabi.
The summit takes place on March 14-17, 2016. It is co-organized by Khalifa Fund for Enterprise Development, the AGFUBND and the Microcredit Summit Campaign. It explores how new and effective financial policies can help achieve global financial inclusion goals set by the Word Bank and UN. This year, among the dignitary guests are the Queen of Spain Sofia, Nobel Peace Prize Laureate professor Muhhamad Yunus, His Highness Sheikh Hamed Bin Zayed Al Nahyan and H.R.H. Prince Abdulaziz bin Talal Bin Abdulaziz Al Saud.
Habitat for Humanity has developed know-how of applying microfinance to housing to improve living conditions for the excluded populations and thus bring about social change. At the moment, only 2 percent of the globally available microfinance capital is spent on housing products. Habitat is advocating for a greater share of capital to be dedicated to housing finance.
“Microfinance has become an effective tool to increase access to capital for low-income populations. Often the same populations lack adequate shelter. Around 1.6 billion people live in substandard conditions. Without helping these people improve their living, we cannot achieve progress in global sustainable development goals and fighting poverty,” says Deepali Sood, Director of Resource Development of Habitat for Humanity Europe, Middle East and Africa, who attended the summit on behalf of Habitat for Humanity EMEA.
Habitat for Humanity is active in supporting and developing housing microfinance projects in the Africa, Middle East and in Central Asia region. Despite impressive economic growth in many parts of the region, housing shortage and housing quality remains a concern, and with the current rate of urban growth in the region, housing shortage will only get bigger. For the microfinance institutions serving the “base of the pyramid” and committed to positive financial and social results, housing microfinance is emerging as a tool to address substandard housing. However, those institutions often lack the technical knowledge of the housing process and lack capital to develop a housing microfinance portfolio. Habitat for Humanity works with microfinance institutions to develop their expertise as well as calls on investors to provide capital and fuel the growth of the housing microfinance sector.
The summit in Abu Dhabi is attended by more than a thousand delegates from 60 countries, including 250 from the UAE and a delegation of over 100 from Bangladesh. It serves as a great bazaar of ideas and examples, to learn from existing works and exchange new microfinance trends.
Here you can see a video from the Nepal project recognized with the AGFUND award.
About Habitat for Humanity EMEA
Habitat for Humanity International’s vision is a world where everyone has a decent place to live. Since 1976, Habitat has helped more than 6.8 million people gain strength, stability and independence through housing, including home construction, rehabilitation and repairs and by increasing access to improved shelter through products and programs. Habitat also advocates to improve access to decent and affordable shelter and offers a variety of housing support services that enable families with limited means to make needed improvements on their homes as their time and resources allow. As a nonprofit housing organization, Habitat works in more than 70 countries and welcomes people of all races, religions and nationalities to partner in its mission. To learn more, donate or volunteer, visit habitat.org/emea.