RIYADH – Arab Gulf Program for Development (Agfund) seeks partnership with the Philippine private sector to set up a $5-million microfinance bank in the Southeast Asian country. Nasser B. Al-Kahtani, executive director Agfund, said in a report published Thursday by Philippine dailies that the fund's team held talks with representatives of the Philippine Chamber of Commerce and Industry on the issue. Under the proposal, Agfund will provide 40 percent of financing and with the rest from a local partner. Al-Kahtani said that aside from the equity structure, nothing definite about the bank has been decided although Agfund was intent on locating in the Philippines. Prince Talal bin Adbdul Aziz, Agfund president, said Agfund has helped set up six such banks in Jordan, Yemen, Bahrain, Syria, Sierra Leone and Lebanon. Aside from the planned Philippine branch, three others are in the pipeline—one each in Sudan, Palestine and Mauritania. “We welcome the Philippines' intention to join the Agfund's initiative of banks for the poor,” Prince Talal said. Prince Talal presided over an annual three-day Agfund conference at the Fairmont Makati, which wrapped up Wednesday with the giving out of the Agfund Award prizes. – SG/Agencies
