The 5th AGFUND Development Forum in Geneva kicked off its works here today under the patronage of Prince Talal bin Abdulaziz, President of Arab Gulf Development Program (AGFUND). The Forum's activities started with an international symposium entitled "The Role of Microfinance and Financial Inclusiveness in Achieving United Nations Agenda for Sustainable Development 2030" with participation of 100 specialists from 22 countries. The Forum shed light on the financial inclusion's role in poverty alleviation by integrating the poor into the financial system as the main focus of the symposium. AGFUND Executive Director Nasser Al-Qahtani announced a plan to expand microfinance banks that achieve financial inclusion for the poor, integrate them into the financial system and promote sustainable development within the initiative being led by Prince Talal bin Abdulaziz, President of AGFUND, to establish specialized banks to integrate the poor in the financial system and turn them into productive capabilities, stressing AGFUND's commitment to reaching 20 million new customers by 2021 through the disbursement of one billion dollars by the current and future banks. Al-Qahtani added that AGFUND is leading a plan to expand Prince Talal bin Abdul Aziz's initiative to establish specialized banks to achieve financial inclusion for the poor by setting up 14 new banks in Africa so as AGFUND's banks would increase to 23 banks to be the largest network in the world's microfinance industry. AGFUND, in partnership with the Arab Bank for Economic Development, is working to establish 8 banks in West Africa in the countries of the West African Economic Monetary Union: Benin, Burkina Faso, Ivory Coast, GuineaBissau, Mali, Niger, Senegal and Togo. AGFUND's plan also includes the creation of six banks in Central African Economic and Monetary Community countries: Cameroon, Central Africa, Chad, Equatorial Guinea, Gabon and Congo.
