AAAID Signs a MOU with Faal Microfinancing Company

Date: 23 Mar, 2017

The Arab Authority for Agricultural Investment and Development aims at solidifying its partnerships with all affiliated establishments to gain food security from both private and public sectors as well as national and international organizations. This goal is to be achieved through developing and promoting agricultural investment in Sudan under the support of His Excellency, the President of Sudan. 

In this context, His Excellency, the President of AAAID signed a Memorandum of Understanding with Faal Micro Financing Company at the headquarters in Khartoum on 22/03/2017. Faal is one of the companies under Al Jazeera Sudanese Jordanian Bank, one of the top enterprises in financing small business farmers in Sudan, especially through social banking, and promoting production in addition to involvement in socially beneficial projects in collaboration with organizations working in the same field. 

The memo was directed at strengthening the correlation between the Arab Authority and Faal to develop a general framework for coordination and cooperation of future projects concerning both parties. Through the implementation of development programs to support the rural sector to enrich the country’s economy in general, as well as the agricultural sector, in accordance with the terms and conditions of simple financing based on the terms agreed upon by both sides. His Excellency, Mohamed Obaid Al Mazrooie, represented AAAID and Dr. Amer Abdul Wahab Al Alawi, Chairman of the Board of directors, represented Faal Company during the signing ceremony. 

It is worth mentioning that AAAID established a fund in 2005 to highlight its role in various development projects especially in rural agricultural areas to eliminate poverty. This fund is targeted towards creating financial channels accessible to remote rural communities and supporting basic services, as well as providing a suitable and encouraging environment for the rural population, which included different developmental means and mechanisms focusing on the more vulnerable groups including; small farmers, pastoralists, female farmers and retirees.