Hassan al Sayed, head of Sudanese trade group Insurance Companies Union (ICU), reportedly has said that an agreement has been reached to guarantee an unspecified volume of microfinance loans. It is unclear whether ICU or its members will provide the guarantees, and specific borrower requirements have not been disclosed. A delegation from ICU reportedly is set to meet the governor of the Central Bank of Sudan (CBOS) to further discuss the project, which is slated to be expanded between now and January 2012.
Port Sudan Association for Small Enterprise Development (PASED) is the only Sudanese microfinance institution that reports to US-based nonprofit Microfinance Information Exchange (MIX). PASED was established in 2001 and is headquartered in Port Sudan. As of December 31, 2010, it reported approximately 3,900 active borrowers, a gross loan portfolio of USD 900,100, total assets of USD 1.7 million, return on assets (ROA) of 1.48 percent and return on equity (ROE) of 1.57 percent.
By Kristha Abores, Research Associate
About Central Bank of Sudan:
The Central Bank of Sudan (CBOS) was formed in 1960, four years after Sudan achieved independence. Located in Khartoum, its functions include regulating the issuance of currency, formulating and directing monetary and finance policies to serve various economic sectors, and building a banking system that meets the development needs of the country.
About Port Sudan Association for Small Enterprise Development:
Port Sudan Association for Small Enterprise Development (PASED) was established in 2001 and is headquartered in Port Sudan. PASED offers loans and voluntary savings products. As of December 31, 2010, it reported to US-based nonprofit Microfinance Information Exchange (MIX) approximately 3,900 active borrowers, a gross loan portfolio of USD 900,100, total assets of USD 1.7 million, return on assets (ROA) of 1.48 percent and return on equity (ROE) of 1.57 percent.
Sources and Additional Resources:
[1] Sudan Vision: “Funding of Microfinance Projects Endorsed”, http://news.sudanvisiondaily.com/details.html?rsnpid=199145
MicroCapital.org article, October 3, 2011, “MICROFINANCE EVENT: Second International Conference on Inclusive Islamic Financial Sector Development, Khartoum, Sudan, October 9 – October 11, 2011”, https://www.microcapital.org/microfinance-event-second-international-conference-on-inclusive-islamic-financial-sector-development-khartoum-sudan-october-9-%E2%80%93-october-11-2011/
MicroCapital Universe Profile: Central Bank of Sudan, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Sudan+%28CBOS%29
MicroCapital Universe Profile: Port Sudan Association for Small Enterprise Development, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Port+Sudan+Association+for+Small+Enterprise+Development+%28PASED%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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