ICCIA`s Workshop Entitled:
“Implementing Microfinance in G5 Countries”
ICCIA is honored to announce the successful conclusion of the first workshop of ICCIA`s workshop series “Microfinance Directions – Regional & International Experiences”, that was held entitled “Implementing Microfinance in G5 Countries”, on Wednesday, February 9, 2022, with the sponsorship of Albaraka Forum for Islamic Economy, and conducted by Dr. Hassan Ramzy, CEO of ICCIA Holding Company.
As part of ICCIA`s efforts towards supporting microfinance, “Implementing Microfinance in G5 Countries” workshop had been held in the presence of a selection of the most prominent economic leaders, heads of chambers of commerce and international organizations, aiming to highlight the importance of microfinance and discuss mechanisms of its implementations and ways of addressing the various challenges facing it in the G5 countries. Ms. Nourhan Haffez, Manager of Media & Communication Department at ICCIA moderated the workshop.
The workshop started with the welcoming remarks of H.E. Mr. Yousef Khalawi, ICCIA Secretary General, H.E. Ambassador Ehab Fawzy, Deputy Executive Director of the Women Development Organization (WDO), Mr. Ahmed Babe Aleya, President of the Union of Chambers of Commerce and Industry of G5 Sahel Countries & President of the Mauritanian Chamber of Commerce and Industry, and Dr. Ali Adji Mahamat Seid, Vice President of the Union of Chambers of Commerce and Industry of G5 Sahel Countries & President of the Chamber of Commerce, Industry, Agriculture, Mines and Handicrafts of Chad “CCIAMA”.
During his opening speech in the workshop, H.E. Mr. Yousef Khalawi, ICCIA Secretary General, indicated that “Interest in sustainability has become a global phenomenon. ICCIA has begun focusing on sustainability since 2019, which led us to the conviction of the necessity and importance of focusing on microfinance.” Also, he pointing out to ICCIA`s efforts towards activating microfinance institutions, through establishing specialized company in this field, capable of playing a crucial role at the international level.
Striving towards women empowerment and women entrepreneurship, H.E. Ambassador Ehab Fawzy, Deputy Executive Director of the Women Development Organization (WDO), stressed, during his opening speech, that microfinance plays a crucial role in advancing development in various fields of life. H.E. Ambassador also indicated that: “Encouraging and facilitating women’s entrepreneurship, including by improving access to financing and investment opportunities, tools of trade, business development and training can increase the share of trade and procurement from women’s enterprises”.
Mr. Ahmed Babe Aleya, President of the Union of Chambers of Commerce and Industry of G5 Sahel Countries and President of the Mauritanian Chamber of Commerce and Industry, stressed the importance of addressing the challenges that impede development in the G5 countries, including terrorism, and suggested the establishment of an Islamic guarantee fund, praising “the idea of “establishing a company specializing in microfinance field” which was expressed by Mr. Yousef Khalawi, ICCIA Secretary General.
In this regard, Dr. Ali Adji Mahamat Seid, Vice President of the Union of Chambers of Commerce and Industry of G5 Sahel Countries and President of the Chamber of Commerce, Industry, Agriculture, Mines and Handicrafts of Chad “CCIAMA”, pointed out that coastal populations work in irrigation and agriculture, which requires implementing microfinance for the development of these regions and activities. Moreover, he highlighted the importance of the Five-Year Plan which aims to boost development, create job opportunities and promote microenterprises that contribute to the reduction of unemployment rates and encountering risks faced by people in these regions.
Dr. Hassan Ramzy, CEO of ICCIA Holding Company, conducted the workshop with his distinctive experience in the microfinance field. During which, he addressed the crucial role of ICCIA`s strategy in promoting the private sector across OIC, in order to achieve United Nations Sustainable Development Goals, 2030 Development Goals Agenda, and the OIC- 2025 Programme of Action.
Furthermore, he pointed out to the challenges that face the G5 countries in the microfinance field, mainly a significant gap between supply and demand in microfinance, due to the insufficient implementation from banks.
H.E. Mr. Yousef Khalawi, ICCIA Secretary General, concluded “Implementing Microfinance in G5 Countries” workshop, stressing ICCIA`s firm commitment to support the G5 countries, indicating that it is a commitment presented by ICCIA to OIC Secretariat- General, therefore ICCIA was keen on launching the project in the G5 countries firstly, moreover, he expressed his hope that one of next workshops will be physically held in one of the G5 countries.
It is noteworthy that ICCIA`s workshop series “Microfinance Directions- Regional & International Experiences” would provide the opportunity to know about the latest global trends, aiming to implement impact investing, communication, training, mechanization of microfinance institutions, and developing a modern microfinance model, that is able to be applied in the countries of the Islamic World.