The Imran Khan Foundation, as part of its program for village rehabilitation has entered into a collaboration with Akhuwat Foundation, a microfinance institution that provides interest free loans to deserving families. One of our first livelihood based interventions, it aims to provide Qarz-a-Hasna to the flood affectees of Nowshera. In Nowshera, the IKF will provide Rs. 10,000,000 in the form of a grant to Akhuwat for the disbursement of interest free credit to the poor.
The grant will act as a revolving fund and will serve credit needs of poor living in Nowshera and is expected to cater to the needs of up to 1200 families. On April 16th 2011, a ceremony was held at a mosque in Nowshera where the first 31 recipients received checks from Mr. Naseem ur-Rahman, the IKF’s newly appointed CEO. We are hopeful that the success of this pilot program can enable us to expand such microfinance initiatives on a national level.