Last updated: 16:32 - May 8, 2006
US Ford Foundation gives loans to poor people http://www.nhandan.com.vn/english/life/080506/life_us.htm
The US Ford Foundation has provided US $400,000 to the Ho Chi Minh City's Capital Aid Fund for Employment of the Poor (CEP) to provide loans for poor people living along the city's canals.
The fund will go through the newly-opened CEP branch in Binh Chanh district. At first, the branch, with an annual revolving capital of VND 40-50 billion (roughly US $2.5-3.1 million), will provide loans worth VND 1-10 million each with terms from 3-15 months to 40,000 poor people, 80 percent of whom are women.
CEP was established by the HCM City Labour Confederation in 1991 with the aim of providing small credits and financial services to poor households. It has so far opened 16 branches in the city and has provided loans of VND 165 billion for nearly 60,000 people. (VNA)
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