Pak Oman Microfinance Bank Limited, a venture mainly sponsored by the government of brotherly country of Sultanate of Oman to help alleviate poverty in Pakistan and promoting social welfare and economic justice through community building and social mobilisation was awarded a certificate of recognition in the Silver category for reporting on Social Indicators to Microfinance Information Exchange (MIX) by the World Bank affiliate, CGAP (Consultative Group for Assisting the Poor) in the year 2010.
The Bank, though based on purely commercial lines, broadly aims to eradicate poverty by creating sustainable income generating opportunities for the lower strata of the total 17.00 million population of Pakistan, where penetration rate of microfinance borrowers is one of the lowest in the world (ie 6.40 percent).
Performance of the Bank over a very short history has been optimistic and promising regarding employment generation and poverty reduction. The award was initially launched in 2009 by CGAP together with its partners the Michael & Susan deli Foundation, the Ford Foundation, and the Social Performance Task force (SPIF).-PR
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