Generous donors have smashed a $600,000 target for a life-changing loans programme in little over 48 hours.
The campaign to help eradicate Khoja poverty in East Africa reached its goal when 52 donors signed up to contribute $12,000 each – taking the total raised to $624,000.
The LOANS for LIFE programme will provide interest-free small business loans that create entrepreneurs, rescue families from despair and economically uplift whole communities.
It is an Africa Federation (AFED) and World Federation (WF) joint initiative that also mobilised Khoja Leadership Forum, the Sajjadiya Trust and all the Regional Federations.
The worldwide Khoja donor community rose to the occasion with its customary enthusiasm and generosity as philanthropists clamoured to join the cause.
Inspiration to humanity
WF Executive Councillor for Eradication of Khoja Poverty Sibtein Asaria said: “What a team! I cannot thank you enough: we have smashed our target with 52 donors now signed up for LOANS for LIFE. You have all contributed together with such enthusiasm and encouragement to make our LOANS for LIFE dream a reality.
“My gratitude is immense to the entire Khoja Leadership Forum team, to the World Federation, to Sajjadiya Trust, to Pakistan Federation, India Federation, Australasia Federation, COEJ, NASIMCO and AFED, including Dar es Salaam, Mombasa, Nairobi and Arusha Jamaats.
“Your institutional support has been the absolute bedrock of this campaign. And to our worldwide donor community I say with heartfelt thanks: your generosity knows no bounds, your Duas have supported us throughout, and you are a true inspiration to humanity.
“Together we are eradicating Khoja poverty … thank you for taking us to this goal in record time, and I know I can count on you as we tackle the challenges ahead.”
98% payback rate
Replicating the proven model pioneered by the Haydari Benevolent Trust (HBT) of Karachi, Pakistan, LOANS for LIFE will transform lives in Dar es Salaam, Arusha, Nairobi and Mombasa.
The scheme will support small businesses that pass a thorough viability process, and all repaid funds will be recycled to issue new loans. It will match the transparency and accountability of the programme in Karachi, which is so well run that it boasts a 98% payback rate.
The majority of these funds will be channeled by donors through World Federation (WF). AFED and WF will work in partnership on the project.