By Desmond Nleya, Daily Times Reporter
Dubai- EXIM Credit Bank (ECB), one of the leading financial institutions in Dubai and the World Poverty Eradication Foundation on last week signed a memorandum of understanding aimed at combating global poverty by promoting sustainable development initiatives.
The signing ceremony took place at ECB headquarters in Dubai with officials from both entities hailing the initiatives that are aimed at bringing equality in the world.
Speaking on the sidelines of the signing ceremony ECB bank CEO Mr Joseph Warobya said his institution was committed to making a tangible difference in the global fight against poverty.
“This partnership is a testament to our belief that financial institutions have a critical role to play in eradicating poverty. By aligning our resources with the expertise and reach of the World Poverty Eradication Foundation, we aim to create sustainable solutions that empower communities and drive long-term economic development,” he said.
The President of WPEF, Mr Jaeak Lee said they were happy to be associated with ECB because of its history and traceable record in trade finance and development banking.
“Poverty is a multifaceted issue that requires multifaceted solutions. Through this MoU, we are not just providing financial assistance; we are building the foundations for sustainable, inclusive growth. Our combined efforts will help create a world where every person has the opportunity to live a dignified and fulfilling life,” said Mr Lee.
The World Poverty Eradication Foundation, a global non-profit organization, has been at the forefront of poverty alleviation efforts through advocacy, direct intervention, and innovative partnerships. Their approach combines grassroots community engagement with large-scale international efforts to drive systemic change in the fight against poverty. The collaboration with Exim Credit Bank represents a strategic step to enhance the foundation’s capacity to scale up its operations and make a greater impact.
The MoU outlines several key areas where both organizations will work together:
Access to Finance: Exim Credit Bank will leverage its financial resources to provide micro-loans, grants, and other forms of financial support to impoverished communities. This will include targeted financing for small and medium-sized enterprises (SMEs) that can drive local economic growth.
Capacity Building: Both organizations will collaborate on training programs aimed at empowering local communities with skills in entrepreneurship, financial literacy, and sustainable agricultural practices.
Sustainable Development Projects: The partnership will support various initiatives, including clean energy, water sanitation, and infrastructure development, in underdeveloped regions.
Advocacy and Policy Support: The partnership will engage with governments and international bodies to advocate for policies that promote inclusive economic growth and reduce systemic barriers to poverty eradication.
This partnership is expected to have far-reaching impacts, particularly in regions hardest hit by poverty, such as Sub-Saharan Africa, South Asia, and parts of Latin America. With the combined financial muscle of Exim Credit Bank and the deep expertise of the World Poverty Eradication Foundation, the initiative will focus on scalable projects that can be replicated in multiple regions.
In the coming months, both organizations plan to launch pilot projects that will serve as models for future expansion. The success of these initial programs will be a key indicator of how this partnership can contribute to reducing global poverty.
The signing of the MoU between Exim Credit Bank and the World Poverty Eradication Foundation represents a major milestone in the fight against global poverty. Through this partnership, both organizations are poised to leverage their strengths to drive meaningful, sustainable change for millions of people living in poverty. As the world continues to face complex social and economic challenges, such collaborations offer hope for a more equitable and prosperous future for all.
This partnership exemplifies how financial institutions and non-profit organizations can work together to address some of the most pressing issues of our time, highlighting the importance of cross-sector cooperation in achieving global development goals.
