| Focus Area: |
The Escape From Poverty |
| Project: |
Microfinance and Loan Program / Koret Israel Economic Development Funds |
| Commitment By: |
The Asper Foundation |
| Value: |
$100,000 |
Objective: Provide loan guarantees to economically disadvantaged persons and leveraging loan guarantees to Israeli-Arabs and jointly owned Israeli – Israeli-Arab small businesses.
Commitment: $100,000 with 50% for a Micro Enterprise Fund and 50% to the Israel Arab Loan Fund.
Background: As a result of the participation of the Trustees of The Asper Foundation in the Clinton Global Initiative, it was noted that philanthropy can stimulate economic expansion and create employment opportunity and that micro enterprise and small business loans could play a key role in this objective. Listening to President Clinton’s challenge to address poverty issues in many countries of the world, The Asper Foundation decided to equally assist Israeli and Israeli-Arabs.
| Point of Contact: |
Gail Asper, Managing Director
The Asper Foundation |
| Geographic Scope: |
Israel |
| Anticipated Launch Date: |
March/April 2006 |
Update:
January 2006: Approval by the Trustees of The Asper Foundation to donate $100,000 to this cause.