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 Press release - Grants Disbursed for Micro Business Projects of Especially Vulnerable IDPs and Refugees in Saatli and Sabirabad (DRC)

 Press release date: 21.10.2004

Azeri version

Press Release

Grants Disbursed for Micro Business Projects
of Especially Vulnerable IDPs and Refugees in Saatli and Sabirabad

On 1 September 2004, Danish Refugee Council signed grant agreements with 50 refugees and internally displaced persons (IDPs) forming part of seven micro business groups in Saatli and Sabirabad districts of central Azerbaijan.

The DRC grants worth US$ 20243.9 (twenty thousand two hundred and forty three point nine) in, aim to strengthen self-reliance capacities of especially vulnerable households and thereby contribute to sustain an adequate standard of living of 219 people.
DRC launched the business grant project as a pilot project in May 2004. Using participatory methods, the key project activities include:

Ø Identification by the targeted communities of economic potentials of individuals forming part of especially vulnerable households;
Ø Facilitation of the formation and development of plans for new micro businesses of groups of such individuals, and
Ø Granting of the necessities for the business groups to implement their business plans, including equipment and business training during the course of one year

Successful implementation of the one year business plans attached to the grant agreements, signed on 1 September 2004, will provide for an increased the level of consumption and investment of the households of which the beneficiaries form part.

In addition, successful implementation of the business plans will qualify the beneficiaries to take loans with a local microfinance institution (MFI) during the second half of 2005.
Working with local MFIs through its non-bank credit organisation, Caucasus Credit LLC, DRC is committed to ensure availability of microfinance services to vulnerable people with economic capabilities in Saatli and Sabirabad, among other districts in Azerbaijan. Microfinance enables clients to develop their micro businesses in sustainable manner.
By demonstrating capacity to facilitate the graduation of beneficiaries, from dependency on grants to demand for microfinance services, DRC hopes to attract funding to continue its business grant project, thereby effectively contributing to reduce the level of poverty among Azerbaijan's conflict-affected population.

Baku Branch Office
DRC in South Caucasus

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