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Microfinance Agency launched

Geneva, Switzerland, 22 February 2005 - His Highness the Aga Khan announced the expansion of a new generation of financial products and services to help some of the world's most vulnerable populations. The Aga Khan Agency for Microfinance (AKAM), a new institution created specifically for this purpose, will deliver innovative services including micro-credit, micro-insurance, small housing loans, savings, education and health accounts, and support for small entrepreneurs seeking to develop businesses related to the restoration of cultural assets. The Aga Khan was joined at a news conference announcing the launch of the Agency, by Jim Wolfensohn, President of the World Bank.