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Members of VO/WOs take their AKRSP-related savings/credit undertakings seriously; there are very few other options available to them for such financial services. Cash collected at VO/WO meetings is usually deposited in a profit and loss (PLS) account (essentially a savings account) at a commercial bank, or in a post office, by the VO/WO manager or possibly by another person designated to do so. 
Loan Products In 1989, AKRSP introduced the Village Organization Credit Program and the Women's Organization Credit Program, collectively referred to as VOCP/WOCP. The VOCP/WOCP replaces the short-term credit disbursements (Table 4.) The VOCP involves a number of conditions: all short term and medium term loans have to be paid off and the VO must have a generally good repayment record as well as sufficient trained management. Also, VO savings must exceed Rs. 50,000 (about $1,600) to be eligible for the minimum loan amount of Rs. 50,000. Maturities on loans to members can be as short as three months and do not exceed one year, although roll-overs are possible. 
AKRSP is committed to Micro-enterprise Credit Program (MECP) as a way to build a small business base centered on local people. Loans are made to individual members of the VO/WOs and are not collateralized (other than by requiring the consent of the member's VO/WO). AKRSP provides support services and charges 18 percent per year. Loan sizes range from Rs. 5,000 (US $160 as of 12/31/94) up to a project ceiling of Rs. 40,000 (US $1,300 as of 12/31/94). In 1995, AKRSP established a new credit program designed to support enterprises linked directly with VO/WO commercial interests. These include the apricot marketing associations for Gilgit and Balistan and Tanzeem Corporation, a supply cooperative in Ghizar that deals in basic commodities such as soap, cement, cooking oil and flour. Tanzeem is a partnership consisting of 10 AKRSP animal health master trainers who each took loans of Rs. 10,000 (about US $300) which they supplemented by an equal amount of their own funds. Performance In Gilgit, nearly three-fourths of the households are members of VOs, and in Chitral and Balistan, about two-thirds of the households claim membership. In Astore, which entered the program in 1993, there is still room for expansion of the VOs. By the end of 1994, 1,834 VOs and 763 WOs had been established with 101,304 total members. In addition, 1,501 productive physical infrastructure projects had been initiated with an investment of Rs. 250 million (about US $8 million) in 1994 dollars by AKRSP to the benefit of 85,189 households; 986 training courses had been given to villagers; 200 hectares of forest and more than 2,000 VO/WO forest nurseries had been established; and nearly 2.5 million fruit trees had been planted. In 1994 alone, more than Rs. 90 million (US $3 million) was disbursed in the form of loans, usually using community savings as collateral. Government and nongovernmental agencies current use of the program and village organizations to facilitate non-AKRSP programs in the north also testifies to the program's accomplishments. Directory: new -> wp-content -> uploads new -> Bulletin 4 Monday July 8, 2002 Backgammon new -> [0] B. Hardware [2] new -> [1] B. Hardware [1] new -> Last year four of the best Afrikaans Christian singers joined forces to tour Down Under with the production ‘Manne wat Glo’ new -> The Project Gutenberg ebook of The Chronology of Ancient Kingdoms Amended new -> Management and Marketing uploads -> Education and degrees uploads -> Name : Arq. Carlos J. García Moreira, ait courses Taught Download 0.6 Mb. Share with your friends:
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