Simerg is an independent initiative dedicated to Ismaili Muslims, the Aga Khan — their Hereditary Imam — and the Ismaili Imamat, and Islam in general through literary readings, photo essays and artistic expressions
Barakah, our sister website, dedicated to His Highness the Aga Khan, the 49th Hereditary Imam of the Ismaili Muslims, has a special page covering news related to the Aga Khan and his family members. Prince Rahim, his oldest son, concluded his five-day visit to Pakistan on June 10, 2024, with a meeting with the Pakistan Prime Mnister Shehbaz Sharif (see featured photo, top of post). On June 7, the Prince was awarded Pakistan’s Highest Civilian Order by the President of Pakistan, Asif Ali Zardari.
The President of Pakistan, Asif Ali Zardari, congratulates Prince Rahim Aga Khan after conferring on him the Nishan-i-Pakistan on June 7, 2024, at a ceremony held at Aiwan-e-Sadr, the President’s official residence in Islamabad. Photograph: AKDN/Akbar Hakim. Please click on the photo for more coverage of the event and other events since the beginning of 2024.
Prince Rahim then visited Hunza to launch projects related to the development of Solar Power Plants and a high-tech Software Park, visited the 800-year-old restored historic fort of Altit and saw the completion of the five-star Hotel Serena. On June 9, he inaugurated the new Headquarters of HBL Microfinance Bank in Gilgit.
Prince Rahim Aga Khan climbs up Duiker Hill to get a bird’s eye view of the areas that will benefit from the expansion of the power plant in Hunza. Please click on the image for this and other stories. Photograph: AKDN/Akbar Hakim.
Prince Rahim’s sister, Princess Zahra, visited the Aga Khan Development Network’s work in Hunza and Chitral between May 22 and 26.
On May 11, their aunt, Princess Yasmin Aga Khan hosted the highly successful Rita Hayworth Gala in Chicago. This remarkable event, which raised nearly US $900,000, is a shining example of how collective efforts can make a significant difference in supporting the Alzheimer’s Association’s care, support, and research programs.
Visit Barakah for news, insightful and inspirational articles about the Aga Khan and the Ismaili Imamat.
Date posted: June 7, 2024. Last updated: June 10, 2024.
NOTE:The map of Afghanistan and Prince Rahim Aga Khan’s photograph with the World Bank President are not part of the news release issued by the World Bank.
A grant in the amount of $16 million from the Afghanistan Resilience Trust Fund (ARTF) has been approved by the World Bank to support financing for micro and small enterprises in Afghanistan, with a focus on women and women-led businesses.
The project will help revive microfinance providers active in Afghanistan by clearing their balance sheets of old loans that cannot be repaid due to economic conditions arising after August 2021. This will help increase their liquidity so they can provide new financing to micro and small enterprises. The project will also provide technical assistance to the microfinance providers to strengthen the micro-finance sector, digitize business proceses, and train staff to prioritize lending to women and women-led businesses.
“Supporting micro-finance providers in Afghanistan is one of the few viable options at this time to promote access to finance in Afghanistan, especially for women,”said Melinda Good, World Bank Country Director for Afghanistan. “This project aims to strengthen the microfinance sector in Afghanistan so that small business owners and women-led businesses can access the credit they need to rebuild their businesses, rebuild their lives, and help revive the private sector.”
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Prince Rahim Aga Khan and Ajay Banga, President of the World Bank, meet in Washington DC on February 6, 2024. Photograph: The World Bank via The Ismaili. Please read report of the meeting HERE.
The project will also provide business development services that focus on building a pipeline of bankable micro and small enterprises and enterprises that proactively create jobs for women. These services will help women-led small businesses transition from informal savings groups to formal credit channels.
The project will also establish a Credit Viability Fund (CVF), implemented by the Aga Khan Foundation USA’s Office in Afghanistan. The CVF will help eligible micro, small and medium-size enterprises that have benefited from the business development services to access formal financial channels.
“The EMERGe project was developed after extensive stakeholder consultations, including microfinance providers and chambers of commerce, especially those led by women. This helps to ensure it offers solutions to unlock access to finance for small businesses in Afghanistan and to make the flow of donor funds into the sector more sustainable,” said Namoos Zaheer, Senior Financial Sector Specialist and World Bank Task Team Leader for the project. “The vision is to foster and sow seeds for sustainable solutions to support livelihoods, particularly for women.”
Financial inclusion is a persistent challenge in Afghanistan, with nine out of 10 Afghan adults excluded from the financial system — meaning they have no bank account or access to credit or loans. Only 5 percent of Afghan women have some form of financial transaction account, compared to 10 percent of men. This is a tremendous barrier to women’s economic empowerment and their participation in economic life.
The EMERGe project, as with all World Bank and ARTF-supported projects since August 2021, includes specific provisions to ensure that women benefit from project activities.
The project will focus on 15 provinces (Badakhshan, Baghlan, Balkh, Bamyan, Daikundi, Faryab, Herat, Jowsjan, Kabul, Kunduz, Nangarhar, Parwan, Samangan, Sar-e-pol, and Takhar — see map at top of page — Ed.) where the Aga Kkan Foundation is currently working and where microfinance providers are active.
The ARTF grant is provided to the Aga Khan Foundation USA and will be implemented by two implementing partners: The Aga Khan Foundation-Afghanistan and the Afghan Credit Guarantee Foundation (ACGF). The ACGF was established in 2004 and works to enhance access to finance for Afghan micro, small, and medium enterprises by providing credit guarantees and technical assistance.
On January 7, 2024, Prince Abdulaziz bin Ayyaf, Vice Chairman of the Board of Trustees at Riyadh Philanthropic Society for Sciences and Chairman of the Board of Trustees at Prince Sultan University, welcomed Farrokh Derakhshani, the Director the Aga Khan Award for Architecture in Jeddah, Saudi Arabia. Seen on the wall are portraits of Mohammed bin Salman Al Saud, Crown Prince and Prime Minister of Saudi Arabia (left), and King Abdul Aziz Al-Saud, First Monarch Of Saudi Arabia Photograph: KSA.Com
The website News from the Kingdom of Saudi Arabia (KSA.Com) reports that “in a significant encounter today [January 7, 2024], Prince Abdulaziz bin Ayyaf, Vice Chairman of the Board of Trustees at Riyadh Philanthropic Society for Sciences and Chairman of the Board of Trustees at Prince Sultan University, welcomed Farrokh Derakhshani, the Director of the esteemed Aga Khan Award for Architecture. This award holds a distinguished reputation in the realm of architectural design.
“The meeting between the two influential figures delved into the architectural brilliance prevalent in the Kingdom of Saudi Arabia. Moreover, discussions centered around potential collaborations between Prince Sultan University and the Aga Khan Award for Architecture.
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Corniche Mosque, Jeddah, Saudi Arabia, one of the recipients of the Aga Khan Award for Architecture in the 1987-1989 award cycle. Photograph: AKDN.
“Beyond exploring partnership opportunities, the participants engaged in dialogue about fostering cooperation and sharing insights between the Aga Khan Award and the Prince Abdulaziz bin Ayyaf City Humanization Award. This convergence of minds signifies a promising step toward advancing architectural excellence and mutual learning in the field.”
The following are the buildings from Saudi Arabia that were shortlisted or received the Aga Khan Award for Architecture in previous years (please clik on links for photographs and details):
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