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In 2005, the launch year of the
Clinton Global Initiative,
The Asper Foundation committed to the creation of
The Koret Israel Economic Development
Funds – Asper Foundation Micro-Enterprise Project at this international
forum. The Clinton Global Initiative is a non-partisan catalyst for action,
bringing together a community of global leaders to devise and implement
innovative solutions to some of the world’s most pressing challenges.
Click here for more information on
The Koret Israel Economic
Development Funds – Asper Foundation Micro-Enterprise Project commitment on
the Clinton Global Initiative
website.
The Asper Foundation partnered with Koret Israel Economic Development Funds (KIEDF)
to establish this micro-finance/lending program. The Asper Foundation committed
$100,000 U.S. to KIEDF for support of business development training, mentoring
and technical assistance and local program administration costs. All loan
guarantees are provided by KIEDF. This support is applied equally between
economically disadvantaged Arab and non-Arab Israeli men and women specifically
in the development areas of Be’er Sheva, Ofakim and Rahat. As well, The Asper
Foundation grant was counted toward the Koret Foundation match program for KIEDF
which increased Koret support dollar-for-dollar for non-designated programs.
KIEDF was established in 1994 by the Koret Foundation of San Francisco to
provide economic assistance to small businesses in Israel dealing with the
serious negative economic fallout related to terrorism against Israelis. KIEDF
has helped more than 8,800 small businesses secure funds to sustain their
enterprises, facilitating nearly $245 million U.S. in loans to private
enterprise bringing self-sufficiency and dignity to tens of thousands of Israeli
business owners and their employees. These businesses today engage and
support more than 42,000 employees and their families. KIEDF has also
facilitated more than 250 micro loans. For more information on KIEDF,
click here.
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