ISLAMABAD, Sept 19: Pakistan Poverty Alleviation Fund (PPAF) here on Tuesday launched its Microfinance Innovation and Outreach Programme (MIOP) with a funding of Rs1.6 billion ($26 million) from the International Fund for Agricultural Development (IFAD).

Acting President Mohammedmian Soomro was the chief guest at the project launch ceremony held at the International Labour Organisation (ILO) auditorium here.

PPAF Acting Chief Executive Ahmad Jamal, country manager Nigel Brett, Howard Johnson of IFAD and Steve Rasmussen of the World Bank also spoke on the occasion.

The objective of the MIOP is enhanced, deepened and sustainable access of the rural poor to a range of financial products and services. The programme aims at providing flexible funding facility to allow PPAF partner organisations to develop new financial products, piloting, action research, assessment and up scaling of new microfinance approaches and services for rural areas.

MIOP also aims at expanding sectoral capacity to provide microfinance services by developing new partner organisations. The project will ensure provision of technical and financial support. Training and skill development form an integral part of the programme. The targets of the programme would be achieved through Young Partner Development Initiative, Internationally- linked Partner Initiative and Young Professional Scheme.

The partner organisations supported under MIOP would be requested to submit proposals based on six special areas of focus including poverty alleviation and gender balancing; facilitate livestock enterprise financing and adoption of risk management strategies, and training and technical support to work with cross cutting themes effectively.