Geneva, Switzerland, 22 February 2005 - 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-insurance, small housing loans, savings, education and health accounts, and support for small entrepreneurs seeking to develop businesses related to restored cultural assets. The Agency will be part of the Aga Khan Development Network. The Aga Khan was joined at a news conference announcing the launch of the Agency, by Jim Wolfensohn, President of the World Bank.