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Microfinance Ends Poverty

Why is it so difficult, if not impossible, for the world’s working-poor to break through poverty?  They’re intelligent and hard-working; trying to realize their dreams for better lives.

Former-President Bill Clinton states, “The missing links are opportunities, investments, and infrastructure.”

Muhammad Yunus, Nobel Peace Prize Laureate and Grameen Bank’s Managing Director agrees — “Given the World Bank’s mission is to alleviate poverty, the Bank should provide increased funds for microfinance and make sure that half of those funds go to families living below $1 a day. If the Bank doesn’t do it, who else will? It’s the right thing to do.”

Both President Clinton and Dr. Yunus advocate microfinance; a proven and cost-effective tool to help the very poor lift themselves out of poverty and improve the lives of their families.

Here’s how the loan works:

  1. Empower the working-poor — In many (developing) countries, the self-employed comprise more than 50 percent of the labor force.
  2. Credits with affordable interest rates — small amounts of credit (averaging $130 U.S.) with reasonable interest rates allow the working-poor to move from small income-generating activities to small micro-enterprises.
  3. End poverty with dignity — In most cases, microcredit programs offer a combination of services and resources to their clients including savings facilities, training, networking, and peer support.
  4. AccountabilityRepayment rates are often higher than conventional borrowers        (in Benin City, Nigeria, 97 percent of 20,000 loan recipients repaid their loans).

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February 22, 2009 - Posted by | Asia, Attitude, Change, Collaboration, Compassion, Dream, Freedom, Health and Wellness, Heart, International, Leadership, Marketing, Mind, Money, Passion, Purpose, Soul, Spirit, Stress, Success, Technology | , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

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