This morning we are leaving for a village to learn about Microfinance. Microfinance was founded in 1976 by Dr. Mohamad Yunus in an attempt to solve world hunger. Dr. Yunus later went on to win the noble peace prize for his work. There is a great book that I highly recommend reading, entitled "Banker to The Poor".
Essentially Microfinance institutions act as very small banks that lend money to poor people in villages so they can increase their standard of living. It has proven very effecting and there is over a 90% payback rate (Which is phenomenal). The loans are primarily given to women, since they are more responsible with the money (sorry fellas). These loans are as small at $20, so a borrower can work and grow their business. The businesses are making bags, fishing, pottery, and the like.
Microfinance was originated in Bangladesh and has spread to impoverished countries such as Africa, India, and Latin America. However, there is not a major presence in the United States, which I find odd.
I will take plenty of photos and provide more information on my next post.
Until then...Adios!
GB
Subscribe to:
Post Comments (Atom)
1 comment:
Hi there. I came across your blog, and wanted to write and suggest that you submit any great photos you have to our photo contest. I work for Microfinance Insights, a quarterly print magazine focused on the sector, and we are currently hosting a Microfinance photo contest. See all details here: http://microfinanceinsights.com/SUBMITAPHOTO.htm
Best,
Lindsay
Post a Comment