Word: microcredit
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...After writing a senior thesis on Nigerian markets and microcredit, she earned a Ph.D. in regional economics and development from MIT. She spent several years working for the World Bank, taking a short leave of absence to work for the Nigerian government before returning to the Bank to serve as a vice president...
Iskenderian: Product diversification came out of a recognition that lending alone is not the solution if our end goal is long-term poverty alleviation, which is why we in the industry no longer talk about microcredit, but microfinance. Many entrepreneurs in the developing world are only one seemingly minor catastrophe - like a hospital stay - away from financial disaster, so housing loans and insurance and savings products help create and preserve assets, leading to broader benefits for the economy as a whole. I can't tell you how many times I've heard women clients in our network...
...Nobel Peace Prize, the Norwegian prize committee is returning to its original mandate of honoring those who help in the resolution of conventional armed conflicts. For the past several years, the committee has opted for nontraditional honorees, from Al Gore for his work on climate change to the microcredit guru Muhammad Yunus for his work in extending small loans to the world's poor. The choice of Ahtisaari, a lifelong diplomat whose work over 30 years on three continents has helped bring an end to fighting and saved thousands of lives, is a vote of confidence for the ancient...
...face of mounting criticism, Ortega has escalated his religious rhetoric, even adopting holy titles for government programs: His new microcredit program is called "In the Name of God!" - making any attempt at criticism akin to blasphemy...
...poor than on the philanthropy of those in the industry. Microfinance is about empowerment and giving the poor a chance to survive, but as the saying goes, “There is no such thing as a free lunch.” Because of the misconception that microcredit is based in philanthropy, some of its lending practices have become lightning rods for debate. In the past few years, a number of MFIs were the focus of criticism after charging their clients extremely high annual interest rates. In perhaps the most famous case, Banco Compartamos of Mexico was found...