Sunday, June 17, 2007

The joys of microcredit

Professor Muhammad Yunus, and the Grameen Bank, won the 2006 Nobel Peace Prize. To quote from the Grameen Bank’s web site … 'Microfinance helps people to escape poverty by giving them collateral-free loans and other financial services to support income-generating businesses. As each loan is repaid, the money is redistributed as loans to others, thereby multiplying its impact'. I've been interested in microcredit for ages but wondered how I could participate, and recently stumbled across the web site Kiva allows ordinary people, like you and me, to make small loans to specific entrepreneurs in developing countries, to enable them to trade their way out of poverty. What a cool idea! I’m gonna sign up …

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