Gates Foundation seeks to spur savings by the poor, By Steve Lohr, January 13, 2010, New York Times: “For decades, the microfinance industry has really been about microcredit – making tiny loans to shoestring entrepreneurs in poor countries. Taking deposits and creating savings accounts for the poor has gotten short shrift. The reasons were straightforward: funding for loans often came from international donors, and collecting small deposits seemed to be an inefficient headache for the microfinance bankers. The Bill and Melinda Gates Foundation is hoping to change that with $38 million in grants announced on Wednesday for 18 microfinance institutions. The goal is to spur the building of efficient models and systems for small savings accounts. The foundation hopes to reach 11 million people across a dozen nations in Africa, Asia and Latin America over the next five years…”
Poverty-related issues in the news, from the Institute for Research on Poverty