María Otero Confirmed as US Under Secretary of State for Democracy and Global Affairs

The MCS is thrilled by Mrs. Otero’s nomination. As CEO of ACCION since 2000, Mrs. Otero directed an expansion of the organization, from serving 460,000 micro entrepreneurs with micro loans and technical assistance to over 3.7 million, through a portfolio that has grown from $274 million to nearly $3.6 billion. She has been a great advocate of microfinance in her books and has she spoke throughout the world on issues of microfinance, women and poverty alleviation.

In her final message as CEO of ACCION International, Mrs.Otero wrote:

Microfinance is not a silver bullet. Consumer protection, fair lending, acceptable profits and capital-market investment all remain critical, complex issues that warrant deep consideration and thoughtful debate.

We believe she will be a great asset to this administration and wish her the best as she now continues on with her mission of reinforcing democracy world wild from the Office of the Under Secretary for Democracy and Global Affairs!

Read full article by Robert Kropp