We are pleased to post an update from Grameen Foundation about the Campaign Commitment that they launched in 2014. Focused on supporting the growth of the use of a very effective poverty measurement tool, the PPI®, their Commitment also underscores the importance of using the data from tools like this in helping to improve the way we support and serve those living in poverty.
You can learn first-hand how such tools can be used, not just to prove that you are reaching the extreme poor, but to improve the services that you offer and the way you interact with the extreme poor. We are organizing a breakout session at the 18th Microcredit Summit called “Innovations in Measuring Social Impact.” Learn more and register today!
>> Authored by Julie Peachey, Grameen Foundation
In early 2014, Grameen Foundation made several commitments, as part of the Microcredit Summit Campaign’s 100 Million Project, towards achievement of the collective goal of helping 100 million families escape poverty. Our commitments focused on demonstrating use of the Progress out of Poverty Index® (PPI®) for measuring household-level poverty, because reaching and lifting people out of poverty requires knowing who is actually poor.
>>Authored by Larry Reed, Director, Microcredit Summit Campaign
Last week, Beth Rhyne posted a well-deserved tribute to Alex Counts, who recently retired as CEO of Grameen Foundation. I’d like to add to her thoughtful articulation of Alex’s contributions to microfinance and the lives of people living in poverty.
I once sat with Alex at a dinner in Dhaka that brought together many different strands of the Grameen family. Our table included several of the board members of Grameen Bank, women clients of the bank. They laughed at Alex as he talked with them in Bangla, and then let us know exactly what they thought about how the government was treating Prof. Yunus. As I watched their delighted conversation, I was struck with how it traversed so many traditional barriers of gender, age, caste, education, experience and income. It was just Alex and his friends, who were not only clients of Grameen but were also mothers, daughters, board members and business owners. He wanted to learn as much as he could from them.
By Larry Reed, Director, Microcredit Summit Campaign What can we say about a book that exposes a huge vulnerability in the microfinance industry, but does so by exposing only those facts which make its case and excluding those which give … Continue reading →
The world is mobilizing to address the massive earthquake that hit Haiti on Tuesday, dealing a horrific blow to the poorest nation in the Western Hemisphere. The reported epicenter of the earthquake is a highly populated area known to house many of Port-au-Prince’s poorest families. The International Red Cross estimates that one-third of the island nation’s 9 million people have been displaced by the earthquake and many thousands are dead.
This disaster requires both immediate emergency relief and longer term rebuilding efforts. Microfinance will play a crucial role in the financing needs that inevitably arise from this type of catastrophe as Haitians look to rebuild their country.
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Below are microfinance organizations participating directly in relief and recovery work among earthquake victims in Haiti. Click on the organization link below to donate:
On Monday, USAID has announced a partnership with Grameen Foundation for a $162.5 Million Credit Guarantee. By this valuable partnership, it will easier for the microfinance institutions (MFI) to access private credit as USAID and Grameen Foundation will share the credit risk.
As we all know, effects of the actual financial crisis also has an influence on the MFIs. As the unemployment rate increases, more and more people are trying to setup a micro-enterprise and this has increased the demand for microcredit.
According to USAID and Grameen Foundation, the 3 major ways that MFIs get funding are reinvestment of repaid customer loans, loans from commercials banks and finally grants from donors. As the financial crisis has reduced the access of commercial financing to the MFIs, this partnership between USAID and Grameen Foundation will provide credit enhancement for the MFIs.
Moreover, the partnership will lend money in local currency as they believe that this will present less risk of currency market fluctuations. In the actual financial meltdown, this partnership should give a helpful hand to worldwide MFIs who will profit from this partnership, an estimated of 691, 500 micro-entrepreneurs will benefit the loans provided by these MFIs.
Grameen Foundation is “global non-profit organization that combines microfinance, technology, and innovation to empower the world’s poorest people to escape poverty. It has established a global network of 46 partners in 25 countries that has impacted an estimated 18 million lives in Asia, Africa, the Americas, and the Middle East. Grameen Foundation was founded by Alex Counts, who began his work in microfinance with Grameen Bank founder and Nobel Peace Prize recipient Dr. Muhammad Yunus.”
USAID is an independent federal government agency that provides foreign assistance worldwide. “USAID has been the principal U.S. agency to extend assistance to countries recovering from disaster, trying to escape poverty, and engaging in democratic reforms.”