An interview with Larry Reed

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>> An interview with Larry Reed, director of the Microcredit Summit Campaign by Miranda Beshara

The first Microcredit Summit was held in 1997 and called for a nine-year campaign to reach 100 million of the world’s poorest families. In 2005, the Campaign was re-launched until 2015. In 2016, where does the Microcredit Summit Campaign stand and how does the future look like?

At the Halifax Global Summit in 2006, the microfinance community set two new goals for the Campaign. First, to reach 175 million of the world’s poorest families with microfinance and, second, to see 100 million of the world’s poorest families move out of extreme poverty. Our latest numbers, from 2014, show we still have a lot of work to do to reach those goals. Much of the growth of microfinance in recent years has been with families that are not living in extreme poverty. We have focused our attention on the types of finance that reaches to the poorest families, and helps them limit vulnerabilities and take advantage of opportunities.

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Voices from the Field: Essma Ben Hamida

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Pathways: financial inclusion to end extreme poverty | Find out what we heard from the industry in this year’s Listening Tour

In preparation for our 18th Microcredit Summit, the Campaign conducted a Listening Tour from December 2014 through February 2015. The Listening Tour served two purposes. First, it was our hope to find out how our audience (you) felt about on the World Bank’s goal of eradicating poverty by 2030, and equally important, we wished to consult you in identifying the topics that were at the top of everyone’s mind.

Q: What do you think will be needed to achieve the goal of global financial inclusion by 2020 and how can this contribute to the goal of eradicating extreme poverty by 2030?

I’m not very optimistic, given the current situation. Banks and MFIs are having a crisis of liquidity especially during this last financial crisis. There is a lot of money in the MENA region, but our outreach numbers are low compared to other regions. Also, with just 1% of the population projected to own 50% of global wealth by end-2015[1], it is hard to see how the poorest can hope for financial inclusion…

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