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Millions for millions
October, 23 2006
United States - This year’s Nobel Peace Prize winner and some high-tech entrepreneurs are competing to provide credit to the world’s poor
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Banks not eager to give loans to rural sector
October, 23 2006
India - Criticising major banks for their reluctance to provide loans to rural people, rural development minister Raghuvansh Prasad Singh has said the UPA government will provide banking and insurance facilities to small farmers to bring them into the national mainstrea
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Micro-credit saves battered wife, farmworker
October, 23 2006
Philippines - What do a battered wife and a female farm worker have in common? They both overcame adversity through the help of a project patterned after the Grameen Bank
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Iraq’s Microfinance Sector: A Survey
October, 23 2006
Washington, United States - Since the Baath Party government fell in 2003, Iraq’s economy has been in turmoil. One of the key problems that has plagued the country in recent years is unemployment resulting from the change in government as well as the near-civil war conditions raging on the ground
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Nobel Peace Laureate Calls on China to Establish Microfinancing Authority
October, 22 2006
China - The winner of the 2006 Nobel Peace Prize, Muhammad Yunus, has called on China to establish a regulatory body for micro-finance projects. China has started experimenting with micro-credit, but, the current rules are limiting the success of a system that has helped millions of people worldwide out of poverty
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Canada declares October 20th National Microfinance Day
October, 20 2006
Canada - The Honourable Aileen Carroll, Minister of International Cooperation, has announced the declaration of October 20th as National Microfinance Day. The Government of Canada, through the Canadian International Development Agency (CIDA), has invested more than $1 billion over the past 35 years in microfinance initiatives to reduce poverty in developing countries
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Gates grant to aid Redmond-based Unitus in improving microfinance
October, 20 2006
United States - Microcredit, giving tiny loans to very poor people to help them build businesses, has reached millions of people around the world since the concept was pioneered by Bangladeshi economist Muhammad Yunus, winner of this year's Nobel Peace Prize
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Symbiotics closes Microfinance collateralized debt obligation (CDO) transaction
October, 18 2006
Geneva. Switzerland - On 18th October 2006, Symbiotics S.A. concluded the third and final closing of “Microfinance Loan Obligations SA – Compartment Opportunity Eastern Europe 2005-1”. This deal raises funding through the capital markets for microfinance institutions (MFIs) belonging to the Opportunity International Network in the Balkans and Russia. The financing, with a total volume of EUR 26 million, is an asset-backed (Collateralized Debt Obligation) transaction structured under Luxembourg securitization law
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Dubai's first-ever Microfinance Conference
October, 17 2006
Dubai - In association with the Mohamed Bin Rashid Establishment for Young Business Leaders, PlaNet Finance UAE, a premier non-profit organization dedicated to alleviating poverty through microfinance, will be hosting the first Microfinance Forum to be held in Dubai on the 5th and 6th November
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Govt to Sell Its Shares in National Microfinance Bank
October, 16 2006
Tanzania - The government of Tanzania is planning to sell its 21 per cent stake in the leading commercial bank in Tanzania, the National Microfinance Bank (NMB).
The sale is scheduled to take place in March next year through the Initial Public Offer (IPO)
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"A Hand Up, Not a Handout" (an article by Muhammad Yunus)
October, 14 2006
Bangladesh - America's government and people brought charity to a new level last year in their response to Hurricane Katrina. The rebuilding has been particularly difficult, however, because it has involved lives as well as bricks and mortar. Many victims had been desperately poor all their lives. Helping them to self-sufficiency has proved just as difficult, if not harder, than putting homes and businesses back up again
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Microfinance as Business
October, 13 2006
Washington - CGD research fellow David Roodman and Uzma Qureshi analyze microfinance institutions (MFIs) as businesses, asking how some succeed in covering costs, earning returns, attracting capital, and scaling up.
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Key facts about microfinance
October, 13 2006
- Bangladeshi economist Muhammad Yunus and the Grameen Bank he founded won the 2006 Nobel Peace Prize on Friday for grassroots efforts to lift millions out of poverty.
Here are some key facts about microfinance, the system Yunus pioneered which has been copied in more than 100 countries
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The Nobel Peace Prize for 2006
October, 13 2006
Oslo - The Norwegian Nobel Committee has decided to award the Nobel Peace Prize for 2006, divided into two equal parts, to Muhammad Yunus and Grameen Bank for their efforts to create economic and social development from below. Lasting peace can not be achieved unless large population groups find ways in which to break out of poverty. Micro-credit is one such means. Development from below also serves to advance democracy and human rights
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Micro credit for enterprising people
October, 12 2006
India - The benefits of a rapidly growing Indian economy is being felt everywhere. Big businesses are gigantic, but the better news is that minuscule businesses are now big too
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Transaction Costs in Group Micro Credit in India
October, 11 2006
India - Case Studies of Three Micro Finance Institutions
There are three kinds of costs that a lending institution incurs when it provides a loan: the cost of the money that it lends; the cost of prudent financial practices such as provisioning for loan defaults; and the cost of transaction, which includes the costs of identifying and screening the client, processing the loan application, completing the documentation, disbursing the loan, collecting repayments and following up on non payment
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Microfinance Capital Markets Update n°11
October, 06 2006
- The microfinance capital markets update is produced and edited by CGAP and the Microfinance Information eXchange (the MIX). The newsletter is the only publication dedicated to microfinance capital markets news, and is distributed to microfinance providers, investors, donors, rating agencies and consultants
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Microfinance scheme
October, 06 2006
Ghana - Weeks ago, the $50 million microfinance scheme was launched by the President. I don't know why we keep quoting the figure in dollars.
Properly put, the President launched a ¢455 billion microfinance facility.
And since that time, people have been calling and calling; everybody wants some of the money to expand their businesses. That is a good thing, because we are in a golden age of business.
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Standard Chartered to Establish $500 Million Microfinance Facility
October, 06 2006
- Standard Chartered, the British bank with investments across the developing world, announced at the Clinton Global Initiative (CGI), that it will invest $500 million in microfinance. The commitment, which was one of 3 that the bank made at the 2006 CGI, involves investing $100 million annually for 5 years and is estimated to eventually be distributed to 4 million micro-entrepreneurs. According the Mizinga Melu, global head of the bank's Development Organizations operation, the bank will invest the funds in several "multilaterals, bilaterals, NGOs and MFIs, mainly in Africa in Asia." Ms. Melu further stated that the bank has, "partnered with ACCION to drive the initiative." In addition to investing in MFIs, the bank will offer "training and thought leadership programs" to the partner organizations. Further information is unavailable
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Micro-credit under scrutiny
October, 05 2006
Bangladesh - It is now mandatory for all micro-finance institutions (MFIs) to take licence from the regulatory body for operating their activities in Bangladesh. The newly formed body -- the Micro-credit Regulatory Authority (MRA) -- has set February 26 as the deadline to apply for fresh operating licence in line with the existing micro-credit regulatory act
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Grameen Foundation-Global Partnerships Alliance Secures $1.5 Million for ACODEP
October, 03 2006
Nicaragua - Grameen Foundation and Global Partnerships, two organizations that recently joined forces to fight poverty in Latin America through microfinance, today announced their first deal: US$1.5 million for ACODEP, one of the top three microfinance institutions (MFIs) in Nicaragua. Facilitated by a guarantee of $500,000 issued by Grameen Foundation, the financing will come in the form of a loan from Banco de La Produccion S.A. (BANPRO) and will support ACODEP’s efforts to double its current client base from 51,444 to 118,000 by 2009
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Building on Success: The Next Challenges for Microfinance
October, 01 2006
United States of America - Henry Wendt and Grameen Foundation Board Member Bob Eichfeld, both longtime active supporters of Grameen Foundation, are co-authors of ‘The Next Challenges for Microfinance: Building on Success’, a publication by the American Enterprise Institute in its AEI Development Policy Outlook in September 2006
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MFIs to obtain licence to run micro-credit
October, 01 2006
Dhaka, Bangladesh - Micro-Finance Institutions (MFIs) will require to obtain mandatory license from the newly set up Micro-Credit Regulatory Authority (MCRA) to continue credit operation in the country
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