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The Enduring Myth Of Microfinance

Qazi, Moin
http://www.countercurrents.org/2017/03/22/the-enduring-myth-of-microfinance/

Publisher:  countercurrents.org
Date Written:  22/03/2017
Year Published:  2017  
Resource Type:  Article

When microfinance-provision of financial services tailored to fit the needs of low income people – made its first appearance, everyone was infatuated by its narrative.

Abstract: 
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Excerpt:

In recent years microfinance has been aggressively fueled by international funders called as impact investors. They provide capital to businesses that solve social challenges while generating a profit and are the current rage in economic development .Although impact investors can lay the groundwork for commercial investors; they must also work in unison with government authorities to ensure well-functioning market systems. It is only when such a synergy brigs about a proper market structure that l the poor be able to participate in today's vast global economy.

But as with other trumpeted development initiatives that have promised to lift hundreds of millions from poverty, microcredit has struggled to turn rhetoric into tangible success. Done right, these loans have shown promise in allowing the slightly better off among the poor to build sustainable livelihoods. The notion that microcredit has potential to spark sustained economic growth is misplaced.

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