The Facts"Before the class, I never really knew whether I was making money or losing it. I was a little bit lost. Now I have a notebook for expenses and another for sales. I have a separate notebook where I write down any sales I make on credit, That way, I have a clear record of everything my clients owe me. Thanks to the class, I feel like I am in control." -Marie France, a Fonkoze microfinance client in Haiti about business education instruction
Professor Muhammad Yunus, the 2006 Nobel Peace Prize laureate and "father" of the microfinance movement, recently reiterated his vow to create a “poverty museum” in Bangladesh by 2030. Bangladesh is cutting extreme poverty rates (those living on less than $1.25 per day) by 1.34 percentage points each year. Bangladesh is on track to cut poverty in half from 1991 levels by 2013. It is remarkable that one of the poorest countries with few natural resources will likely reduce poverty levels from 58.8 percent to 29.4 percent in 22 years. It is no coincidence that Bangladesh is home to Grameen Bank and BRAC, two of the largest and most successful microfinance institutions (MFIs) in the world. Rather than dismiss the poorest as unreachable, these MFIs, and others in Bangladesh and around the world, are helping the poorest people — those living on less than $1.25 a day — to break free from the cycle of poverty by providing them access to transformational financial services. In addition to Bangladesh museum of poverty, there should be many others erected around the world in coming years. Every country and international financial institution has committed to achieving the Millennium Development Goals (MDGs) by 2015, with the overarching goal to halve poverty by 2015. We have the means to end poverty, and microfinance is one of the most effective and proven tools to make a lasting difference in the lives of the very poor. It currently provides hope for a better future to millions of families. Missing now is political will of our leaders to fulfill their millennium promises. Background
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