Microfinance Gateway>Obama Announces US$100Mln Microfinance Fund for Americas

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Home » News & Opinion » Obama Announces US$100Mln Microfinance Fund for Americas

Obama Announces US$100Mln Microfinance Fund for Americas
Reuters

US President Barack Obama has announced the creation of a US$100 million Microfinance Growth Fund to help small lenders in the Western Hemisphere continue making loans despite the global recession. "The fund will provide stable medium- and longer-term sources of finance to MFIs and microfinance investment vehicles to help rebuild their capacity to lend during this difficult period," the White House said in a statement. The announcement was made while Obama was attending the Fifth Summit of the Americas in Trinidad and Tobago.

The microfinance growth fund will be a partnership of the Multilateral Investment Fund at the Inter-American Development Bank, the US Overseas Private Investment Corporation and the Inter-American Investment Corporation. The Multilateral Investment Fund will take the lead role in the initiative and will seek statements of interest next month. It will challenge private and public organizations to join the effort, with the aim of raising a total US$250 million for microfinance.

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Posted: 20 Apr 2009
Source: Reuters
Originally Published: 18 Apr 2009