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WHAT'S NEW
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How microcredit loans fight poverty
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Explore financing programs that empower women and improve lives.
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By Heather Buchan
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The importance of empowering women
Women have become the focus of various micro-credit institutions around the world because, according to the Microcredit Summit Campaign, more people benefit from a loan that's given to a woman. Since women are primarily responsible for the upbringing of children in these communities, they are more likely to invest their income towards the well-being of their family.
Micro-credit for women has been so successful that women now make up more than 80 per cent of loan recipients. Another benefit is that loans to women also raise their socio-economic status in patriarchal countries where traditionally women are viewed as inferior to men. These loans give women responsibility outside of the home as well as self-confidence and independence.
Josee Verner, Canada's Minister of International Co-operation says micro-credit loans are an important tool in fighting poverty. "Micro-finance gives immediate results for their families. When your family is starving, you cannot wait. You must take action. So these loans provide jobs for women so they can then feed their families," she says.
Minister Verner also points out that micro-loans also provide freedom, liberty and security for women. "This is one of the most concrete results we can give," she adds. By providing women in developing nations with micro-loans, Minister Verner says it also allows them to invest in the future and long-term growth of their country as well. "Loans give women a real place in the economic development in their country. For these women, $150 is huge even though it seems like such as small amount to us," she says.
How you can help
There are hundreds of micro-credit organizations around the world. Here are two that focus on women and are global in their reach:
1. CARE is a humanitarian global poverty-fighting organization that focuses on women in areas including Africa, the Middle East, Asia and Latin America, initiates community savings-and-loan programs and provides training to help people start up -- and expand -- small businesses. To donate or learn more about their initiatives, go to www.care.org or call 1-800-521-2273.
2. Women's World Banking is a non-profit organization that supports member organizations which provide micro loans and other financial services to millions of impoverished women in 43 countries around the world. To make a tax-deductible donation or learn more, go to www.swwb.org or call 1-212-768-8513.
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