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shared by Arabica Robusta on 29 Jul 12 - No Cached

Now, new evidence suggests that even microcredit was not protected from the greed that characterises modern international finance.
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In his book, ‘Confessions of a Microfinance Heretic’, released Jul. 9, former investment banker Hugh Sinclair claims that such banks and funds use microcredit, through local operators, to charge usurious interest rates – of up to 200 percent – on even the smallest loans.
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Similar criticism constitutes the backbone of yet another study, focused on the European Investment Bank (EIB)’s approach to microfinance in developing countries.
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“Nowadays microfinance encompasses a wide range of financial services, from micro-insurance to mobile banking, and seems to have lost its original vocation: instead of helping the poorest the question has been turned upside down and it is now how to make money out of them,” Carboni added.
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in countries with limited capital markets, “the EIB is simply involved in investment projects, rather than in reaching out to the poor.” Furthermore, he said, “the accountability chains are long and obscure, and the management of portfolio is insufficient.”
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shared by Rachid Ajmal on 08 Jun 10 - Cached

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