Global Microfinance Consortium Alleviate Global Poverty Through Financial Market-based Solutions-Restoring Dignity to the Poor
In the latest issue of “Climate News & Report” (Nov 12, 2005), the article “Restoring Dignity to the Poor: Global Microfinance Consortium Alleviate Global Poverty Through Financial Market-based Solutions” is published.
Autumn reports on the progress of commitments made at the Clinton Global Initiative which took place last September 15-17.
Former President Bill Clinton spoke on Thursday, November 3rd launching the Global Commercial Microfinance Consortium – a $75 millions multi-tiered commercial fund committed to alleviating poverty. The Consortium is the fulfillment of a commitment made by Deutsche Bank at the Clinton Global Initiative last September.
This article is important because it demonstrates how diverse groups of investors from the private and public sectors have joined together to apply their business acumen, capital and development initiatives to alleviate global poverty through financial market-based solutions. Micro Finance Institutions are specialized banks that provide credit to the working poor worldwide.
The fight against global poverty is a moral imperative, fundamental to the values we hold dear. Success will depend on moving beyond a framework based on charity to a model that truly empowers the productive capacity of the world’s poor where they become our partners in every sense: suppliers of our goods, consumers of our products, conveyors of important local knowledge, investors in our projects, and champions of the democratic ideals we cherish. It is also a model that holds development financing – accountable for achieving these social returns. When businesses include this moral dimension in its strategy, setting a gold bar, their competitors will naturally follow. The sessions on global poverty at the Clinton Global Initiative focused on how best to marry policies and resources with the dynamism of poor communities and the creativity of the market. Celebrities including Oprah Winfrey and Angelina Joli attended the event to lend their support.
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About Elizabeth Autumn, MBA
Autumn is a freelance reporter AND publishes Climate News & Report. She covers environment and corporate governance issues. Completing her Masters in Environmental Management at Harvard University, Autumn also writes for Crane’s Magazine, Create Magazine, and Publishers Weekly. Previously a freelance producer for Fox News she also worked for CBS News and the Emmy-Award winning CBS Documentary "9-11.”
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