f_0016631_14373 - Forward Alex Counts The field of...

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The Whitehead Journal of Diplomacy and International Relations Forward Alex Counts The field of microfinance has come a long way. It was not long ago that the idea of simply recovering the lion’s share of the principal was a remarkable achievement when extending credit to the poor. Doubts persisted up until recent years whether microfinance could be scaled up in countries other than Bangladesh, Indonesia and Bolivia. The empirical case for microfinance as a robust approach to poverty reduction was long perceived to be flimsy. The beliefs that the poor and especially the poorest could save and that microfinance institutions (MFIs) could be good stewards of that savings and intermediate these resources were not widely held. Today, it is not uncommon for MFIs and their constituent branch offices to become fully profitable within twelve to twenty–four months of commencing operations. Public offerings of MFIs have begun and will continue. A growing number of countries that had lagged behind the leaders have seen an explosion of outreach, due in large part to the Microcredit Summit Campaign’s efforts and the increasing availability of significant amounts of local currency financing. Especially noteworthy has been the growth of quality micro-financial services in India, Morocco and Peru. More than 90 impact studies, compiled and analyzed for the first time in Grameen Foundation’s “Measuring the Impact of Microfinance: Taking Stock of What We Know,” have validated the fact that microfinance has a strong and
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This note was uploaded on 02/01/2012 for the course POLS 351 taught by Professor Shaw during the Fall '08 term at Boise State.

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f_0016631_14373 - Forward Alex Counts The field of...

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