Home > Economics > The Realities of Microlending

The Realities of Microlending

Robert Pollin writes in Counterpunch:

How effective is micro credit as a poverty-fighting tool? In 1976, Muhammad Yunus, the 2006 Nobel Peace Prize winner, launched the pioneering institution in the field, the Grameen Bank in Bangladesh. The industry’s growth has been explosive since Grameen opened its doors. According to a recent story in The Economist, “there are now some 10,000 microfinance institutions lending an average of less than $300 to 40 million poor borrowers worldwide.” These institutions have made important advances relative to the array of moneylenders and pawnbrokers that had previously controlled the provisioning of banking services to the world’s poor.

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