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The State of Microcredit

Mark Marich

The field of microcredit (or microfinance) has been around for several decades now, and has become a mainstream part of international and national development policies. It has also enjoyed increased awareness among the general population, thanks in part to the popularity of world's first person-to-person micro-lending website. 

Not surprisingly, the field is now gaining traction across the globe according to a new report from the Washington DC-based Microcredit Summit Campaign.

In 2007, 154 million people received a microloan. 106 million of these people were among the world’s poorest, i.e. those making less than $1 per day, and 109 million were women. The report estimates that this financing likely affected 533 million family members—a figure that roughly equals the total population of Latin America. While the microcredit field has made great strides, it continues to pursue ambitious goals. By 2015, it anticipates reaching 175 million of the world’s poorest people, and ensuring that 100 million people are able to rise above the global poverty threshold of earning $1 per day.

The report is available in English, Spanish, French and Arabic. 

Report: 'State of the Microcredit Summit Campaign Report 2009' by Sam Daley-Harris

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