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The numbers astound: one in two human beings lives on $2 a day, or
less. As many lack public sanitation. Two billion want for electricity, a
billion more for clean water. The challenge is immense, but the fight
against poverty often begins at the smallest level.
We at CGAP know the cascading power of microfinance. We have
seen it propel the hopes and incomes of millions, from chicaron sellers
in the Philippines to tatreez stitchers in the West Bank and Gaza. We
have been inspired by countless individuals who turn small loans --
5,000 pesos, 20 dinars -- into innovative businesses that strengthen
livelihoods and communities.
So widespread are the successes that we no longer are wowed by the
core insight of our work: that poor people need access to credit to
forge their own, more prosperous futures. At the same time, we are far
from declaring victory over the scourge of poverty. Instead, we ask:
What more shall we do? How do we multiply our successes, helping to
halve poverty over the next two decades?
The answer, we believe, lies in providing poor people with permanent
access to a wide range of financial services. Beyond credit, we believe
poor people need services that will help them weather risk and build
wealth for the long run, services that include savings and affordable
insurance. That is our vision at CGAP. With partners worldwide, we are
working to build financial systems that work for the poor.
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About CGAP
The Consultative Group to Assist
the Poor is a consortium of 33
bilateral, multilateral, and private
donor institutions working to build
financial systems that serve the
poor in developing countries.
Headquartered in Washington, DC,
CGAP is a respected resource for
standards, operational tools,
technical and advisory services,
training, and information on best
practices. Learn more at
www.cgap.org.
Media inquiries
To request an interview with a
CGAP advisor or for general
inquiries, please contact:
Jeanette Thomas
Communications Manager
E: jthomas1@worldbank.org
T: 202-473-8869
F: 202-522-3744
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