The Global Microcredit Summit is on right now in Halifax (Canada), and the Canadian federal government today commited $40 million to developing world microfinancing. From the article:

The first microcredit summit, organized in 1997, set a nine-year goal of reaching 100 million of the planet’s very poorest families sometimes defined as those living on less than $1 US a day with microcredit business loans and services. The new goal, to be formally announced at this week’s summit, is to not only bring 100 million poor families into the industry, but to raise their standard of living above the $1-a-day threshold.

(Press Release)

Apparently CIDA already spends $32 million annually on microfinance, which it has been sponsoring for over 30 years, and along with several other countries has been supporting government-sponsored microfinance in Afghanistan since 2003. Who knew?

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