Microfinance

Gates foundation to provide credit groups with US$ 38 Million Grant (Approx Rs 175 Crore)

One of the world’s richest men has awarded $38m to credit groups designed to provide better ways for 11m of the world’s poorest people to save.

bill melinda gates

The Bill & Melinda Gates Foundation, established by the co-founder of Microsoft, is funding efforts to encourage developing world lenders to establish a range of savings products.

The grants, to 18 microfinance institutions in 12 countries across Latin America, Africa and Asia, follow a year-long review by the philanthropic organisation to expand its innovative development work into “micro-savings”.
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