Microfinance: Highlights of 2009

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Created on Thursday, 07 January 2010 03:10

The Microfinance Association, a global professional body that caters for the needs of practitioners in the microfinance sector, was established in the United Kingdom. The association is dedicated to the development and promotion of the microfinance sector. It is a centre of professional excellence, and an international focal point for the formulation of ideas and information gathering. The membership of the association is not restricted to UK practitioners; it is open to all practitioners working in the sector.

Maria Otero, the former President and CEO of ACCION International was tapped by the Obama Administration   to serve as the Under Secretary of State for Democracy   and Global Affairs. She was sworn-in to the position on August 10, 2009.

In May 2009, Microfinance CA, launched the first statewide conference on Microfinance in US. The web synchronized conference was attended by over 500 people from across the country at Stanford University, California and viewed by enthusiasts across the globe. The event generated energy and momentum from its overwhelming success, thus planting the seed for the upcoming Microfinance USA 2010. Opportunity Fund, Kiva, and Silicon Valley Community Foundation hosted the conference.

Palladium hosted its first colloquium – a gathering that brings academia, practitioners, borrowers and the education system together.

President Obama injected $100 million into Microfund and opened the first Economic conference of the Americas in Port of Spain, Trinidad and Tobago. “The global credit crisis is having a significant and harmful impact on the availability of finance for micro and small businesses that provide a majority of the jobs in the Hemisphere. This is one of the factors jeopardizing recent hard won gains in reducing poverty.” says the President. While the region has a wealth of microfinance institutions, these lenders are now confronting a serious shortage of private finance from both international and local sources.

Grameen USA reached its 1000 borrowers milestones.

The Princeton Microfinance Organization held its first colloquium titled "Microfinance, Economic Development and Global Health" in May 2009.

Professor Yunus received the United States of America’s highest civilian honor (the Presidential Award) along with 15 other the late other recipients include the late Senator Ted Kennedy, Ireland’s President Mary Robinson and Physicist Stephen Hawking.

Recycle to Eradicate Poverty (RTEP), a grassroots movement spearheaded by young professionals and students, provoked the good in people on Earth Day with its “free system for change” cell phone drive. To support this cause visit www.turnphonesintoloans.org to request prepaid postage bags made of 100% recycled plastic, FREE of charge.

Microfinance_highlights_in_2009.docx