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PrintOct 23, 2007
The practice of providing credit and financial services to entrepreneurs in poor communities – microfinance – is fast becoming an effective way to combat global poverty.
On September 25, 2007, several hundred JPMorgan employees, Wall Street bankers and industry participants heard firsthand about the success of microfinance from one of its original and largest practitioners, Dr. Fazle Hasan Abed, during his recent visit to New York headquarters.
Founder of the global relief and microfinance organization, BRAC, Dr. Abed provided insights into his group’s strategy at a time when JPMorgan is expanding its own microfinancing involvement. “I encourage all of you who feel for the plight of poor people and wish to improve their lives to provide your support,” he said.
BRAC’s experience around the world may provide lessons for future microfinance practitioners. Since its founding in 1972, BRAC has issued $4 billion in small loans to businesses in Bangladesh, Afghanistan, Sri Lanka, and in 2006, BRAC began working in Africa - Tanzania, Uganda, and Southern Sudan. As a result, 7 million self-sustaining entrepreneurs now run a wide range of essential businesses, like fish hatcheries, farms, feed mills, printing facilities, and small stores.
“BRAC has not confined itself only to financial services but also looks at people’s livelihood, prospects, possibilities and how to create new opportunities for poor people to improve their livelihood, ” said Dr. Abed, speaking of BRAC’s strategy of providing a range of economic development, health, education and legal programs.
BRAC is currently looking to take the model it has developed over the last 35 years in Bangladesh and expand its work in Africa.
JPMorgan hosted Dr. Abed during his visit to New York to attend Former President Bill Clinton's Global Initiative conference. Clinton presented Dr. Abed with one of four Inaugural Clinton Global Citizen Awards.
Hear more:
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Dr. Abed on empowering the poor |
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Scaling the BRAC model in Africa and around the world |
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Role of technology |