News

01.27.2011

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La Rédaction

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The Bill and Melinda Gates Foundation bets on micro savings

Source : Economic Times

500 mln dollars in 5 years. This is the amount that the Gates Foundation decided to grant to the cause of Microfinance and more specifically to Micro savings. It was announced at the first Global Savings Forum organized in Seattle by the Gates couple on November 16 and 17, 2010. This financing appears in the Bill and Melinda Gates Foundation’s initiative “financial services for the poor”.

The originality of this project is to concentrate on savings, that, according to the Gates, corresponds to a sharp need besides microcredit and facilitates the financial inclusion of the poorests. According to Melinda Gates, “savings don’t only create a financial margin but also a creative one.” Their affirmation relies more particularly on a recent study: “How do savings accounts help the poor”, that was presented at the Forum.

A part of the 500 million will be invested in a six grants program for a total amount of 40 million, aimed at developing distant bank services such as mobile banking, as well as research programs about formal and informal use of financial tools.

Bill and Melinda Gates manage the wealthiest philanthropic foundation in the world, with 25 billion euros, considered as a leader in the promotion of “ethical capitalism”.

To be followed on Microworld: “Savings and micro insurance, complementary services of microcredit”. To know more about the action of the Bill and Melinda Gates, it is here: gatesfoundation.org

traduction : Seforah Benhamou