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Plenary Session: Empowering Women Through Microfinance/ Innovations from the Field

Plenary Session: Presentation of BRAC Institutional Action Plan

Bangladesh Prime Minister H.E. Begum Khaleda Zia to inaugurate the Asia/Pacific Microcredit Summit Meeting of Councils

State of the Microcredit Summit Campaign Report 2003 to be released November 3 in New York

USAID and SEEP Network to Facilitate Development of Poverty Assessment Tools

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Plenary Session: Empowering Women Through Microfinance/Innovations from the Field

Remarks by Barrister Shahida Jamil on Empowering Women Through Microfinance

…The suggestion in the paper that microfinance institutions that focus on empowerment can be efficient and sustainable is strongly supported. To take a case in point of the year 2000, the government of Pakistan under the leadership of President General Pervez Musharraf alarmed at the growing level of poverty in the country actually implemented it. It also succeeded in getting World Bank and Asian Development Bank support, as already explained by the first lady of Pakistan. A dedicated legislation that enables and facilitates private institutions was promulgated along with a comprehensive regulative framework under which the central bank oversees the licensing process and operations of such institutions. Moreover, with the support of the World Bank and Asian Development Bank, for the first time the global corporate sector actually agreed with us to become involved in poverty eradication. In April 2000 Boshali Bank, a well capitalized institution was established as a flagship of this new policy dispensation. It was then moved into the private sector. Multinationals like the Citibank and Standard Chartered have put in a stake in Boshali Bank. Beginning in the poorest areas, in 24 months the Boshali Bank has covered 30 districts out of 100 and has given loans to 80,000 beneficiaries since April 2001. By 2003 it is targeted to provide services in the entire country.

… The problem of poverty is complex and needs urgent attention. Just as civilization was at the crossroads and transformed the system from money lending to banking we are once again at the crossroads and need an innovative system that serves and protects the interest of the poor while also balancing the interests of the depositors and bankers, thereby coming up with a new approach to bankability. We in Pakistan feel microfinance is that new approach.

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