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Microfinance
UK Microcredit Development Fund
Deutsche Bank microfinance programme was developed and launched in 1998. Managed from the US, the Bank joined forces with progressive clients of its Private Bank to establish the Deutsche Bank Microcredit Development Fund (DB MDF) as a unique financial tool fuelling the growth and reach of microfinance programmes around the world.In 2002, an independent UK registered charity was established with initial funding of £500,000 from Deutsche Bank with the objective of providing soft loans to microcredit finance houses which in turn, leverage the loans with local lending organisations. BenefitsThroughout history, credit has been a keystone in the development of wealth. With Microcredit the power of credit is utilised at the grassroots level as loans to the poor without the 'Catch-22' requirement of collateral or previous credit experience. Microcredit instituitions are proving to be a revolutionary force in enabling families to rise from poverty. Small loans to emerging entrepreneurs create opportunities for self-employment and lives of dignity for millions. Lonas to small businesses and individual entrepreneurs foster self-reliance and community-wide economic development. Small loans can also provide opportunities for education and training. What has been achieved?Since its inception, the DB MDF has invested over a total of $3.4 million in loans to some 35 microfinance institutions in 21 countries, enabling more than $42 million to be leveraged in private financing and cumulative lending capacity to the very poor. The existing portfolio includes loans in 18 different countries spanning six continents. One of these loans was made to Grameen Koota, a microfinance institution in Bangalore. This loan is helping the likes of Alamelu, who grew up in poverty and married at the age of fifteen. They were so poor that she could not raise an emergency loan of even ten rupees (under 13p) from their neighbours. |
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