Microcredit

“Let us be clear: micro finance is not the charity.

It is the way to extend the same rights and resources to low income households that are available to everyone else.

It is recognition that poor people are the solution, not the problem. It is way to build their ideas, energy and vision.

It is a way to grow productive enterprise and to allow communities to prosper”

Kofi Annan

Definition/short description

Microcredit refers to small-scale financial services primarily credit and savings provided to people in developing countries who normally can't get a loan.

In depth

How does microcredit help low-income and poor people? People who have access to savings, credit and insurance are better able to deal with everyday demands. For example with insurance they are better prepared for not expected expenses such as illness.

The relevance of Microcredit for Migration and/or Migration Policy

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Examples

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Sources, further reading, links

• year of microcredit UN
• weblink to source 2
• Author, source 3 book title, edition, publisher, year, ISBN

Related Educational Pages

• IPMProject1