Grameen Foundation USA (GFUSA) and Silicon Valley adventure backer Vinod Khosla accept orchestrated a bisected a actor dollar disinterestedness investment in CASHPOR Financial and Technical Services, one of India’s arch microfinance institutions (MFIs).
Washington, D.C. -- Grameen Foundation USA (GFUSA) and Silicon Valley adventure backer Vinod Khosla accept orchestrated a bisected a actor dollar disinterestedness investment in CASHPOR Financial and Technical Services, one of India’s arch microfinance institutions (MFIs). This abundant investment of $250,000 anniversary from GFUSA and Khosla will strengthen microfinance action in Uttar Pradesh and Bihar area CASHPOR has been the abandoned MFI, and advice the alignment ability its ambition of 500,000 actual poor households by 2010.
The latest action by GFUSA and Khosla to hotlink clandestine basic to microfinance, this investment will accredit CASHPOR to advantage added costs at atomic ten-fold from bounded bartering lenders, and underscores the growing absorption of amusing investors in this approach.
“This disinterestedness beverage is in abutment of CASHPOR's path-breaking plan to advance microfinance and its poverty-reducing ability above arctic India,” said Alex Counts, GFUSA president. “We are hopeful that they can ability their ambition of confined a bisected actor women with microfinance by 2010 and will accommodate added abutment to aid them.” This is GFUSA’s aboriginal disinterestedness investment in one of its MFI ally and builds on its 5-year accord with CASHPOR. To date, CASHPOR has accustomed added than $500,000 in allotment from GFUSA.
Microfinance has accurate to be an able action in abbreviation all-around poverty. Very poor people, mostly women, accept actual baby loans to alpha assets bearing businesses that accredit them to advance their lives and advice their families escape astringent poverty. As acceptance of its impact, the United Nations declared 2005 as the International Year of Microcredit.
A longtime adherent of microfinance, Vinod Khosla is decidedly committed to architecture the industry in India. "I am blessed to advance in CASHPOR Financial & Technical Services Ltd., as it is accouterment microfinance to the poor, and is the alone MFI alive in eastern UP and Bihar, said Khosla. “I achievement that the Indian government in general, and the Reserve Bank in particular, will facilitate and advance mutually-beneficial and bartering relations amid MFIs and banks, so that the huge amounts of accommodation funds bare by the poor to abate their abjection will be fabricated accessible to them.”
Founded in 1996, CASHPOR currently serves over 87,000 poor humans in 7,000 rural villages in six districts of eastern Uttar Pradesh (Mirzapur, Chandauli, Ghazipur, Ballia, Mau and Deoria) and three above the apprenticed in Bihar (Buxar, Bhabua and Saran). Undeterred by a abridgement of infrastructure, top abomination ante and civic tensions, CASHPOR chose this arena because of its acutely top abjection rates. Its success as a acceptable organization, in animosity of the arduous environment, has encouraged added MFIs to aggrandize into locations of Uttar Pradesh.
About Grameen Foundation USA
Grameen Foundation USA (GFUSA) is a all-around non-profit alignment that combines microfinance, technology, and addition to empower the world's atomic humans to escape poverty. Founded in 1997, GFUSA has accustomed a all-around arrangement of 52 ally in 22 countries that has impacted an estimated 5.5 actor lives in Asia, Africa, the Americas, and the Middle East.
The Foundation sprang from the Grameen Bank of Bangladesh. Grameen Bank was started in 1976 by an economics professor, Dr. Muhammad Yunus, who was assertive that women could breach through abjection by demography tiny loans to alpha or aggrandize tiny businesses. Today, Grameen Bank serves about 5 actor borrowers, with 10,000 families artifice abjection every month. As cardinal all-around partners, GFUSA and Grameen Bank allotment a accepted vision, ability and success models to advanced the microfinance industry's appulse on the world's atomic people. Dr. Yunus, the architect and administrator of Grameen Bank, is a founding and accepted axle affiliate of GFUSA. For added advice on Grameen Foundation USA, amuse appointment www.gfusa.org.
GFUSA Media Contact:
Michelle Tennant
828.749.3200
michelle@tennant.org
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