USAID and Private Investors Team Up to Create a New Fund, Targeting Poverty With Market-Based Solutions
November 3, 2005
http://sev.prnewswire.com/banking-financial-services/20051103/
DCTH07703112005-1.html
The newly announced Global Commercial Microfinance Consortium seeks to provide financing, banking services, and business expertise to small businesses and entrepreneurs in struggling economies. The fund totals $75 million, with $30 million already committed to projects in over half a dozen countries.
Amartya Sen argues, in Development as Freedom, that "[t]he far-reaching powers of the market mechanism have to be supplemented by the creation of basic social opportunities for social equity and justice" (p. 143). While this new partnership of private and public players to combat poverty demonstrates laudable international cooperation, is it enough? Does the mere combination of money and expertise provide the holistic development approach advocated by Sen?
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