MEDIA RELEASE
Released By:
Patterson
Senator the Hon Kay Patterson, Parliamentary Secretary to the Minister for
Foreign Affairs, today announced the Australian Government's Overseas Aid Agency
will contribute $2.2 million over three years to the rural-based Bougainville
Microfinance Scheme project managed by Australian Volunteers International.
Following a decade of unrest that only recently ended with the 30 August
Peace Agreement, assistance to rural communities remains an essential part of
rebuilding Bougainville.
'Microfinance helps communities at the grass roots level by giving small sums
of money to people, generally as repayable loans, to start-up small enterprises
and have a go at fighting poverty themselves.' the Senator said.
Due to commence in October 2001, the new microfinance project is based on the
successful Haus Moni pilot project implemented in four districts in 1999.
The project will enable the community to save money, which can then be
borrowed back by individuals as small loans. The project also provides training
in bookkeeping and financial management.
'Microfinance is an important tool in Australia's overseas aid program and
often it is women who make the most of it. Where they are a major source of
household income, women use microfinance to increase their family's standard of
living. This enhances women's decision-making role in the community, and
according to the evidence, greater participation by women in making community
decisions is good for development,' Senator Patterson said.
Australia supports a number of microfinance projects in countries such as
Vietnam, the Philippines, Bangladesh, Nepal, and China.
The Australian Government decided to increase microfinance expenditure from
$6.4 million in 1997-98 to approximately $13 million in 2001-02. This recognises
the positive impact microfinance is having in advancing Australia's national
interest through the reduction of poverty in developing nations, particularly in
the Asia Pacific region.
Media contacts:
Helen Verlander (Senator Patterson's office) 02 6277 3800
/ 0409 034 403
Fionna Douglas (AusAID) 02 6206 4960 / 0412 804
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