MEDIA RELEASE
Released By:
Downer
I am pleased to announce that since the last federal election, the Australian
Government has considerably increased support for microcredit projects through
the overseas aid program.
Funding for microcredit has nearly doubled over the last two years to over $5
million. Last financial year there were over 50 activities funded in Asia,
Africa and the Pacific.
The ability to procure loans and deposit savings by poor entrepreneurs helps
build stronger small businesses and leads to greater participation by the poor
in economic growth. Higher incomes for the poor result in increased investment
in education, nutrition and health leading to an improvement in the quality of
life.
In the light of the Government's support for microcredit, I am delighted to
launch Opportunity Knocks, a book containing the personal stories of 12
people who used small loans from an Australian based organisation to lift
themselves out of poverty.
Opportunity Knocks vividly illustrates the difference that small
amounts of money can make to the lives of the poor. It also shows that poor
borrowers, many of whom are women, are reliable with average repayments of about
95%.
Media contact: Innes Willox (Minister's office) 02 6277 7500
/ 0411 414 695
Mark Giffard (AusAID) 02 6206
4966