US Mosaic Foundation donates us $800.000 to arab micro-credits programs
Regional-USA, Economics, 4/18/2003

US Mosaic Foundation disbursed on Wednesday US $800.000 to fund micro-credits programs in Arab states, through the Grameen Foundation USA.

Micro-credit, or more broadly, micro-finance, is an anti-poverty strategy that centers around providing tiny loans, often under $100, to very poor people (mostly women), to allow them to earn additional income by investing in the establishment or expansion of "micro-businesses" such as raising livestock, food processing, tailoring and hundreds of other enterprises.

The donation, handed over to Grameen Foundation's founder, Mohammad Yunus, during a fund-raising dinner organized by Mosaic Foundation in Washington, will be used to fund projects in Morocco, Tunis, Mauritania, Egypt, Djibouti and Lebanon.

The Mosaic Foundation was founded in 1998 by the spouses of seventeen Arab Ambassadors in Washington DC and it was dedicated to improving the lives of women and children across the world.

The humanitarian organization has since its creation given more than US $4.2 million to different charities.

Grameen Foundation USA, working in partnership with the Grameen Bank, was established in 1997 to provide financing, technical assistance and technology support to the growing numbers of grassroots institutions in several countries.

Founded by Mohammed Yunus, Grameen Bank is specialized in micro-credits and it has given so far more than 2.5 million to small borrowers, mostly women.

Previous Stories:
  US: WB and IMF process should be completely transparent and accountable   (4/15/2003)
  USA launches program for women entrepreneurs   (2/13/2003)
  Washington reconsiders all its aids for the Arab states   (11/18/2002)

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