Extended propsal Essay Example | Topics and Well Written Essays - 3000 words

Extended propsal - Essay sheathDuring the summit, the importance of access to credit by low income classes, women, and other vulnerable groups, was emphasized. In 1997, the movement gained some other boost with the h overageing of the World Micro-Credit Summit in February 1997 in Washington, DC. During the summit, a countdown was announced, to the year 2005, for the eradication of privation among 100 trillion of the worlds poorest families, targeting women in particular with micro-credit aimed at self improvement (Dhar, 2005).In the last 20 years, microfinance has proven to be a vital development tool capable of addressing the require of vast number of poor people, in particular poor women, with a means of sustainable monetary support for their livelihoods. In the 2005 State of the Microcredit Summit Campaign, microfinancial institutions were reported to have reached more than 92 million clients, in the process benefiting as many as 333 million family members. Poor people are n o all-night seen as charity recipients but customers to be attended to and served of these, women comprise 83% - roughly 66 million of reported microfinance clients. And not only are they better clients than men, being better repayers, but they also title as key drivers of development, channelling their extra income directly to the benefit of the family (McCarter, 2006).Even prior to its being called micro-finance, forms of small-scale support have already been afforded to very poor families in developing countries such as India. However, with the advent of the terminal micro-finance, there appears to be a paradigm shift in the perception of people to the new facility. The old concept encompassed providing credit, at subsidized rates of credit, to poor families residing in rural and semi-urban areas, through public and government financial institutions (Dhar, 2005).Under the new concept, the target is rural and urban poor