30 Aug 2010

Microfinancing for women among beneficiaries of new World Bank scheme

3:40 pm on 30 August 2010

A growing Pacific microfinancing network is the first to benefit from a new scheme funded by the World Bank's International Finance Cooperation.

The IFC is putting nearly 11 million US dollars into the microfinance initiative for the Pacific.

It aims to provide performance-based grants and business advice to microfinance organisations in Pacific countries and East Timor.

The first beneficiary is the South Pacific Business Development Microfinance Network which aims to increase financial services and loans to women.

The Network's vice president, James VanReusel, says it will mean they can expand beyond Samoa and Tonga.