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1.8 Making money work for poverty reduction: Working Out of Poverty

1.8 Making money work for poverty reduction: Working Out of Poverty

It is impossible to build an enterprise without access to credit. Poor
people all over the world have little access to formal financial services.
Microfinance activities go hand in hand with entrepreneurship, enabling the
poor to borrow for productive purposes, save and build their assets. The ILO
has advised central banks on the design of laws and regulations for povertyoriented
banks. This has been instrumental in creating an enabling environment
for pro-poor banks to emerge and prosper, particularly in Africa.

By connecting the organizational experience of trade unions and employers
to the microfinance movement, the ILO is joining others to help extend
affordable financial services to the 95 per cent of the working poor who
lack access to them. The ILO offers an integrated enterprise-based strategy
out of poverty that is firmly rooted in ILO values. It is also part of the Microcredit
Summit Campaign and is working with the Consultative Group to Assist
the Poorest (CGAP), a consortium of 29 donor agencies.





18 Making money work for poverty reduction Working Out of Poverty - To learn more about this author, visit International Labour Organization's Website.

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David Acheson
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International Labour Organization
(Visit International's Website) As the world's only tripartite multilateral agency, the ILO is dedicated to bringing decent work and livelihoods, job-related security and better living standards to the people of both poor and rich countries. It helps to attain those goals by promoting rights at work, encouraging opportunities for decent employment, enhancing social protection and strengthening dialogue on work-related issues. The ILO is the international meeting place for the world of work. We are the experts on work and employment and particularly on the critical role that these issues play in bringing about economic development and progress. At the heart of our mission is helping countries build the institutions that are the bulwarks of democracy and to help them become accountable to the people. The ILO formulates international labour standards in the form of Conventions and Recommendations setting minimum standards of basic labour rights: freedom of association, the right to organize, collective bargaining, abolition of forced labour, equality of opportunity and treatment and other standards addressing conditions across the entire spectrum of work-related issues.

International Labour Organization is a Platinum author on EvanCarmichael.com
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