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

Written by: International Labour Organization

Article Overview: 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.

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.

Related Articles
  1.19 Building trust: Working Out of Poverty
  1.5 Skills development for sustainable livelihoods: Working Out of Poverty
  1.9 Building local development through cooperatives: Working Out of Poverty
  Recommendations for future research - Factors Impeding the Poverty Reduction Capacity of Micro-credit: Some Field Observations from Malawi and Ethiopia
  1.15 Building an employment agenda: Working Out of Poverty

Article Tags: africa, assets, central banks, consortium, consultative group, donor agencies, financial services, ilo, laws and regulations, microcredit summit campaign, microfinance movement, organizational experience, poverty, productive purposes, trade unions



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