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. To learn more about this author, visit International Labour Organization's Website.

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