Posted on July 13, 2009 - by boris

Consultants say recession boosts microfinance demand in Pacific…

Radio New Zealand International posted:

Some business consultants say the global financial crisis has prompted growth in demand for microfinance services in the Pacific region.

This comes as the International Finance Corporation is to present the benefits of the approach at the Pacific Microfinance Week 2009 Conference in Nadi, Fiji.

Jon Hartley, the director of ASB Bank and World Vision New Zealand says microfinance is important in building local businesses.

He says the global financial crisis has taken some focus from the export market and onto boosting local businesses and says microfinance has played a key part in it.

“At the heart you’re actually talking about empowering people to do things which give them a sense of satisfaction, a sense of achievement, a sense of empowerment. And it would seem to me that in countries like Fiji, microfinance does have a valid role to play. It’s not a silver bullet, it won’t solve everything, but in fact it can provide quite a significant impact in the local community and the national economy if it’s run well.”

Jon Hartley says in the near future World Vision will placing more focus on microfinance services in the Pacific region.

Source:http://www.rnzi.com/pages/news.php?op=read&id=47680