For Haiti, microfinance presents pathway to a better life
Truthout - A micro-credit program and banking system for more than 200,000 women in Haiti has come to the rescue of the overall economy in the wake of the devastating earthquake.
At a time when Haitian commercial banks remain closed, Fonkoze, the Haitian branch of the Grameen Bank of Bangladesh, mobilized over one weekend to get funds to its members in rural towns as well as Port-au-Prince.
Between 2 a.m. and 2 p.m., last Saturday, January 23, Fonkoze brought in two million dollars in cash from their U.S. bank and distributed it by helicopters to regional offices in the most remote parts of the country.
That got money flowing again. The cash came from Haitians working abroad who had sent funds — called remittances — to their relatives. Read more.