Press Coverage
CNN International Interview with Elizabeth Littlefield Todd Benjamin: Now let?s cross live to Washington now and joining me to analyze Mr. Yunus? achievement is Elizabeth Littlefield. She is a director of the World Bank and chief executive of CGAP ? the consultant group to assist the poor. Obviously you must be ecstatic about him getting the award. Elizabeth Littlefield: Absolutely. It?s a fabulous moment for all the people that have been working in microfinance for many years. Mohammad Yunus really was the visionary that sparked what has become a global movement encompassing millions and millions of people right now. He?s the guy at the very beginning believed in the power of the poor and the poor people?s [inaudible] TB: Of course this began three decades ago as a Nobel Peace Prize person announced today and the amazing thing is really this has just turned into a multi-billion dollar industry, hasn?t it? EL: It has indeed. Over the last three decades, what?s started as a small niche in the corner of the development community that Professor Yunus so tirelessly has championed all these years has actually moved right into the mainstream of financial markets in poor countries. We?re seeing poor people really being accepted as legitimate clients of financial systems throughout the world. TB: Do you think that this model can work elsewhere as well beyond the world?s poorest? EL: Well, I think we need to recognize that what we?re really talking about is poor people of all types. You know there are a lot of different levels of poor people and they come with different situations, life situations and absolutely, depending on what their needs are different kind of financial institutions or different services are appropriate to them. At certain points in poor people?s lives it may be more important to borrow and at other times they may want to save money. At other times they may want life insurance or they may want to transfer money between the, you know, an urban market and a rural family. So the idea is that we need all kinds of financial services provided by all kinds and types and shapes of financial institutions serving this very legitimate and big client base at the bottom of the pyramid, the majority of the population in the developing world. TB: It is the majority of the population in the developing world and they are at the bottom of the pyramid and yet at the same time if you look at the default rates they?re actually a better credit risk than a lot of people elsewhere. EL: Absolutely. You know we see that when services are well provided that poor people pay back with astonishing regularity. In fact they?re better borrowers than rich people and corporations throughout the world. And the reason they pay back is really because they value so tremendously the access, the ongoing access to these financial services. They know that these, that the provisions of the financial services can really transform their lives. TB: Elizabeth, unfortunately we?re out of time and we could talk a lot more about this subject but we have to leave it there. Elizabeth Littlefield of the World Bank and the CEO of CGAP ? the consultative group to assist the poor.
|
||||||||||||||||||||||
Press Coverage
