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Wealthy men lend to the poor
Baton Rouge News.Net
Tuesday 30th September, 2008
One of the world's wealthiest men is teaming up with a Nobel Peace Prize winner to help the poor people of Mexico.
Mexican telecom mogul Carlos Slim and Nobel winning microfinance expert Muhammad Yunus, who started a similar successful scheme in Bangladesh, have offered to start a bank in Mexico to grant small loans to people who would not normally qualify.
The funds, known as micro-credit loans, come with low interest rates and are intended to help poor families start income-generating projects.
The men have said they plan to give out 80,000 loans in the first phase.
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Comments on this story
Sammy
10-01-08, 02:03 AM |
Wealthy men lend to the poor
Incase of failuer, they can always sell these bad loans to the Mexican government.
This seems to be the modern procedure these days.
And it is always the poor taxpayer that foots the bill.
Sammy
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