Day 2:
YESTERDAY, November 15, I met Kirsten Hambly, First Secretary to the Australian Ambassador to Spain (Ms Zorikas McCarthy). We all agreed that on the whole microfinance initiatives are very useful and an important tool for poverty reduction.
There are many hundreds of institutions here at the summit doing great work, like the Grameen Bank, the BRAC in Bangladesh, Fonkoze in Haiti, Kashf in Pakistan, Jamii Bora in Kenya and many, many more.
We talked about the challenge in how to differentiate 'good' microfinance from the 'bad' microfinance that recently attracted media attention.
An expert panel is now working through The Summit Campaign and developing a 'Seal of Excellence', whereby microfinance institutions would be certified and easily recognised for their strong financial performance, protection of clients, and their strong focus on poverty reduction.
The Ambassador's representatives agreed to report on the importance of the summit, and agreed to include RESULTS' request to double aid for microfinance in her report to Foreign Affairs Minister Kevin Rudd.
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