World Vision has welcomed the Australian Government’s announcement of $2 million of microfinance for women in Peru, which is expected to reach 100,000 people.
“Building the income generating capacity of women and communities, and facilitating fair access to markets and financial resources, are key approaches to economic development in Peru,” said Clare Seddon, World Vision Program Manager for Latin America.
Economic development is a key component of World Vision’s work in Peru, with over $250,000 spent in 2009 increasing incomes for community members.
World Vision Peru set up CrediVision, a wholly-owned microfinance institution, in 1994, to offer inclusive financial services. CrediVision provides individuals or groups with access to reliable and affordable, promoting the development of small businesses having difficulty accessing traditional financial services.
As of March 2009, CrediVision had offered US $7.7 million in loans to 11,800 clients, 69 percent of whom were women.
“When poor but hardworking women are able to increase their household incomes, the entire community is strengthened. It allows families to save, reducing vulnerability when business slows, a child gets sick or a crisis hits,” said Ms Seddon.
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