How many people do you know earning less than US$1 a day? Probably none. However, 1 in 4 of the World´s population do – and 300 million of these people live in India. Many “developed” countries do make financial contributions to “under-developed" countries, but will throwing money at the problem alleviate the situation?
Last week BBC World reported on the problem. One of the three reports came from Lake Titicaca in Peru (one of my favourite destinations in South America) where local banks were lending small amounts of money (between US$100 and US$150) to women who were then investing in fish-farming equipment. Although the loans had a 50% interest rate, these women were at last able to make a living and empowering not just themselves, but their families also.
A similar project exists in Bangladesh where women have been loaned money to purchase mobile phones for their village. Again, this project is sponsored by local sources. Not surprisingly women are seen as less likely to default on the repayments.
With minimal input, much can be done to help the impoverished.
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