GFUSA Tsunami Study Recommends Microfinance to Accelerate Recovery

Thursday, May 26, 2005

A targeted investment in microfinance services could help more than 100,000 people in four tsunami-affected countries to build, rebuild or resume family-sustaining businesses such as fishing, farming and merchant shops, according to a new study released by Grameen Foundation USA (GFUSA).

The groundbreaking study, Recovery from Tsunami Disaster: Poverty Reduction and Sustainable Development through Microfinance, will be the focus of an unprecedented one-day conference sponsored by Grameen Foundation USA and Third Millennium Foundation. The conference will be held May 26 in at The International Center for Tolerance in Brooklyn, New York.

Grameen Foundation USA commissioned the three-month, on-site study after the tragic December 26, 2004, earthquake in the eastern Indian Ocean sent massive waves in all directions, killing or displacing thousands of people and destroying the livelihoods of thousands of families. GFUSA, in partnership with the Grameen-Abdul Latif Jameel Initiative, appointed the team of experts to survey the tsunami region. This team?s mission was to assess the condition of the poor, the condition of existing microfinance institutions in the region and identify opportunities and best practices for ensuring that microfinance reaches its full potential as a post-disaster recovery strategy. The report?s findings will help structure a new era of microfinance programming in the region.
Press release found here.

Source: Grameen Foundation USA