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Article: Gates grant to aid poor by helping them save.(NWTuesday)
- Article from:
- The Seattle Times (Seattle, WA)
- Article date:
- September 15, 2009
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Byline: Kristi Heim; Seattle Times business reporter
In many developing countries, it's easier for poor people to take out a loan than to open a savings account.
The world's richest man wants to change that.
When it comes to reducing poverty, the Bill & Melinda Gates Foundation is betting that savings plays just as important a role as credit.
In fact, the foundation is shifting its own focus to emphasize savings over other kinds of financial services for the poor.
It announced a $35 million grant Monday, its largest so far in the financial-services arena, to a new coalition working to make savings and a range of other services ...