Hemispheres The International Area Studies Outreach Consortium at the University of Texas at Austin Latin America, the Middle East, Russia, East Europe & Eurasia, and South Asia http://inic.utexas.edu/hemispheres
[email protected] Fall 2005 Newsletter In this issue: The International Year of Microcredit. “Microcredit is a critical anti-poverty tool—a wise invest- ment in human capital. When the poorest, especially Teresa Lozano Long Institute of Latin women, receive credit, they become economic actors with American Studies power. Power to improve not only their own lives but, in a Natalie Arsenault Outreach Coordinator widening circle of impact, the lives of their families, their University of Texas at Austin communities, and their nations.” - Kofi Annan, Secretary 1 University Station D0800 Austin, Texas 78712-0331 General of the UN. Tel: 512/232-2404 Fax: 512/471-3090 On November 18, 2004, the United Nations launched the Interna- e-mail:
[email protected] tional Year of Microcredit. The official definition of microcredit, adopted at the 1997 Microcredit Summit, is “the extension of Center for Middle Eastern Studies small loans to very poor people for self-employment projects that Christopher Rose Outreach Coordinator generate income, allowing them to care for themselves and their University of Texas at Austin families." Microcredit loans are extended to borrowers too poor 1 University Station F9400 to qualify for loans from the traditional banking system and do Austin, Texas 78712-0527 Tel: 512/471-3582 not require collateral. These loans are tiny in the amounts lent and Fax: 512/471-7834 saved, target very low-income households, and have flexible repay- e-mail:
[email protected] ment plans.