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World Bank Calls For Microfinance Rules

Lenders making small loans to poor people in developing countries should be subject to regulation to prevent abusive practices, according to the World Bank.

The International Finance Corporation (IFC)’s ‘responsible microfinance initiative’ follows growing concern about the high rates charged by some lenders and comes amid fears rising food prices could hamper poor people’s ability to repay debts. The IFC plans to develop these principles in partnership with financial institutions and in consultation with a consortium of public and private development agencies. … according to The Financial Times.

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