Up to $500 million pledged for microloan institutions

Feb 6, 2009 — The World Bank and the German government said Thursday that they would inject as much as $500 million into microcredit banks, fledgling institutions in the developing world that are being starved of funding as financial markets in rich nations constrict. The effort highlights how even small banks in poor countries are getting caught in the global financial riptide – and it offers them a chance as well at public money to replace a rapidly diminishing supply of private capital. (full article)